One of the largest equipment rental companies in North America just grew in size following the acquisition of a Canadian company.
Sunbelt Rentals, the North American arm of Ashtead Group PLC, has purchased the Ontario-based Contractors Rental Supply (CRS) for $275 million, plus a potential earn-out. CRS is Sunbelt’s first acquisition in Eastern Canada. The company will become Sunbelt’s operational platform in Ontario.
“We are very pleased to be partnering with Ashtead and Sunbelt,” said CRS Chairman Steve Fay. “Their culture, values and total focus on their people and customers is exceptional, and perfectly aligned with CRS. The CRS partnership with Clairvest Group which began in 2013 has been very successful and we look forward to continuing to provide our customers with industry-leading equipment and service as part of the Ashtead team.”
CRS was founded in 2000 by a group of industry veterans. Today, the company employs 400 people at 28 locations throughout southern Ontario.
Sunbelt is backed by a network of more than 625 locations throughout North America, making it the second largest equipment rental business in the United States. The company’s fleet value exceeds US$7 billion and includes construction equipment, industrial tools, pumps and power generation equipment, trench shoring, scaffolding, remediation and restoration equipment. Before the acquisition of CRS, Sunbelt held several locations in British Columbia, Alberta and Saskatchewan.
Ashteed, Sunbelt’s parent company, also operates A-Plant, the United Kingdom’s largest heavy equipment company with 179 locations.
The CRS transaction is expected to close in the coming weeks, if the deal meets the satisfaction of certain regulatory approvals. There is no guarantee that the transaction will be completed, or if it is completed, that it will close within the anticipated time period.
Catalyst Strategic Advisors, LLC is acting as the exclusive strategic and financial advisor to CRS and its Board of Directors in this transaction.
