The Canadian Equipment Rental Fund, doing business as 4-Way Equipment Rental, posted a 31 percent revenue increase for the first quarter ended March 31 compared to the same period a year ago. EBITDA jumped 15 percent year over year. Total revenue was CDN $5.1 million (about U.S. $5.15 million) for the quarter, compared to $3.9 million a year ago. Rental revenue jumped 22 percent, from $2.7 million in Q110 to $3.3 million in the recently concluded quarter.
CERF recently acquired Maplethorpe Contractors Ltd, and named its CEO David Maplethorpe to the CERF board of directors.
“The recent acquisition of MCL has brought a new dimension to the CERF organization,” said CERF president and general partner Wayne Wadley. “MCL has an abundance of interesting opportunities that it looks to pursue within its field of expertise. Both from a geographical and an operational perspective, MCL is actively sourcing opportunities that are synergistic and accretive to its various business units. CERF will provide MCL with the potential to access the capital markets in order to act on these opportunities.”
Wadley said MCL will provide vital cross-marketing opportunities with 4-Way Equipment Rental and Smart-Way, its waste-management business.
“4-Way Equipment continues to see growth as more construction projects get under way,” added Wadley. “This is evidenced by our stronger financial results for Q4 2010 and Q1 2011. The decisions in 2009 and 2010 to maintain or increase staffing levels and to systematically rationalize the rental fleet are paying off as we are currently in a position to provide our traditional high level of service combined with an up-to-date and modern rental fleet that our customers demand as their activity levels increase.”
Based in Edmonton, Alberta, Canada, 4-Way Equipment Rentals is No. 90 on the RER 100.