CRS Contractors Rental Supply Limited Partnership (“CRS”) has entered into a unit purchase agreement to sell CRS to Sunbelt Rentals (“Sunbelt”), the North American business of Ashtead Group plc, for C$275 million plus a potential earn-out. Sunbelt Rentals is headquartered in Fort Mill, SC. CRS is Sunbelt’s first acquisition in Eastern Canada and will become Sunbelt’s operational platform in Ontario. The proposed transaction is expected to close in the coming weeks after satisfaction of certain regulatory approvals.
Steve Fay, Chairman of CRS, said “We are very pleased to be partnering with Ashtead and Sunbelt. Their culture, values and total focus on their people and customers is exceptional, and perfectly aligned with CRS. The CRS partnership with Clairvest Group which began in 2013 has been very successful and we look forward to continuing to provide our customers with industry-leading equipment and service as part of the Ashtead team.”
While all parties involved have a strong desire to complete the sale, there can be no guarantee that the transaction will be completed, or if it is completed, that it will close within the anticipated time period.
Catalyst Strategic Advisors, LLC is acting as the exclusive strategic and financial advisor to CRS and its Board of Directors in this transaction.