Toromont Industries (TSX:TIH) Acquires Tri-City Equipment Rentals in Southwestern Ontario Expansion

2 min read | September 10, 2024 06:00 PM AEST | By Team Kalkine Media

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Toromont Industries (TSX:TIH) Acquires Tri-City Equipment Rentals in Southwestern Ontario Expansion — Image source: Shutterstock

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Toromont Industries Ltd. (TSX:TIH) has announced the acquisition of Tri-City Equipment Rentals, a leading player in the heavy equipment rental sector with a strong presence across Southwestern Ontario. This strategic move underscores Toromont’s commitment to expanding its footprint in the heavy equipment rental market, a key focus area for the company.

Mike McMillan, President and CEO of Toromont, highlighted the significance of the acquisition: "The heavy equipment rentals market is a long-term strategic focus area for us. 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."

Tri-City Equipment Rentals will continue its operations as usual, with Jeff Armishaw, the company’s President, joining Toromont as a Strategic Advisor. This transition is designed to ensure business continuity and support for both existing and new customers.

The purchase price for the transaction was settled in cash using available funds, with customary post-closing adjustments applied. Toromont does not anticipate a significant impact on its overall revenue, earnings, or balance sheet as a result of this acquisition.

About Toromont Industries Ltd.

Toromont Industries Ltd. operates through two main segments: The Equipment Group and CIMCO. The Equipment Group includes one of the largest Caterpillar dealerships by revenue and geographic territory in Canada, covering regions from Newfoundland & Labrador to Nunavut. This segment also features leading rental operations and a material handling business. CIMCO specializes in the design, engineering, fabrication, and installation of industrial and recreational refrigeration systems. Both segments are known for their comprehensive product support capabilities.

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