CALGARY, June 4, 2012 /CNW/ - Rocky Mountain Dealerships Inc. ("Rocky"), announced today that it has entered into an agreement (the "Agreement") to purchase 100% of the issued and outstanding shares of Camrose Farm Equipment Ltd. ("CFE"), an operator of Case IH and New Holland Agriculture dealerships in Camrose and Killam, Alberta.
For the most recent fiscal year ended March 31, 2012, CFE had agriculture-related revenues of approximately $54 million. This acquisition is expected to close effective July 3, 2012 and be completed through existing cash and credit facilities.
Rocky's CEO Matt Campbell commented on the acquisition "We have maintained that we would continue to assess accretive opportunities, which we strongly believe this to be. From a strategic perspective, these dealerships strengthen our position in the central Alberta market, which continues to offer a strong outlook with a growing economy, solid commodity prices and exceptional growing conditions."
Forward Looking Statements
The Agreement contains a number of conditions to closing and, as such, there is the possibility that this acquisition may not ultimately be completed.
Rocky is one of Canada's largest agriculture and construction equipment dealerships with 36 branches throughout Alberta, Saskatchewan and Manitoba. Rocky sells, rents, and leases new and used construction and agriculture equipment and offers product support, and finance to its customers.
For further information:
Rocky Mountain Dealerships Inc.
Matt Campbell, Chief Executive Officer; or
Garrett Ganden, Chief Operating Officer
#301, 3345 - 8th Street S.E.
Calgary, Alberta T2G 3A4
Telephone: (403) 265-7364, Fax (403) 214-5644