When Sean Monaghan began considering the next stage for Promac, he knew the decision wouldn’t be based solely on the bottom line. Since its launch in 1992 by Sean and his cousin Michael, Promac carved out a niche as an Alberta-based specialized provider of downhole tooling for the oil and gas industry. Finding the right home for Promac was about legacy, stability, and ensuring his people would thrive for years to come.
Enter Canerector – we have a proven track record of empowering businesses, fostering growth, and building for the long term. A history that was not lost on the Monaghans.
“It’s all about the people at the end of the day,” Sean says. “You get a vibe when you meet someone, and I got the sense right away that Canerector understood our business and shared our values. They know their way around manufacturing and the metal world, and that gave me confidence.”
Building a Legacy in Oil and Gas
Promac proved to be the culmination of a family legacy and the cousins’ entrepreneurial vision. The company grew steadily throughout the 1990s, stepping into its modern era of success in the late 2000s when fracking and horizontal drilling reshaped the oil and gas sector. Through partnerships with industry leaders, Promac became a “go-to” source for tooling expertise offering design knowledge, technical support, and high-quality production.
“I’ve always been an energy bull,” Sean says with a chuckle. “I saw an opportunity in the manufacturing sector when others didn’t, and we decided to seize it.” Promac thrived through Alberta’s ups and downs, built on Sean’s entrepreneurial instinct, close-knit team, and strategic relationships with a loyal customer base.
Over the years, Sean and Michael nurtured a strong culture of collaboration and technical excellence, empowering their team to step up and contribute to product development alongside customers.
The Decision to Exit: A Familiar Story
By the time Sean and Michael began contemplating their exit, it was clear that family succession wasn’t in the cards. Bridging generational gaps can be challenging, especially when ages and timing don’t naturally align.
“They’re still young,” Sean explains. “By the time they’d work their way up to running the company, we’d be in our 70s. I didn’t see myself hanging around that long. I wanted to see Promac continue to succeed, and I knew that meant finding the right partner.”
For Sean, the process wasn’t just about finding a buyer but ensuring Promac’s people, values, and hard-earned reputation remained intact. A smooth transition and continuity were non-negotiable.
A Solid Long-Term Home in Canerector
When Sean first sat down with Canerector, he was struck by the transparency and professionalism of their approach. Canerector, with over 75 years of experience acquiring and operating industrial companies, is known for its focus on long-term success rather than short-term gains. With zero debt and a strong financial foundation, Canerector’s strategy is to buy, hold, and empower businesses to thrive.
Canerector’s model of empowering its businesses resonated deeply with Sean’s leadership style. “My job was to make sure the general manager had the tools and support to run with the ball,” Sean explains. “Canerector operates the same way, but on a much bigger scale. They don’t come in and try to change everything. They trust the people in place to get the job done.”
Canerector’s commitment to maintaining Promac’s team was another key factor in Sean’s decision. With many employees having been with the company for 15, 20, or even 30 years, Sean knew how important it was to preserve the culture and continuity Promac had built.
“What I really wanted was the continuity for our people,” Sean says. “The last thing I wanted was for someone to come in and start making changes that would disrupt the business or let good people go. Canerector made it clear from day one that they valued our team and our expertise. That meant a lot.”
Promac’s Growth Potential
Canerector’s acquisition comes at the perfect time for the business that has been constantly dealing with the boom-and-bust instability of the oil and gas sector. With its resources, network, and long-term vision, Canerector is well-positioned to help Promac weather industry fluctuations and expand its capabilities. By leveraging Canerector’s expertise and connections across its network of over 50 companies, Promac could diversify its customer base, explore new markets, and build on its legacy.
“There’s a lot of opportunity for cross-selling and collaboration within the Canerector family,” Sean says. “Promac brings a lot to the table with its specialization in downhole tooling, and I think Canerector can help take the business to the next level.”
The Transition and What’s Next
When the deal finally closed, Sean was thousands of miles away, enjoying a well-earned trip to Northern Spain and Croatia with his family. It was a fitting way to mark the end of a 30-year journey that saw Promac grow from a small startup into an industry leader.
“It’s been a long ride, but it’s been rewarding,” Sean reflects. “I’m proud of what we built, and I’m confident that Canerector is the right partner to carry Promac forward.”
As for Sean, retirement is a new adventure. He plans to spend winters in the Coachella Valley, improving his golf game and enjoying time with his family. Of course, Promac will always hold a special place in his heart, and he looks forward to watching the business thrive under Canerector’s ownership.
A Testament to Canerector’s Values
For Canerector, the Promac’s acquisition is more than just another deal; it’s a testament to our values and approach. For over 75 years, Canerector has built our reputation on trust, empowerment, and a relentless focus on long-term success. By honoring the unique histories and cultures of the businesses we acquire, Canerector provides owners like Sean with the confidence that their legacies are in good hands.
“If you care about your people and your business, Canerector is the partner you want,” Sean says. “They get it. They’re in it for the long haul.”