Cervus Equipment Corp. continues to expand its network of John Deere dealerships in Western Canada.
The company announced yesterday that it has signed a deal to acquire Deer-Country Equipment Ltd, which owns Deere dealerships in High River and Vulcan, Alberta.
“As with the recently completed Evergreen acquisition, signing of this Definitive Agreement represents a strategic opportunity for Cervus to expand our Western Canadian presence in areas adjacent to our established John Deere locations,” said Graham Drake, President and CEO of Cervus in a statement. “We expect the acquisition of these two Alberta locations to generate long term value within our Western Canadian operations.”
The purchase includes the operating assets, inventory, working capital, and the land and building at the Vulcan location. Cervus says the purchase will be funded through the issuance of $750,000 worth of common shares in Cervus, with the remainder paid in cash drawn from existing credit facilities.
Cervus owns more than a dozen John Deere dealerships in Alberta, and another five in Saskatchewan. Between Deere, Bobcat, Peterbilt and several other brands, the company holds interests in 75 equipment dealership locations in Canada, New Zealand, and Australia.
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