Toronto-based Toromont Industries, one of the world’s largest Caterpillar dealers, has acquired Tri-City Equipment Rentals, a major player in heavy equipment rentals, with operations across Southwestern Ontario.
“The heavy equipment rentals market is a long-term strategic focus area for us,” said Mike McMillan, president and CEO of Toromont. “This acquisition expands our Toromont Cat heavy rents business to better serve and expand our customer base and provides a rental hub in the southwestern Ontario region. We are pleased to welcome the Tri-City Equipment Rentals team to the Toromont family. Tri-City Equipment Rentals will continue to operate as it does today, with Jeff Armishaw, president, joining the Toromont team as a strategic advisor. This will enable a smooth transition and support business continuity going forward for our customers and new team members.”
Tri-City’s primary location is in Guelph, Ontario.
The purchase price for the transaction was paid in cash using available funds and is subject to customary post-closing adjustments. It is not expected to have an overall material impact on Toromont’s combined revenue, earnings or balance sheet.
Toromont Industries Ltd. operates through two business segments: The Equipment Group and CIMCO. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory - spanning the Canadian provinces of Newfoundland & Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Québec, Ontario and Manitoba in addition to most of the territory of Nunavut. In addition, the group includes rental operations, and a complementary material handling business. The Equipment Group is the largest segment of Toromont’s holdings.
CIMCO is a market leader in the design, engineering, fabrication and installation of industrial and recreational refrigeration systems. Both segments offer comprehensive product support capabilities. This press release and more information about Toromont Industries Ltd. can be found at www.toromont.com.
With extensive rental operations, Toromont Cat is No. 13 on the RER 100.
