WesternOne Inc. Sells Britco, Its Modular Space Rental Division

WesternOne Inc. has sold a significant portion of the assets of its subsidiary Britco, including its modular space rental business known as Britco Rentals, and its majority equity interest in Britco’s modular building manufacturing operations in the United States for about $45.1 million in cash.

Michael Roth

March 24, 2017

WesternOne is selling its modular space rental division to focus more on its rental of aerial equipment heaters and other equipment — WesternOne is selling its modular space rental division to focus more on its rental of aerial equipment, heaters and other equipment.

The assets of Britco Rentals were sold to a subsidiary of Black Diamond Group Limited, with final proceeds subject to customary post-closing working capital adjustments. Britco Rentals operates one of the largest modular space rental fleet in British Columbia, consisting of office complexes, construction site offices, diverse special use buildings and storage containers.

WesternOne said it sold Britco to concentrate on its equipment rental and sales operations.

“The transactions allow WesternOne to be strategically focused on operating and growing its WesternOne Infrastructure Services division, which offers high quality aerial and construction heat services to key markets in Western Canada,” said Peter Blake, CEO of WesternOne. “The proceeds from the transactions will provide additional financial flexibility for WesternOne with respect to debt reduction, working capital management and capital investments for the WIS division.”

WesternOne Rentals & Sales, based in Vancouver, B.C., Canada, is No. 45 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.