Western Completes Sale of GlassMasters Stake

The Western Investment Company of Canada Limited has announced the sale of its equity stake in GlassMasters ARG Autoglass Two Inc. The transaction generated approximately $23.2 million for Western, subject to standard post-closing adjustments. This represents a 2.3 times multiple of Western's carrying value for the investment. Initially, Western invested in GlassMasters in 2016, contributing to its growth from seven to nineteen locations.

Paul Rivett, CEO of Western, regards this sale as critical to the company’s strategic transformation. He acknowledged the leadership of the GlassMasters team and expressed confidence in their continued success. The transaction aligns with Western's strategy to focus on insurance and investment manipulation, providing additional capital for future investments aimed at creating long-term shareholder value.