Cooper Equipment Rentals has closed an expanded CDN $150 million asset-based senior secured credit facility. Wells Fargo Capital Finance Corp. Canada serves as administrative agent and lead lender for the facility and CIBC Asset-Based Lending serves as participating lender. The facility will be used to refinance existing indebtedness and support future growth, the company said.
“This financing represents a significant step forward for Cooper,” said Doug Dougherty, president of Cooper. “It allows us to consolidate and simplify our structure, and puts us in a great position to respond to growth opportunities throughout Canada. We are pleased to continue the business partnership we have with each of Wells Fargo and CIBC, and we look forward to our lenders’ continued support.”
“We deliver a rental solution to our customers that is safe, reliable and always on time,” added Cooper CEO Darryl Cooper. “The financing arrangement that we announced today will allow us to continue providing premium service and the latest equipment to our established customers. It will also support our geographic expansion to key markets across Canada, broadening the service that we can deliver to existing customers and allowing us to offer our specialized rental solutions to new customers through a wider branch network.”
Cooper Equipment Rentals, based in Mississauga, Ontario, has 23 rental locations in Ontario, Quebec and Alberta, and is No. 35 on the new RER 100. In 2013, Cooper received a majority investment from Halifax, Nova Scotia-based SeaFort Capital.