Vancouver, B.C. — Western One Equity Income Fund, a Vancouver, B.C.-based private equity fund, recently completed its purchase of the assets and business of C&N Motor Ltd., doing business as C&N Rentals for CA $2 million (about U.S. $2.02 million).
C&N is an equipment rental, sales and service business located in central Vancouver Island, and a leading player in the Comox/Courtenay area.
Western One Equity paid for the acquisition using its existing cash. The investment is expected to be immediately accretive to WesternOne Equity's unitholders, with an initial projected increase of about CA $0.5 million in annual EBITDA. WesternOne could pay C&N an additional provision of up to $300,000, based on future earnings.
“This acquisition allows us to further consolidate the equipment rentals market on Vancouver Island, in conjunction with our acquisition of Old Country Rentals in June 2007,” said Darren Latoski, CEO of WesternOne Equity. “The extended geographical reach provides us with a strong business platform to grow our business in a market where we see continued strength in the equipment rental and sales sector.”
WesternOne Equity was established to seek out and acquire predominantly privately owned businesses located primarily in the western Canadian provinces of British Columbia, Alberta and Saskatchewan.