Cervus Equipment Announces Acquisition of Deer-Country Equipment (1996) LTD.
Two dealerships in southern Alberta join the Cervus team
Calgary, Alberta (December 11, 2014)
– Cervus Equipment Corp. ("Cervus" or the "Company") (TSX: CVL) today announced the acquisition of Deer-Country Equipment (1996) Ltd. (“Deer-Country”). Deer-Country owns two John Deere dealerships located in High River and Vulcan, Alberta that sell new and used John Deere agricultural equipment and offer equipment parts and servicing.
Like the recent acquisition of Evergreen Equipment, the acquisition of Deer-Country represents a strategic opportunity for Cervus Equipment to expand its western Canadian presence and further deepen its agricultural roots.
“We are committed to our customers, and we understand their needs; we look forward to building strong relationships and making an impact on these communities,” said Graham Drake, President and CEO of Cervus. “With the strength of the entire Cervus organization, we will continue to enhance the John Deere offerings in both High River and Vulcan to meet the growing needs of customers, employees and partners.”
The purchase includes the operating assets, inventory, working capital, and the land and building at the Vulcan location. The purchase will be funded via the issuance of $750,000 worth of common shares of Cervus, with the remainder paid in cash drawn from existing credit facilities.
About Cervus Equipment Corporation
Cervus acquires and manages authorized agricultural, commercial, industrial and transportation equipment dealerships. The company has interests in 73 dealerships in Canada, New Zealand and Australia, employing more than 1,700 people. The primary equipment brands represented by Cervus include John Deere agricultural equipment; Bobcat and JCB construction equipment; Clark, Sellick and Doosan material handling equipment; and Peterbilt transportation equipment. Cervus Equipment went public in 2000, and since 2003, the common shares of Cervus Equipment have been listed on the Toronto Stock Exchange and trade under the symbol "CVL."
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