WesternOne Equity Income Fund, doing business as WesternOne Rentals & Sales, posted an 83.9-percent second-quarter revenue increase, with a 56.9-percent jump in first six months revenue. While the revenue boost is partially the result of acquisition, the company achieved 20.4-percent organic growth in Q2.
Total second-quarter revenue was CND $20.5 million (about U.S. $20.9 million), compared to $11.2 million for the same period in 2010. For the first six months of 2011, total revenue was CDN $38 million (about U.S. $38.7 million). EBITDA for the second quarter was CDN $4.3, compared with $2.3 million in the year-ago quarter, an 84.2-percent leap, and gross profit was CDN $6 million, compared with $2.8 million in the year-ago quarter, a 115.3-percent jump.
On June 1, WesternOne completed its $93 million acquisition of the assets and businesses of the Britco Group, one of Canada’s largest designers, manufacturers and renters of commercial portable and permanent modular buildings. Britco contributed incremental revenue of $7.1 million and EBITDA of $1.4 million in the second quarter.
“The strong performance in Q2 was attributable to both the acquisition of Britco and the solid organic growth in our key equipment rental and sales markets,” said Darren Latoski, WesternOne CEO. “The Britco acquisition significantly strengthens our foothold in the construction and infrastructure service sector as we broaden our product offering and customer base, including the high growth oil and gas sector in Alberta. As an integrated service provider, we are excited with the growth prospects in western Canada and beyond.”
Based in Vancouver, B.C., Canada, fast-growing WesternOne Rentals & Sales is No. 57 on the RER 100.