Rocky Mountain Dealerships Inc., (RME.TO) said Tuesday that it has purchased 100 percent of the issued and outstanding shares of Camrose Farm Equipment Ltd, or CFE, for a cash consideration of $5.7 million.
CFE is a dealer of both Case IH and New Holland Agriculture equipment operating in Camrose and Killam, Alberta. For its most recent fiscal year, the company had agriculture-related revenues of about $54 million.
Matt Campbell , CEO of Rocky, said, "We view the acquisition of CFE as yet another positive initiative, as this acquisition was funded entirely with available cash and accordingly we believe it will begin immediately delivering accretive earnings."
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