Source Atlantic, a wholesale distributor based in Saint John, N.B., is being sold.

Ocean Capital Holdings announced Wednesday it has reached an agreement to sell Source Atlantic to Lawson Products Canada.

“We have a vision of growth for Source Atlantic, and this agreement provides a unique opportunity to accelerate this vision of being a national player in industrial distribution,” John Irving, president of Ocean Capital Holding, said in a statement.

“These two companies are coming together with a steadfast commitment to growth and excellence.”

Source Atlantic describes itself as an “innovative and industry-leading” wholesale distributor.

It employs 550 people across two dozen locations in Atlantic Canada, Ontario, Manitoba, Saskatchewan, and Alberta.

The sale is expected to close in the third quarter of 2024, subject to regulatory and customary closing conditions.

Acadia Broadcasting, which owns this station, is also part of Ocean Capital Holdings.

More to come.