TRS Components and Terra Nova Truss Join Forces in Merger of Equals
TRS Components Inc. (“TRS”), a portfolio company of Argyle Capital Partners (“Argyle”) and Terra Nova Truss (“TNT”) are pleased to announce a merger of equals. The transaction closed on April 1, 2023.
The combined entity will create one of the leading truss companies in Ontario and Canada with four manufacturing facilities capable of supplying customers from Windsor to Ottawa, in addition to Michigan. Argyle entered the truss industry through partnering with TRS in July 2022.
Founded in 1991 by Mark Fox, TNT is one of Ontario’s leading manufacturers of roof trusses and a distributor of floor trusses and “I-Joists” for the new home construction market. With over 55 employees, TNT supplies its products and services out of two locations in Kingston and Brockville, Ontario.
Given the distinct geographies and locations of TRS (Southwestern Ontario and Michigan) and TNT (Eastern Ontario) the two businesses will continue to operate independently and maintain their brands and market positioning, while benefiting jointly from combined operating scale and scope.
Mark Fox, President of TNT said “I believe the future of TNT could not be brighter. By joining forces with TRS we are going to be uniquely positioned to grow. I look forward to working with both the TRS and Argyle teams to make TNT even stronger than it is today.”
Along with Mark Fox, all of the senior management team and employees will be remaining at TNT and Mark Fox will continue as a shareholder of the combined entity. Mark is also the current President of The Canadian Wood Truss Association.
Ed Davis, President of TRS said “TNT has been a mainstay in the truss industry for over 30 years. We have respected and known of Mark’s reputation and could not be more excited to have the opportunity to work together with everyone at TNT in growing our businesses across Ontario.”
Glenn Gatcliffe, Partner at Argyle said, “The combination of these two businesses could not have come at a more optimum time. The housing shortage in Ontario will continue unabated. TRS and TNT are leaders in their respective markets and there are significant opportunities for both teams to learn and grow as we integrate. We will draw on best practices from each operation, cross selling to customers in different geographies, increasing our buying power and lowering costs with our suppliers and searching for ways to grow collectively.”
Argyle and TRS partnered once again with Celina Capital Corporation, a family office based in Toronto, on the transaction.
About TRS Components Inc.
Started in 1974, TRS Components is a leading manufacturer and installer of roof trusses and related wood products, including wall panels and floor joists, to the residential and commercial construction industry. TRS has manufacturing facilities in Thorndale, Ontario and Romeo, Michigan.
About Terra Nova Truss
Founded in 1991 by Kingston, Ontario native Mark Fox, Terra Nova Truss is a leading manufacturer of roof trusses and a distributor of floor trusses and “I-Joists” to the residential, commercial, and agricultural markets. TNT has manufacturing facilities in Kingston and Brockville, Ontario.
About Argyle Capital Partners
Founded in 2016, Argyle Capital Partners is a Toronto-based private equity firm focused on partnering with family-owned businesses in the lower middle market. Argyle traditionally focuses on industrial products businesses within service, manufacturing, and distribution.
Source: Argyle Capital Partners