03:49 PM EDT, 04/30/2025 (MT Newswires) -- TerraVest Industries ( TRRVF ) said Wednesday afternoon that it has acquired Simplex for an enterprise value of about US$28 million, including assumed liabilities and standard closing adjustments.

Simplex, based in Springfield, Illinois, makes electrical test and fuel supply systems for backup power generators used in data centers, hospitals, and other public utilities, according to the statement.

Tom Debrey, owner of Simplex, said the company was founded in 1934 by Michael Debrey, has remained a family-owned business since its inception. "Our family is most pleased to find a company like TerraVest to continue the business and grow the legacy of Simplex for many years to come."

TerraVest shares were last seen down $2.15 to $142.75 on the Toronto Stock Exchange.

Price: 142.75, Change: -2.15, Percent Change: -1.48