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Canada's Magazine for Financing & Leasing Executives

Aug 12, 2014

Cervus completes acquisition of Peterbilt

Toronto, ON – Cervus Equipment, a provider of industrial, commercial, agricultural, and transportation equipment, today completed the acquisition of Peterbilt Ontario Truck Centres (POTC).

 "Over the past 34 years, Peterbilt Ontario has grown a strong business within the   Ontario  market, and we look forward to building on that growth with the entire Peterbilt Ontario team," says   Graham Drake, president and CEO of Cervus Equipment.

With the acquisition, 308 employees will join Cervus Equipment from 12 dealerships and four support locations in areas such as   Mississauga,   Whitby,   London,   North Bay,   Cardinal,   Wroxeter,   Norfolk,   Waterloo, Haldimand, Woodstock,   Windsor- Essex,  and   Hamilton-Niagara.

 "With the strength of the entire Cervus organization behind us, we will further enhance the Peterbilt and PACCAR offering in   Ontario  to meet the growing needs of our customers, employees, partners and home communities," says David Climie, general manager of POTC.

Founded in 2003, Cervus already has interests in 55 industrial, commercial, agricultural, and transportation equipment dealerships, employing over 1,200 people throughout   Western Canada,   New Zealand,  and   Australia. Cervus Equipment's dealer network includes four Peterbilt dealerships in   Saskatchewan.

The company's philosophy of ‘People. Power. Service.’ emphasizes relationships among customers, employees, partners and communities; quality equipment brands; and fast, solutions-focused service.

 "Peterbilt celebrates its 75 th  anniversary this year," says Drake. "We are honoured to continue selling and servicing this world-class brand in   Ontario  with our new team. Our success will continue to be measured by the satisfaction of the people we work with every day, on the sales floor, in the shop and on the road," he adds.

Cervus Equipment acquired the business and assets of POTC for approximately   $25.5 million, subject to closing working capital adjustments.

With this acquisition, POTC will be rebranded to Cervus Equipment Peterbilt. With a strong focus on transition planning and communications, the change in ownership is designed to be seamless to customers, employees, suppliers, partners and other stakeholders.



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