Toromont buys Quebec-based Hewitt for over $1 billion
Toromont Industries is purchasing Quebecbased Hewitt Group of companies for $1.02 billion, a move that will give the company one of the largest sales territories in the Caterpillar dealer network.
The deal will give Toromont 45 new branches and more than 2,000 employees in Quebec and the Maritimes.
“The acquisition delivers a substantial growth opportunity, allowing us to expand into the significant Quebec, Western Labrador and Maritime markets, and strengthens our expertise in the mining, construction, power systems and forestry sectors. We are focused on ensuring a seamless transition for our customers and employees,” Scott J. Medhurst, Toromont president and CEO, said in a news release.
Headquartered in Pointe-Claire, Que., Hewitt is the authorized Caterpillar dealer for Quebec, Western Labrador and the Maritimes, as well as the Caterpillar lift truck dealer for most of Ontario. Hewitt is also the MaK dealer for Quebec, the Maritimes and the eastern seaboard of the United States, from Maine to Virginia. With this acquisition, Toromont sales territory will include 120 branches in Nunavut, Manitoba, Ontario, Quebec, New Brunswick, Prince Edward Island, Nova Scotia and Newfoundland & Labrador.
“The acquisition is the largest in our 56-year history and is only possible because of the strength of our balance sheet and proven track record as a disciplined operator focused on generating steady growth across each of our core markets. We are confident in the opportunities and bright future this transaction will bring to all of our key stakeholders – employees, customers, suppliers, shareholders and the communities we serve. We are very proud of our partnership with Caterpillar and appreciative of this opportunity,” Medhurst said.
“For more than 65 years, the Hewitt Group has been at the centre of the resource and construction industries in Quebec and the Maritimes, helping to get roads, dams and mines built and running,” Jim Hewitt, chairman and CEO of Hewitt Equipment, said in the release. “With the trend towards consolidation taking root in each of the sectors in which Hewitt operates, we are confident that our customers and employees will benefit from working within an even larger organization with access to even more resources and capital.”
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