Toromont Acquires Heavy Equipment Rental Specialist Tri-City Equipment Rentals
Toronto-based Toromont Industries, one of the world’s largest Caterpillar dealers, has acquired Tri-City Equipment Rentals, a major player in heavy equipment rentals, with operations across Southwestern Ontario.
“The heavy equipment rentals market is a long-term strategic focus area for us,” said Mike McMillan, president and CEO of Toromont. “This acquisition expands our Toromont Cat heavy rents business to better serve and expand our customer base and provides a rental hub in the southwestern Ontario region. We are pleased to welcome the Tri-City Equipment Rentals team to the Toromont family. Tri-City Equipment Rentals will continue to operate as it does today, with Jeff Armishaw, president, joining the Toromont team as a strategic advisor. This will enable a smooth transition and support business continuity going forward for our customers and new team members.”
Tri-City’s primary location is in Guelph, Ontario.
The purchase price for the transaction was paid in cash using available funds and is subject to customary post-closing adjustments. It is not expected to have an overall material impact on Toromont’s combined revenue, earnings or balance sheet.
Toromont Industries Ltd. operates through two business segments: The Equipment Group and CIMCO. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory - spanning the Canadian provinces of Newfoundland & Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Québec, Ontario and Manitoba in addition to most of the territory of Nunavut. In addition, the group includes rental operations, and a complementary material handling business. The Equipment Group is the largest segment of Toromont’s holdings.
CIMCO is a market leader in the design, engineering, fabrication and installation of industrial and recreational refrigeration systems. Both segments offer comprehensive product support capabilities. This press release and more information about Toromont Industries Ltd. can be found at www.toromont.com.
With extensive rental operations, Toromont Cat is No. 13 on the RER 100.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.