CERF Inc. has signed a non-binding letter of intent to acquire a private oilfield equipment rental company located in Alberta. Under the agreement, the existing management team of the oilfield rental company would manage and grow CERFâ€™s new business unit. The closing of the transaction is subject to the parties entering into a definitive share-purchase agreement, and customary closing conditions.
CERF, based in Edmonton, Alberta, Canada is a Canadian public corporation that owns 4-Way Equipment Rentals as well as waste management and environmental services firms. The oilfield rental company appears to have natural synergies with CERFâ€™s existing equipment rental division.
â€śWe are excited to have a successful oilfield rental company join the CERF group of companies,â€ť said Wayne Wadley, president of CERF Inc. â€śWe look forward to being able to participate more directly in the oil industry and to have our wholly owned subsidiary, 4-Way Equipment Rentals Corp. working closely with the oilfield rental company in supplying some similar rental equipment and services to a whole new oilfield customer base.â€ť
CERF trades on the TSX Venture Exchange under the symbol CFL and currently has more than 9.6 million common shares issued and outstanding. 4-Way Equipment Rental is No. 94 on the.