Mergers, acquisitions, entries and exits
Hy-Cor sold to Five Bo
By Patrick Flannery
London, Ont.,-based, Hy-Cor, a supplier of temporary power and lighting equipment and personal protection products to the Canadian rental industry since 2009, has been acquired by St. Albert, Alta.’s, Five Bo, a multi-line rental equipment dealer owned by Jim Boddez, Craig Barnstable and Bob Boddez. Jim says the Hy-Cor name and staff will be retained, but Five Bo will be adding lines, used equipment and consulting services in the coming months.
Hy-Cor owner, Neil Courneya, said, “I am extremely excited for the opportunity to sell Hy-Cor to the great group of people at Five-Bo. Now that I am actually eligible for Canada Pension, the time was right to move to the next phase of my life with grandchildren and maybe a bit more golf! It was very important to me after 11 years of running
Hy-Cor to have people take over that understand the rental industry, are very well respected and can bring Hy-Cor to the next level while at the same time supporting the wonderful staff that have been with Hy-Cor for so long. I have known, Jim, Bob and Craig for a while now and not only do they work very hard at their business, they are a great group of people to be associated with. I couldn’t be happier for our staff, our vendors, and our terrific customers who will have nothing but a first rate experience with the new owners.”
Jim Boddez commented, “Five Bo has been representing Hy-Cor in western Canada for almost five years, so when the opportunity to purchase Hy-Cor came up, our ownership group saw the acquisition as a direct channel to the Ontario market. Hy-Cor is also the manufacturing representative for Sullair in Ontario (as Five Bo is in western Canada) so we can now take care of Sullair customers from B.C. through Ontario. Hy-Cor will operate under the same name, with the same staff and location, but they will be picking up some new lines. The first two lines added will be DDM-Concut (diamond blades) and HPI Widder (pneumatic industrial products). Hy-Cor will also be building up the used equipment offering in Ontario. Five Bo has been able to offer some used options to rental houses for their rental fleets and Hy-Cor will be offering the same. Of course, Hy-Cor will also consider trade-ins when customers are looking to buy new equipment. Five Bo Inc will also aid rental houses looking to sell or acquire businesses in the Ontario market. With experience in almost 20 acquisitions, we are here to connect buyers and sellers of rental organizations and help them through the process. The Five Bo ownership group is very excited to grow their offering in Ontario and look forward to providing solutions to the rental industry in a new market.”