Camrose Farm Equipment Ltd. acquired by Rocky Mountain Dealerships Inc.
Rocky Mountain Dealerships Inc. (Rocky), has announced an agreement to purchase Camrose Farm Equipment Ltd.
The deal sells 100 per cent of the issued and outstanding shares of Camrose Farm Equipment Ltd. (CFE), operator of Case IH and New Holland Agriculture dealerships in Camrose and Killam to Rocky.
For the most recent fiscal year ended March 31, 2012, CFE had agriculture-related revenues of approximately $54 million. This acquisition is expected to close effective July 3, 2012 and be completed through existing cash and credit facilities.
"We have maintained that we would continue to assess accretive opportunities, which we strongly believe this to be. From a strategic perspective, these dealerships strengthen our position in the central Alberta market, which continues to offer a strong outlook with a growing economy, solid commodity prices and exceptional growing conditions," said Rocky's CEO Matt Campbell.
Rocky is one of Canada's largest agriculture and construction equipment dealerships with 36 branches throughout Alberta, Saskatchewan and Manitoba. Rocky sells, rents, and leases new and used construction and agriculture equipment and offers product support, and finance to its customers.