Tri-City Rentals acquired by Toromont Industries
Heavy machinery rentals are a long-term strategic focus for the company
Toromont Industries Ltd. has acquired Tri-City Equipment Rentals, a prominent heavy equipment rentals company in Southwestern Ontario.
"The heavy equipment rentals market is a long-term strategic focus area for us," said Mike McMillan, president and CEO of Toromont. "This acquisition expands our Toromont Cat heavy rents business to better serve and expand our customer base and provides a rental hub in the southwestern Ontario region. We are pleased to welcome the Tri-City Equipment Rentals team to the Toromont family."
The purchase price for the transaction was paid in cash using available funds and is subject to customary post-closing adjustments. It is not expected to have an overall material impact on Toromont's combined revenue, earnings, or balance sheet.
"Tri-City Equipment Rentals will continue to operate as it does today, with Jeff Armishaw, president, joining the Toromont team as a strategic advisor," said Mike McMillan. "This will enable a smooth transition and support business continuity going forward for our customers and new team members."
