CRS Contractors Rental will be sold to Sunbelt Rentals, the North American business of Ashtead Group for CA$275m plus a potential earn-out.
The acquisition is Sunbelt’s first in Eastern Canada and will become the company’s operational platform in Ontario.
The proposed transaction is expected to close in the coming weeks after satisfaction of certain regulatory approvals.
CRS chairman Steve Fay said: “We are very pleased to be partnering with Ashtead and Sunbelt. Their culture, values and total focus on their people and customers is exceptional, and perfectly aligned with CRS. The CRS partnership with Clairvest Group which began in 2013 has been very successful and we look forward to continuing to provide our customers with industry-leading equipment and service as part of the Ashtead team.”
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