Sept. 30, 2010 – Canadian Equipment Rental Fund (CERF) has announced
that it has signed a non-binding letter of intent (the "LOI") to
purchase an existing rental company that currently operates two rental,
sales and service locations in central and western Alberta.
The transaction is expected to be completed by mid-November subject to due diligence, financing considerations, approval by the TSX Venture Exchange, other regulatory approvals and other customary conditions. The current management team of Rentco will stay on to manage the operations.
Wayne Wadley, President of CERF GP Corp. states, "We are excited about this acquisition in that there are several immediate synergies with our 4-Way Equipment Rentals ("4-Way") operations. This acquisition will provide for both...to supply our common customer base with a larger fleet of equipment but also with products which are currently unique to each of the respective operations.
It also gives the CERF LP organization a much larger geographic footprint of operations in the western Alberta corridor that is currently very active with oilfield drilling and construction and maintenance operations."
More information about 4-Way, please visit www.4-way.com .
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