Nors acquires Strongco
Strongco has approximately 500 employees serving customers from 26 branches in Canada
Strongco and Nors have entered into a definitive agreement in which Nors will acquire Strongco for approximately CAD$193 million. Under the terms of the agreement, Nors will acquire all of the outstanding equity of Strongco for CAD$3.15 per share in cash, including Strongco's net interest bearing debt.
Strongco is a major multiline mobile equipment dealer with operations across Canada that sells, rents and services equipment used in diverse sectors such as construction, infrastructure, mining, oil and gas, utilities, municipalities, waste management and forestry. Strongco has approximately 500 employees serving customers from 26 branches in Canada.
Robert Beutel, Executive Chairman of Strongco, commented: "As Strongco moves to enhance its product and service offerings in Canada we are pleased to become part of the Nors Group. Nors' international experience and capital foundation, in many of the same product lines on four continents, brings the know how and experience to elevate our potential to deliver leading edge quality to our growing customer base in an increasingly global environment. The Strongco board is confident that this represents a favourable outcome for all of our stakeholders."