Greenwich, Conn.-based United Rentals last week completed its purchase of Skyreach Equipment Ltd. of St. Albert, Alberta, Canada, which has nine locations in Alberta and three locations in British Columbia.
Skyreach Equipment was established in 1978 and grew to become one of Western Canada’s leading equipment rental providers, with annual revenues of approximately $40 million.
John Milne, United Rentals president and chief financial officer said, “This acquisition adds five new markets to our Canadian operations and enhances our presence in six existing markets with a wealth of expertise developed over 25 years in business.”
United acquired the company out of creditor protection, Canada’s version of bankruptcy protection, for about $72 million Canadian, according to Canadian press reports. The acquisition of Skyreach enhances United’s position as Canada’s leading rental company and expands its already strong position in oil-rich Alberta.
Prior to the acquisition, Skyreach Equipment was No. 25 on the RER 100. United Rentals is No. 1 on the RER 100.