CONCORD, Ontario — Completing a deal that was first announced in mid-April, Toromont Equipment finalized the purchase of Powell Equipment, a 75-year Caterpillar dealer in Winnipeg, Manitoba, for $46.4 million, inclusive of Powell debt assumed. The final amount will be determined after completion of audited closing financial statements.
The acquisition expands Toromont's territory as a Cat dealer to include Manitoba, Nunavur, all of Ontario, Newfoundland and Labrador. Toromont also owns Stoney Creek, Ontario-based Battlefield Equipment Rentals, No. 21 on the RER 100.
Powell has annual revenues of US$90.6 million.