01.02.2010

WesternOne acquires in Calgary

WesternOne Equity says that it has signed a letter of intent to acquire an unnamed Calgary based aerial lift and telehandler rental company.

The business it is buying is independently owned and covers central and southern Alberta from its base in Calgary. The operation has a fleet of 450 units and an EBITDA of $3.15 million. Western One is paying $13.5 million.

WesternOne chief executive, Darren Latoski said: “WesternOne Equity was able to source this off-market transaction at what our management believes is an attractive valuation with immediate accretion to our unitholders. The transaction would allow us to enhance our market share in the equipment rental market in Alberta, through expanding our network of operations developed from previous acquisitions and organic growth.”

WesternOne has made a number of aerial lift acquisitions in recent years in Vancouver and Alberta, including, Production Equipment, Old Country Rentals and C&N Rentals, all of which now operate as WesternOne Rentals & Sales The company also owns a Volvo Rent store and other general rental operations.