TORONTO, ON (August 11, 2014) – Cervus Equipment (TSX: CVL), a leading provider of industrial, commercial, agricultural and transportation equipment, today completed the acquisition of Peterbilt Ontario Truck Centres (POTC).
"Over the past 34 years, Peterbilt Ontario has grown a strong business within the Ontario market, and we look forward to building on that growth with the entire Peterbilt Ontario team," said Graham Drake, President and CEO of Cervus Equipment.
With the acquisition, 308 employees will join Cervus Equipment from 12 dealerships and four support locations in areas such as Mississauga, Whitby, London, North Bay, Cardinal, Wroxeter, Norfolk, Waterloo, Haldimand, Woodstock, Windsor-Essex and Hamilton-Niagara.
"With the strength of the entire Cervus organization behind us, we will further enhance the Peterbilt and PACCAR offering in Ontario to meet the growing needs of our customers, employees, partners and home communities," said David Climie, General Manager of POTC.
Founded in 2003, Cervus already has interests in 55 industrial, commercial, agricultural and transportation equipment dealerships, employing over 1,200 people throughout Western Canada, New Zealand and Australia. Cervus Equipment's dealer network includes four Peterbilt dealerships in Saskatchewan.
The company's philosophy of "People. Power. Service." emphasizes relationships among customers, employees, partners and communities; quality equipment brands; and fast, solutions-focused service.
"Peterbilt celebrates its 75th anniversary this year," said Mr. Drake. "We are honoured to continue selling and servicing this world-class brand in Ontario with our new team. Our success will continue to be measured by the satisfaction of the people we work with every day, on the sales floor, in the shop and on the road," he added.
Cervus Equipment acquired the business and assets of POTC for approximately $25.5 million, subject to closing working capital adjustments.
With this acquisition, POTC will be rebranded to Cervus Equipment Peterbilt. With a strong focus on transition planning and communications, the change in ownership is designed to be seamless to customers, employees, suppliers, partners and other stakeholders.
Cervus Equipment acquires and manages authorized agricultural, commercial, industrial and transportation equipment dealerships with interests in 67 dealership locations in Western Canada, Ontario, New Zealand and Australia. The primary equipment brands represented by Cervus include John Deere agricultural equipment; Bobcat and JCB equipment; Clark, Sellick, Nissan and Doosan material handling equipment; and Peterbilt transportation equipment. The common shares of Cervus are listed on the Toronto Stock Exchange and trade under the symbol "CVL."
About Peterbilt Ontario Truck Centres (POTC) – Updated to contain new information
POTC was established in 1981 and operates 12 dealerships across Ontario. Each dealership sells and services the full line of Peterbilt Trucks, including road conventional, vocational and medium-duty pick-up and delivery trucks. Peterbilt of Ontario is a full PacLease Truck Rental and Leasing franchise – offering full service truck and trailer leasing, rentals and contract maintenance – as well as a full range of financial products from Paccar Financial Services. Over the last three fiscal periods, POTC reported on average gross revenue of approximately $157 million per year. On August 11, 2014, POTC was acquired by Cervus Equipment, and will be rebranded to Cervus Equipment Peterbilt.
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