Heavy equipment seller Cervus Equipment, that also owns Peterbilt dealerships , on Monday agreed to be acquired by Brandt Tractor for $302 million in a deal that will take the company private.
Brandt Tractor will pay $19.50 per share for Cervus. The transaction is expected to close in the fourth quarter of 2021 if shareholders give the green signal for the sale at a special meeting in October.
Angela Lekatsas, president and CEO of Cervus, said, “As a private company with a committed, well-capitalized and long-term owner, Cervus will be better positioned for the next stage of evolutionary growth for our dealerships. The size and scale of the entity created by the combination of our two companies will allow for increased investment into Cervus for the benefit of our employees and customers.”
Shaun Semple, CEO of Brandt, said, “The Brandt team is excited about this deal as it will allow us to better serve our customer base across Canada. The addition of Cervus’ offerings will form three brand new segments at Brandt dedicated to serving the agriculture, transportation and material handling industries.”