Rocky Mountain Dealerships Inc. ("Rocky") (TSX: RME)announced that it has closed the previously announced agreement to purchase 100% of the outstanding shares of J&B Equipment Ltd., a Case IH agriculture dealership operating in Kindersley, Saskatchewan. The acquisition was funded with cash and 84,086 common shares of Rocky.
J&B will operate under Rocky Mountain Dealer Group Partnership through its Miller Equipment division. RMDGP is a wholly owned subsidiary of Rocky.
Rocky's CEO, Brian Taschuk, remarked, "This acquisition gives Rocky our first exposure in western Saskatchewan, an important agriculture market. J&B is a well-established Case IH agricultural location with good opportunity for revenue growth as part of the Rocky network. We have added four locations in 2011, reaching our target number of acquisitions for the year, continuing the consolidation efforts of CNH dealers in western Canada."
Rocky is one of Canada's largest agriculture and construction equipment dealerships, with 38 branches throughout Alberta, Saskatchewan, and Manitoba. Rocky sells, rents, and leases new and used agriculture and construction equipment and offers product support and finance.