WesternOne acquires On Site Equipment

Apr. 12, 2010 – WesternOne Equity Income Fund has announced the completion by one of its indirect subsidiaries of the purchase of the assets of On Site Equipment. OnSite Equipment is an aerial and material-handling equipment rentals, sales, service and transport business with its head office in Calgary and branches in Lethbridge, Red Deer and Edmonton.
 
The purchase price was $13.5 million, which is subject to post-closing adjustments. WesternOne Equity paid for the acquisition using cash proceeds from the $27.6 million public offering of convertible unsecured subordinated debentures which was announced on February 26, 2010. This transaction is expected to be immediately accretive to WesternOne Equity's unitholders and will reduce WesternOne Equity’s payout ratio. On Site Equipment earned approximately $3.15 million EBITDA for the twelve months ended December 31, 2009, based on unaudited financial information. 
 
Darren Latoski, CEO of WesternOne Equity, stated, “On Site Equipment is a major operator in the Central and Southern Alberta aerial and material-handling equipment rentals industry. It is an excellent addition to our existing businesses operating in the construction heat and propane distribution segments in that region, as it expands our product offerings through our network of operations. The acquisition also adds strength to our existing aerial, material-handling and general rentals operations in British Columbia, and grows our aerial and material-handling equipment fleet to over 1,000 units with 14 operating locations across Western Canada.”