Deere chain Cervus buys two Alta. dealerships
| 1 min read
By Staff
Two John Deere farm equipment dealerships in southern Alberta are set to become part of Deere dealer chain Cervus Equipment.
Cervus announced Wednesday it’s bought the assets of Deer-Country Equipment, which owns and operates Deere dealerships at Vulcan and High River.
The deal “represents a strategic opportunity for Cervus to expand our western Canadian presence in areas adjacent to our established John Deere locations,” Cervus CEO Graham Drake said in a release.
The deal includes the shops’ assets, inventory and working capital, plus the land and building at the Vulcan site. The two sites sell new and used John Deere farm equipment plus parts and service.
Financial terms weren’t disclosed Wednesday, except that the deal is to be funded with cash from the buyer’s credit facilities, plus a share issue worth $750,000 in Cervus common shares.
The two sites will join a Cervus chain of 73 locations in B.C., Alberta, Saskatchewan, Manitoba and Ontario, mainly handling John Deere agricultural equipment but also dealing Bobcat, JCB, Clark, Sellick and Doosan and Peterbilt machinery.
Cervus also has a controlling stake in majority interest in Agriturf, a New Zealand dealership chain, and a 21 per cent stake in Maple Farm Equipment, which has Deere ag equipment dealerships in Saskatchewan and Manitoba. –– AGCanada.com Network
