Ashtead Group’s North American business Sunbelt Rentals has signed an agreement to acquire CRS Contractors Rental Supply (CRS) for an initial cash consideration of C$275m with an additional earn out of up to C$20m dependant on future performance.
CRS is a leading provider of rental equipment in Ontario, Canada employing more than 400 people across 28 locations. The acquisition, which is subject to certain regulatory approvals, is expected to complete in the next few weeks.
Geoff Drabble, chief executive of Ashtead, commented, “This acquisition is a significant next step in developing Sunbelt’s position in Canada and our first move into the important Ontario market. I look forward to welcoming all of the CRS employees who will be joining Sunbelt as part of the acquisition and to working with them to deliver on the major opportunities ahead.”