Canadian rental group Lou-tec has acquired aerial lift rental company Torcan Lift Equipment as part of its ongoing push into Ontario.
Torcan was established in 1999 in the Toronto area, and now runs a fleet of around 2,400 units, mostly aerial work platforms and telehandlers, from two locations in Toronto and Cambridge, Ontario with around 70 employees. Owner and chief executive Joe Picao will remain with the company and continue to manage the Torcan Equipment business under its current branding. He is also taking at least part of his payment in Lou-Tec shares.
Based in Quebec Lou-Tec was founded in 1979 and in the past couple of years has been on the acquisition trail having added MKS equipments in July, YEP Location d’équipements in November and Accès Location + in June last year, all of which helped take the number of locations it operates to 26, with around 500 employees. The company is supported by Sagard Private Equity Canada, Walter Capital Partners, Investissement Québec, BDC Capital's Growth Equity Partners and the Fonds de solidarité FTQ.
Torcan locations in Toronto and Cambridge, Ontario
Lou-Tec chief executive Jean-Marc Dallaire said: “"We are delighted to welcome the Torcan Lift Equipment team to the Lou-Tec family. This transaction is in line with our development plan, as it will enable Lou-Tec to establish a significant presence in Ontario and expand our existing business activities in that province."
“The combined resources of Lou-Tec and Torcan Lift Equipment will further accelerate their long-term growth plans. Both companies will gain access to more equipment and capital, thereby multiplying opportunities to pursue their ambitious growth plans.”
Joe Picao added: "This is a great opportunity to develop a strong relationship with the Lou-Tec team. Together, we'll be able to offer an impressive fleet of equipment, cover a larger territory and respond effectively to the growing needs on construction sites.”
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