Sunbelt Rentals has entered into a unit purchase agreement to acquire Contractors Rental Supply for CDN $275 million plus a potential earn-out. CRS is Sunbelt’s first acquisition in Eastern Canada and will become Sunbelt’s operational platform in Ontario. The proposed transaction is expected to close in the coming weeks after customary regulatory approvals.
“We are very pleased to be partnering with Ashtead and Sunbelt,” said Steve Fay, chairman of CRS. “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.”
CRS was founded in 2000 by a group of industry veterans. The company has grown significantly and now employs more than 400 people and has 28 locations in the province of Ontario.
Catalyst Strategic Advisors LLC is acting as the exclusive strategic and financial advisor to CRS and its board of directors in this transaction.