Toromont Industries has acquired the Guelph, Ontario-based Tri-City Equipment Rentals.
Founded in 1988, Tri-City Equipment Rentals started as a one-person and has grown to include operations across Southwestern Ontario.
The company rents equipment for several applications, from quarries to housing construction to golf courses. Tri-City Equipment Rentals also provides operators for its wide range of equipment inventory.
“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.”
Toromont Industries paid for the transaction 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.
More acquisition news:
- Epiroc completes Weco acquisition
- Spectra Precision acquires Unicontrol
- West Coast Machinery acquires Shear Power Corp.
Tri-City Equipment Rentals will continue to operate as it does today. It’s President, Jeff Armishaw, will join the Toromont team as a Strategic Advisor.
In a news release, Toromont Cat said it is committed to ensuring a seamless transition for all customers.
“We enter this next phase of our Heavy Rental Business with a great deal of collective excitement and passion,” the company said. “We are confident that the combined rental fleets and teams will deliver industry leading solutions and options for your rental needs.”
Toromont Industries 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.
CIMCO is a market leader in the design, engineering, fabrication and installation of industrial and recreational refrigeration systems.
