WesternOne Equity Income Fund, the fast-growing Vancouver, B.C.-based rental company, last week signed an acquisition agreement to purchase the assets of Sure-Fire Propane Ltd. and Davis Heater Service, an equipment rental, construction heat and propane distribution business with locations in Edmonton and Calgary, Alberta. WesternOne paid CA $24.4 million (about U.S. $23 million) for the companies.
Davis earned about $6 million in 2007.
“This transaction allows WesternOne to acquire a business which has been a market leader in the Northern Alberta equipment rental, construction heat and propane distribution industry for over 23 years,” said WesternOne CEO Darren Latoski. “It will increase WesternOne’s presence in Alberta’s robust construction and infrastructure markets and further geographically diversify WesternOne’s revenue streams.”
WesternOne’s acquisitions include Old Country Rentals, Victoria, B.C.,(June 2007); Production Equipment, Vancouver, B.C.; C&N Rentals, Vancouver Island, B.C. (January 2008); and Deerfoot Equipment Rentals, operating as Volvo Rents in Calgary and Lethbridge, Alberta (February 2008).