A southern Alberta group of John Deere farm equipment dealerships is set to become part of the Cervus Equipment chain.
Calgary-based Cervus, which owns the largest group of Deere farm equipment dealerships in Canada, announced an agreement Thursday to buy up all shares in Evergreen Equipment, the owner of Deere dealerships in Bassano, Brooks, Drumheller and Hanna.
Terms of the deal weren’t released Thursday, other than that TSX-traded Cervus will pay the final purchase price in a combination of cash and up to $2.2 million in Cervus common shares. The deal is expected to close sometime next month.
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Cervus CEO Graham Drake said Thursday the company expects the Evergreen purchase “to be immediately accretive and generate long-term value within our western Canadian operations.”
Evergreen, over the last three fiscal periods, has booked average gross revenue of over $87 million per year, Cervus noted.
Evergreen Equipment formed in 2010 as a consolidation of Evergreen Implements, Hanna Farm Equipment and Deer Valley Implements, family-owned dealerships that dated as far back as the 1940s.
The Evergreen dealerships today offer new and used Deere equipment, as well as parts and service, and also deal in Degelman, Sakundiak, Highline, Brandt and MacDon products.
Cervus already owns nine Deere ag, turf and recreational equipment dealerships in central and southern Alberta, at Claresholm, Coronation, Olds, Pincher Creek, Ponoka, Stettler and Trochu, plus two in the Calgary area.
Outside Alberta, Cervus also has Deere ag, turf and sport equipment dealerships at Melfort, Prince Albert, Rosthern, Saskatoon and Watrous, Sask., plus one at Cranbrook, B.C.
Cervus also operates Deere dealerships in New Zealand and Australia and has a 21 per cent stake in Maple Farm Equipment, a Yorkton, Sask.-based chain of six Deere farm equipment dealerships in eastern Saskatchewan plus one at Russell, Man. — AGCanada.com Network
