Canadian renter CRS gets private equity investment
By Murray Pollok05 February 2013
Toronto based private equity company Clairvest Group Inc has invested C$39.5 million (€29.3 million) in CRS Contractors Rental Supply, a rental company with 21 branches in Ontario, Canada.
Existing CRS managers, including CEO Steve Fay, remain shareholders in the business and said they would “drive continued growth through new stores, expansion of product lines, and acquisitions.”
CRS was founded in 2000 and employs more than 270 people. It rents equipment to building contractors and related trades and also sells a large variety of consumables and contractor supplies.
Mr Fay, CEO of CRS, said; “We believe Clairvest is a great fit to help take CRS to the next level. Our team is ready to drive continued growth through new stores, expansion of product lines, and acquisitions.
“We are also proud to remain an independent, Canadian-owned business while creating a great opportunity for our next level of management and all employees.”
Mitch Green, principal of Clairvest, said; “CRS has a proven business model and solid track record of profitable growth. The management of CRS are significant owners of the business alongside Clairvest and we look forward to working with them in the coming years to help achieve their growth initiatives”.