Ron Grieve, Owner of Pico, and Frank Dunnigan, CEO of Techspan Industries, announce the sale of 100% of the shares of Pico to Techspan. The acquisition is effective immediately.
“After many years in the automotive wire accessory business, I had to look at a succession plan,” said Grieve. “We looked for the right fit – not just for ourselves, but also for our customers, suppliers, and employees.”
Founded in 1989, Techspan is a family-owned Canadian company with a similar business philosophy and a set of corporate values that closely matched those of Pico, said Grieve. “We couldn’t think of a better partner to carry the Canadian torch forward than Techspan.”
Said Dunnigan, “We were looking for a strategic acquisition that would deliver more value to our distributors across the country.
“The extensive range of Pico products and their reputation for operational excellence with customers is perfectly aligned with Techspan. Our two companies, Canadian owned and totally committed to the Canadian market, will deliver exceptional results for all stakeholders going forward.”
Techspan’s head office is in Mississauga, Ontario, and Pico’s head office is in Burnaby, B.C. Grieve will continue to work for Pico as Chairman of the corporation.
Pico will continue to be run as a separate division with no changes to employees, operations, nor the sales and marketing team. Products will continue to be shipped from Burnaby and Toronto locations and there will be no changes to AP or AR procedures.
Techspan supplies thousands of wiring products to electrical, automotive, heavy duty, marine, electronic, and industrial distributors throughout Canada. For more information, visit www.techspan.ca.
Pico is a recognized leader in automotive wire, cable, and connection accessories to automotive, heavy duty, marine, electronic, and industrial markets across Canada. For more information, visit www.picocanada.com.