Clairvest Invests $39.5 Million in Ontario-Based CRS Contractors Rental Supply
Private Equity investors Clairvest Group Inc., Clairvest Equity Partners IV Limited Partnership and Clairvest Equity Partners IV-A Limited Partnership this week announced a combined $39.5 million investment in Ontario-based CRS Contractors Rental Supply Limited. Founded in 2000, CRS is a leading provider of construction rental equipment and related merchandise that has grown from four to 21 locations. The investment was originated through Clairvest's rental services domain efforts and builds on current investments in oilfield and medical equipment rentals. Clairvest's portion of the investment is $10.6 million.
"We are excited to partner with a true leader in the Canadian equipment rental field,” said Mitch Green, principal of Clairvest. “CRS has a proven business model and solid track record of profitable growth. The management of CRS are significant owners of the business alongside Clairvest and we look forward to working with them in the coming years to help achieve their growth initiatives."
CRS provides building contractors, industrial customers, farms, municipalities and homeowners with quality equipment for rental, sale or service. The company also stocks a large variety of supplies required on construction jobsites.
"CRS is an entrepreneurial business that enjoys success by providing outstanding service to our customers,” said Steve Fay, CEO. “We believe Clairvest is a great fit to help take CRS to the next level. Our team is ready to drive continued growth through new stores, expansion of product lines and acquisitions. We are also proud to remain an independent, Canadian-owned business while creating a great opportunity for our next level of management and all employees."
Clairvest Group is a private equity management firm that invests its own capital, and that of third parties through the Clairvest Equity Partners limited partnerships, in businesses that have potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners.
