Contac Services Assets Acquired, Onewurld & Mywurld To Be Split
Norrep Credit Opportunities Fund LP has officially acquired Contac Services Inc. and all related assets.
The company’s Onewurld distribution business will be operated by Norrep-owned Go Direct Supply Chain Solutions Inc. Meanwhile, Norrep announced it will spin-off Mywurld Inc. and operate that company separately.
Contac Services was in operation for over 35 years, providing distribution and marketing fulfillment to various industries throughout North America. The company went into receivership in December, leaving debts totalling over $62 million – more than half of which was owed to Norrep.
Go Direct will take over Onewurld ownership effective immediately and the company says there will be no disruptions or delay to clients. “Go Direct will continue to operate out of its existing facilities in Mississauga and Delta and all current employees will be retained by the new organization,” the company says in a statement.
Mark Lorne, previous Executive Vice President of Contac Services has been appointed Chief Executive Officer and will oversee operations going forward. Lorne stated, “We’re all excited about the new opportunities this acquisition has opened up for us. Most importantly, I want to sincerely thank all of our customers who have been so patient, understanding and supportive during this time of transition.”
Lorne will also lead Mywurld Inc., which acquired all of Contac Services’ mywurld assets and technology platforms. This includes its travel agent desktop (TAD), Navitour products and PURL technology.
“This change provides mywurld with a strong financial foundation,” Lorne stated, “and allows us to refocus mywurld into a technology provider that is active across a broad range of industries.”