CALGARY, Alberta — Cervus Equipment Corp. has announced that it has entered into a definitive agreement to acquire the assets of Deer?Country Equipment (1996) Ltd.
Deer?Country owns two John Deere dealerships located in High River and Vulcan, Alberta, that sell new and used John Deere agricultural equipment and offer equipment parts and servicing.
“As with the recently completed Evergreen acquisition, signing of this definitive agreement represents a strategic opportunity for Cervus to expand our Western Canadian presence in areas adjacent to our established John Deere locations,” said Graham Drake, president and CEO of Cervus.
“We expect the acquisition of these two Alberta locations to generate long term value within our Western Canadian operations.”
The purchase includes the operating assets, inventory, working capital, and the land and building at the Vulcan location. The purchase will be funded via the issuance of $750,000 worth of common shares of Cervus, with the remainder paid in cash drawn from existing credit facilities.