WesternOne Equity Income Fund, a private equity group that recently acquired three rental companies in Western Canada, last week posted revenues of CD $22.5 million (U.S. $23 million) for 2007, compared to $6.6 million for its 201 days of operation in 2006.
Factoring in the partial year in 2006, revenue from WEQ Production Equipment increased 19.7 percent. WesternOne acquired Vancouver Island rental companies Production Equipment Rentals in August, 2006, and Old Country Rentals in June 2007. So far in 2008, WesternOne has acquired C&N Motors Ltd. in Comox, B.C., and Deerfoot Equipment Rentals, Calgary, Alberta.
“2007 was a successful year for WesternOne Equity in terms of achieving organic growth within our existing operation of Production Equipment and seeking external growth through the acquisition of the assets of Old Country Rentals,” said WesternOne CEO Darren Latoski. “We are excited about the growth potential generated by our recent purchases of the assets of C&N and Deerfoot. In 2008, we can look forward to integrating these operations into the WesternOne Equity business platform through leveraging our in-place management expertise and expanded business network, now beyond British Columbia and into Alberta. We will continue to execute our growth strategy through seeking accretive acquisition opportunities.”
Sales of equipment contributed 25 percent of total revenues in 2007, the company said.
A conference call will be held March 6 at 2:30 p.m. PST. The toll-free number is 1-888-458-1598.
