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Toromont acquires Tri-City Equipment Rentals

TORONTO — Toromont Industries Ltd. has acquired Tri-City Equipment Rentals, an industry leader in heavy equipment rentals, with operations across southwestern Ontario.

The announcement was made Sept. 9.

“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.”

Tri-City Equipment Rentals will continue to operate as it does today, McMillan stated. Jeff Armishaw, president of Tri-City Equipment Rentals, will join Toromont as a strategic advisor.

“This will enable a smooth transition and support business continuity going forward for our customers and new team members,” McMillan stated.

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.

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