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Completed Transactions > Construction and Engineering > Volvo Rents has been acquired by WesternOne Equity

Volvo Rents has been acquired by WesternOne Equity

Volvo Rents has been acquired by WesternOne Equity

Date

Feb 2008

Region

Canada

Generational Equity, an advisor to privately held and family-owned businesses for mergers, acquisitions, and strategic growth initiatives, announced the sale of the assets and business of its client Deerfoot Equipment Rental Inc., a Calgary, Alberta-based provider of heaters, generators and compact construction equipment, to WesternOne Equity Income Fund, a private equity group based in Vancouver, British Columbia. The value of the transaction was not disclosed.

Managing Directors Stephen Crisham and Lori Galloway, along with Ted Rattenberry, Generational Equity’s affiliate for Western Canada, led Generational Equity’s deal team in marketing and negotiating the transaction. With the acquisition, WesternOne will build on its platform in the equipment rental industry for Western Canada and the investment is expected to be accretive to WesternOne’s unitholders. “Our goal was to find a company that would fit well with other recent acquisitions in the rental industry,” said Darren Latoski, CEO of WesternOne. “In Deerfoot, we have acquired an experienced, in-place management team within the Southern Alberta market.

We found exactly what we needed to expand our capabilities and offerings. With Generational Equity’s assistance we moved quickly through the acquisition process.” Deerfoot entered the market in July 2007, looking for a strategic buyer to aggressively pursue growth and at the same time enable the shareholders to achieve liquidity with their interest in the business. “The resources from WesternOne and the synergies from its other acquisitions in the industry will help us increase the company’s size and revenues,” said Geoff Shorten, president of Deerfoot Equipment Rental Inc. “Generational Equity was instrumental in helping us find the right buyer and come to an agreement that would be beneficial to both parties.” “We knew that Deerfoot and WesternOne would compliment each other well,” said Stephen Crisham, Generational Equity managing director in the transaction. “This is a strategic transaction for both companies, and thanks to a firmly cemented relationship, both Deerfoot and WesternOne are ready to move forward and grow.” The transaction closed just seven months after Deerfoot Equipment Rental Inc. entered the market.

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