CRS to be acquired by Sunbelt Rentals

Saul Chernos
October 11, 2017
By Saul Chernos

CRS Contractors Rental Supply Limited Partnership (CRS) recently announced that it has entered into an agreement to sell CRS to Sunbelt Rentals (Sunbelt), the North American business of Ashtead Group plc, for $275 million plus a potential earn-out.

The acquisition is the first of Sunbelt’s in Eastern Canada and will become Sunbelt’s operational platform in Ontario, according a to a recent CRS news release.

“We are very pleased to be partnering with Ashtead and Sunbelt,” said Steve Fay, chairman of CRS. “Their culture, values and total focus on their people and customers is exceptional, and perfectly aligned with CRS. The CRS partnership with Clairvest Group which began in 2013 has been very successful and we look forward to continuing to provide our customers with industry-leading equipment and service as part of the Ashtead team.”

The proposed transaction is expected to close in the coming weeks after satisfaction of certain regulatory approvals. Catalyst Strategic Advisors, LLC is acting as the exclusive strategic and financial advisor to CRS and its board of directors in this transaction.

Contractors Rental Supply Limited Partnership was founded in 2000 and currently employs over 400 people across 28 locations in Ontario.

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