Tervita Said to Raise C$1 Billion in IPO on Toronto Bourse
Tervita Corp., a Calgary-based provider of waste management services, plans to raise as much as C$1 billion ($980 million) in the biggest initial public offering in Canada in more than two years, according to two people familiar with the sale.
The shares would be listed on the Toronto Stock Exchange, said the people, who asked not to be identified because the plans aren’t public.
Tervita, formerly known as CCS Corp., employs 4,400 people providing environmental and energy services including water treatment, well servicing and environmental remediation for the oil and gas industry, according to the company’s website. The IPO would be the biggest in Canada since Athabasca Oil Corp. raised C$1.35 billion in 2010.
Canadian companies including Sunshine Oilsands Ltd. have raised $929 million in IPOs this year, according to data compiled by Bloomberg. That’s 46 percent less than the same period a year earlier and the slowest start since 2008. Calgary- based Sunshine Oilsands was the biggest IPO of a Canadian company this year, with a $579 million sale in February, though it chose to list in Hong Kong instead of Canada.
Mandy Dinning, a spokesman for Tervita, wasn’t available to comment.
The energy and environmental services provider was founded in 1979 by David Werklund and Gordon Vivian when they purchased a rig in Valleyview, Alberta and called their company Concord Well Servicing. The company first sold shares in 1993 and then converted into an income trust in 2002, reverting back to a closely-held company in 2007 and renaming itself CCS Corp.
Earlier this year, Tervita was formed by the combination of 12 related companies, including CCS, according to the website. The company has C$623 million in outstanding debt, according to data compiled by Bloomberg.
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