SALTIRE CAPITAL LTD. ANNOUNCES SUCCESSFUL COMPLETION OF THE PREVIOUSLY ANNOUNCED ACQUISITION OF TOOL SHED SALES AND RENTAL INC.

TORONTO, June 1, 2026 /CNW/ - Saltire Capital Ltd. ("Saltire" or the "Company") (TSX: SLT) (TSX: SLT.U) (TSX: SLT.WT.U) is pleased to announce the successful closing (the "Closing") of its previously announced agreement (the "Purchase Agreement") to purchase, indirectly through a wholly-owned subsidiary of Saltire's portfolio company SanStone Investments Ltd. ("SanStone"), Tool Shed Sales and Rental Inc. ("Tool Shed"), a leading rental and sales business providing quality contractor supplies, pro-grade tools, and safety equipment in Nova Scotia (the "Acquisition"). 

Prior to Closing, Saltire and the vendors amended and restated the Purchase Agreement (the "Amendment"). Previously, the Acquisition contemplated the vendors retaining an equity interest in Tool Shed. Pursuant to the Amendment, the Acquisition was instead funded by a mix of cash and common shares of Saltire ("Common Shares"), resulting in 100% of Tool Shed being acquired.

On Closing, Saltire satisfied the purchase price of C$2.8 million by payment of cash and the issuance of an aggregate of 408,635 Common Shares to the vendors at a deemed price of C$4.32 per Common Share.

Tool Shed is a leading Nova Scotia-based rental and sales business providing contractor supplies, pro-grade tools, safety equipment and scaffolding. Tool Shed will continue to operate with the same dedicated leadership team. The acquisition builds on Saltire's 2025 integration of SanStone, owner of the Tidal Tractor and Wilson Equipment dealership brands, and significantly expands the Company's industrial services footprint in Atlantic Canada.

"We are pleased to officially welcome Tool Shed to Saltire," said Andrew Clark, CEO of Saltire. "Closing this transaction marks another important step in executing our strategy to build and scale high-quality businesses in essential sectors across Canada. Tool Shed strengthens our industrial services presence in Atlantic Canada and adds a proven operator with strong customer relationships. We look forward to working closely with Jason MacPhee and the team as we support the company's next phase of growth."

"We are excited to begin this next chapter with Saltire," said Jason MacPhee, President of Tool Shed. "Our team has worked hard to build Tool Shed into the business it is today, and it was important to find a partner who shares our values, understands our industry and believes in the growth opportunity. Saltire brings that long-term perspective and commitment to growth. With this transaction complete, we are well positioned to build on our strong foundation, expand our reach across Atlantic Canada and beyond and continue delivering the high level of service our customers rely on."

About Saltire

Saltire Capital Ltd. is a publicly traded permanent capital vehicle that invests in strong, undervalued businesses operating in foundational sectors of the real-world economy. The Company takes meaningful stakes in private businesses with high barriers to entry, predictable cash flows and a defined competitive advantage, providing business owners with a long-term capital partner that supports management continuity and preserves company legacy. Using a disciplined buy-and-build approach, Saltire identifies growth opportunities in fragmented industries, improves business fundamentals and scales businesses into standalone platforms. This structure ensures the interests of shareholders and company leaders remain aligned for the long term. Learn more at www.saltirecapitalltd.com

About Tool Shed

Tool Shed was created by contactors for contractors to provide rentals and sales of quality contractor supplies, pro-grade tools, and safety equipment, including sales and rentals of pump jack and end frame scaffolding. The company's offering also includes retail sales of Scotsman products. The business model is designed to make procurement for contractors simple and easy with everything under one roof.

Forward-Looking Statements

Certain statements in this news release are prospective in nature and constitute forward-looking information and/or forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements include, but are not limited to, the expected impact of the Acquisition on the business of Saltire, SanStone and Tool Shed, the expected operations, financial results and condition of Saltire, SanStone and Tool Shed following the Acquisition, and Saltire's, SanStone's and Tool Shed's business plans, strategies and growth prospects, and opportunities, and other statements with respect to management's beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, outlook, circumstances, performance or expectations that are not historical facts.

Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management. With respect to the forward-looking statements included in this news release, the Company has made certain assumptions with respect to, among other things, SanStone's ability to effectively implement Tool Shed into its operations, the future results of Tool Shed's operations and their impact on SanStone's and the Company's results of operations and the impact of the Acquisition on Tool Shed's, SanStone's and the Company's operations.

Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statement will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve known and unknown risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated by such statements. Factors that could cause such differences include, but are not limited to: losses arising from any misrepresentations in the representations, warranties and covenants of the Company and the vendors made in connection with the Acquisition, fluctuations in the market price of the Common Shares, and the Company, SanStone or Tool Shed being unable to continue as a going concern.

All forward-looking statements included in and incorporated into this news release are qualified by these cautionary statements. Unless otherwise indicated, the forward-looking statements contained herein are made as of the date of this news release, and except as required by applicable law, the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. 

This Press should be read in conjunction with the management's discussion and analysis and financial statements and notes thereto as at and for the three months ended March 31, 2026 and Saltire's Annual Information Form for the year ended December 31, 2025 dated April 1, 2026.

Additional information about Saltire, including with respect to the risk factors that should be taken into consideration when reading this press release and the forward-looking statements, is available on Saltire's SEDAR+ profile at www.sedarplus.ca.

www.saltirecapitalltd.com 

SOURCE Saltire Capital Ltd.

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