TORONTO, March 2, 2016 /CNW/ - Acasta Enterprises Inc. (TSX:AEF.B and AEF.WT) (the "Company", "Acasta" or "we") is pleased to report its financial results as of and for the year ended December 31, 2016. The Company's audited annual financial statements along with its management's discussion and analysis have been filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") and may be viewed by shareholders and interested parties under the Company's profile at www.sedar.com and on the Company's website at www.acastaenterprises.com.
As previously announced, the Company completed the acquisition of two leading private label consumer staples businesses, Apollo Health and Beauty Care Partnership and JemPak Corporation, and a best-in-class commercial aviation finance advisory and asset management business, Stellwagen Group, on January 3, 2017. These acquisitions constituted the Company's qualifying acquisition.
The Company also announced the appointment of Ian Kidson as the Company's Chief Operating Officer and Chief Financial Officer. Mr. Kidson has extensive management, financial and capital markets experience. Mr. Kidson previously served as Executive Vice President and Chief Financial Officer of Progressive Waste Solutions Ltd. until its recent acquisition by Waste Connections, Inc. Mr. Kidson replaces Richard Smith, who will be pursuing other opportunities. Mr. Smith will work with Mr. Kidson to support a successful transition.
"We are thrilled that Ian is joining our team and are confident that he will make a strong contribution as the Company evolves into a leading asset manager," said Anthony Melman, the Company's Chief Executive Officer. "We thank Richard for his valued contribution over the past 18 months, particularly on the completion of Acasta's successful qualifying acquisition."
About Acasta Enterprises Inc. Acasta Enterprises Inc. is a leading Canadian public company that acquires businesses with exceptional potential for value creation through strategic and transformational initiatives. As a proactive private equity manager, Acasta partners with the senior management teams of its acquired businesses, empowering them to pursue value creating trajectories.