Cooper Equipment Rentals Closes $150 Million Senior Credit Facility
Cooper Equipment Rentals has closed an expanded CDN $150 million asset-based senior secured credit facility. Wells Fargo Capital Finance Corp. Canada serves as administrative agent and lead lender for the facility and CIBC Asset-Based Lending serves as participating lender. The facility will be used to refinance existing indebtedness and support future growth, the company said.
“This financing represents a significant step forward for Cooper,” said Doug Dougherty, president of Cooper. “It allows us to consolidate and simplify our structure, and puts us in a great position to respond to growth opportunities throughout Canada. We are pleased to continue the business partnership we have with each of Wells Fargo and CIBC, and we look forward to our lenders’ continued support.”
“We deliver a rental solution to our customers that is safe, reliable and always on time,” added Cooper CEO Darryl Cooper. “The financing arrangement that we announced today will allow us to continue providing premium service and the latest equipment to our established customers. It will also support our geographic expansion to key markets across Canada, broadening the service that we can deliver to existing customers and allowing us to offer our specialized rental solutions to new customers through a wider branch network.”
Cooper Equipment Rentals, based in Mississauga, Ontario, has 23 rental locations in Ontario, Quebec and Alberta, and is No. 35 on the new RER 100. In 2013, Cooper received a majority investment from Halifax, Nova Scotia-based SeaFort Capital.
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.