Cooper buys 4-Way
Feb. 2, 2017 - Cooper Equipment Rentals in Mississauga, Ont., has purchased 4-Way Equipment Rentals in Edmonton from its parent company, Canadian Equipment Rental Corporation (CERC), for $8.5 million. The acquisition marks Cooper's first foray into the western Canada equipment rental market and leads a strategy to become a national rental organization, according to Cooper CEO, Daryl Cooper.
“We are excited,” Cooper told Canadian Rental Service. “We see an opportunity here to plant the Cooper flag in Alberta in anticipation of growing into a Canadian-owned national brand.” Cooper said the timing was right for the move as Alberta begins to turn around from a year-long recession due to falling oil prices. “The oil sector is coming back and infrastructure investment in the province is strong,” he said. “We think the values we built our brand on in Ontario will resonate well with people in Alberta. We are an entreprenurial company and Alberta is an entrepreneurial society.”
Cooper said 4-Way makes a nice fit as their 21st location because the company has the same focus on small and medium-sized contractor rentals as Cooper does. He anticipates 4-Way will flourish in their rental-focused group. “When it comes to rentals, we get it,” Cooper said.
4-Way general manager, Lee Bristow, will be staying on under the new management.
“This transaction is the next step in strengthening our balance sheet and narrowing the focus of the company to the upstream and midstream energy services industry,” said Ken Olson, CFO of CERC. “The cash proceeds from the sale will be used to reduce bank indebtedness and provide us with greater re-financing flexibility.”
The transaction is expected to close on Feb. 9.
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