CALGARY, Aug. 27 /CNW/ - Rocky Mountain Dealerships Inc. ("Rocky
Mountain" or the "Company") announces the completion of the previously
announced acquisition of Miller Farm Equipment 2005 Inc. ("Miller") for an
aggregate purchase price of $7.0 Million cash and 549,020 of the Company's
common shares. Miller represents Case IH agriculture dealerships in Brandon,
Killarney, Shoal Lake, Dauphin and Boissevain Manitoba and in Moosomin
Saskatchewan. This transaction is also subject to a working capital adjustment
based on an effective date of August 1, 2008.
In fiscal 2007 Miller had top line revenue in excess of $101 million and
EBITDA margins of 4.2%. The previous shareholders of Miller, Kevin Miller and
Doug Heritage, will continue to be involved in the operation of Miller in
senior management roles.
Commenting on the Company's acquisition, Matt Campbell, CEO of Rocky
Mountain said, "This strategic acquisition brings a geographic diversity to
the Rocky Mountain group within our stated strategy, while at the same time
bringing a young and dynamic management team that further enhances Rocky's
ability to continue the delivery on its stated goals."
About Rocky Mountain:
Rocky Mountain represents one of Canada's largest agriculture and
construction equipment dealerships with 14 dealership branches located
throughout Alberta and now has an additional five dealerships in Manitoba and
one in Saskatchewan. Rocky Mountain sells, rents and leases new and used
construction and agriculture equipment, including the Case Construction and
Case IH Agriculture brands, as well as offering product support and finance
and insurance products to its customers.
Additional information on Rocky Mountain is available on our website at
www.rockymtn.com and on SEDAR at www.sedar.com. The common shares of Rocky
Mountain trade on the Toronto Stock Exchange under the symbol "RME".
For further information:
For further information: M.C. (Matt) Campbell, Chairman and Chief
Executive Officer; Brian Taschuk, Chief Operating Officer; Garrett Ganden,
Chief Financial Officer; 828 - 46th Avenue S.E., Calgary, Alberta, T2G 2A6,
Telephone: (403) 243-8600, Fax (403) 243-2264