Strongco Co. this week said it intends to acquire 100 percent of the shares of Chadwick-BaRoss, a Westbrook, Maine-based heavy equipment dealer with three branches in Maine and one each in New Hampshire and Massachusetts. The sale price is about U.S. $11.5 million and the transaction is expected to close Feb. 17, subject to executing a purchase and sale agreement, completing due diligence investigation and obtaining certain third-party approvals.
“The acquisition is in line with our strategy of building scale, in part by acquiring dealerships closely associated with the major brands represented by Strongco and located in regions that are geographically contiguous with our current markets,” said Strongco president and CEO Robert Dryburgh.
Chadwick-BaRoss has been in business in New England for more than 80 years and is a Volvo Construction Equipment dealer in Maine and New Hampshire. Strongco operating teams in Quebec and Canada’s Atlantic provinces have benefited from a working relationship with Chadwick-BaRoss for several years.
Chadwick-BaRoss also carries complementary brands such as Ponsse and Powerscreen, Takeuchi, Link-Belt and Kawasaki.
Stuart Welch, president and CEO of Chadwick-BaRoss will stay on with the business.
“Given the signs of recovery in the U.S. and current exchange rates, the timing of this acquisition is opportune and enables Strongco to continue to build on our relationship with Volvo and also to establish a platform for future growth.”
Based in Mississauga, Ontario, Strongco Corp. is one of Canada’s largest multi-line mobile equipment dealers, representing Volvo, Case, Manitowoc Crane, Terex, Skyjack and others. A major rental company as well, Strongco is No. 82 on the RER 100.