Ashtead to buy Canada's CRS Contractors Rental Supply
The North American business of equipment rental firm Ashtead, Sunbelt Rentals, has agreed to buy Canadian rental equipment provider CRS Contractors Rental Supply for an initial cash consideration of CAD275m.
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The deal, which includes an additional earn-out of up to CAD20m dependent on future performance, is expected to complete in the next few weeks.
CRS is based in Ontario and employs 400 people across 28 locations.
Chief executive Geoff Drabble said: "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."
At 0813 BST, the shares were up 1% to 1,647p.