CALGARY, Jan. 11, 2013 /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 MJ Solomon Ltd., operating as "Murray's Farm Supplies" ("Murray's"). Murray's is a dealer of various equipment brands including Bourgault, MacDon, and other short-lines. Murray's operates two dealerships located in Shoal Lake and Russell, Manitoba.
For the most recent fiscal year, Murray's had revenues of approximately $15 million. This acquisition is expected to close effective February 1, 2013, and be completed through existing cash or credit facilities.
Rocky's CEO Matt Campbell commented on this acquisition by saying, "Rocky continues to ensure that we have the products and services our agriculture customers need. By acquiring these stores, Rocky is expanding the availability of key product lines to our customers, and complementing the existing Case IH dealers we operate in the region. We look forward to offering these products and services to new and existing customers."
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 dealership networks with branches located throughout Alberta, Saskatchewan and Manitoba. Through its network of Rocky Mountain Equipment locations, Rocky sells, rents, and leases new and used construction and agriculture equipment and offers product support and finance to its customers.
SOURCE: Rocky Mountain Dealerships Inc.
For further information:
Rocky Mountain Dealerships Inc.
Matt Campbell, Chief Executive Officer;
Garrett Ganden, Chief Operating Officer; or
David Ascott, Chief Financial Officer
#301, 3345 - 8th Street S.E.
Calgary, Alberta T2G 3A4
Telephone: (403) 265-7364, Fax (403) 214-5644