Cervus Equipment Corp. has announced that it has completed the previously announced transaction whereby it, through a subsidiary, acquired a 20% partnership interest in Maple Farm Equipment Partnership, which carries on the business of offering official John Deere equipment, parts and service in the provinces of Saskatchewan and Manitoba. The value of the acquisition is approximately $3.3 million.
As consideration for the Partnership Interest, Cervus sold the business and assets of its Moosomin, Saskatchewan and Russell, Manitoba dealerships to Maple. The transaction is subject to post-closing adjustments and may result in a payable from one party to the other, representing the difference between the value of the partnership interest and the business and assets of the Moosomin and Russell dealerships.
Cervus acquires and manages authorized agricultural, commercial and industrial equipment dealerships in Western Canada through 30 dealership locations in Alberta, Saskatchewan and Manitoba. The primary equipment brands represented by Cervus include John Deere agricultural equipment, Bobcat and JCB construction equipment, and Clark, Sellick, Nissan and Doosan material handling equipment. The common shares of Cervus are listed on the TSX Venture Exchange and trade under the symbol "CVL.”