Canada's Stephenson's Changes Name, Adds Financing

Sept. 1, 2003
MISSISSAUGA, Ontario Stephenson's Rent-All has changed its name to Stephenson's Rental Services Inc., company president William Swisher said. Changing

MISSISSAUGA, Ontario — Stephenson's Rent-All has changed its name to Stephenson's Rental Services Inc., company president William Swisher said.

“Changing the name to Stephenson's Rental Services is one of the many steps we have made in the last 18 months to align our company with our strategic intent,” Swisher said. “The name change, while seeming a minor change, more aptly reflects our overall commitment to providing end-to-end rental solutions to our customers. Today our 200-plus employees continue to serve our customers with our network of 23 rental centers in the greater Toronto area, in addition to our specialty divisions [heating solutions, scaffold plus, and concrete] that help bring solutions to our customers, the professional contractor.”

The company also recently completed two financings. It obtained a $10 million senior credit facility with Sun Life Assurance Co. of Canada, due in June 2008, and a $4 million operating facility with Comerica Bank.

“The new financing facilities have favorable terms but more importantly will allow us to continue our growth strategy in Southern Ontario,” said Jim McInnis, vice president and chief financial officer. “Over recent months, we have successfully opened two new large locations — a 24,000-square-foot facility in the city of Vaughan, and a 13,000-square-foot facility in Oakville — putting our equipment and services closer to our customers.”

Swisher said the financing will allow Stephenson's to accelerate growth and expansion in Southern Ontario. “We will be examining a variety of opportunities, both organic and acquisition, that will allow for accelerated expansion.

One of Canada's largest rental companies, Mississauga, Ontario-based Stephenson's is No. 51 on the RER 100. The company has changed its marketing approach over the past two years, discontinuing an emphasis on smaller contractors and homeowners through home-improvement centers and focusing on larger professional contractors.