G.C. Andersen Partners Capital LLC, an affiliate of New York investment bank G.C. Andersen Partners LLC, has provided a senior credit facility of $80 million to support G. Cooper Equipment Rentals Ltd‘s purchase of SMS Rents. The deal, announced last month, will see Cooper acquire the Canadian rental equipment services provider by the end of the year. G.C. Andersen is the exclusive financial advisor to Cooper on the deal. Toronto-based Cooper is a portfolio company of Canadian private equity firm SeaFort Capital.
G.C. Andersen Capital Partners Is Exclusive Financial Advisor To G. Cooper Equipment Rentals In Its Acquisition Of SMS Rents
NEW YORK and TORONTO, Nov. 9, 2015 /PRNewswire/ — G.C. Andersen Partners, LLC (“G.C. Andersen”), a New York-based investment bank, has announced that G. Cooper Equipment Rentals Ltd (“Cooper Equipment”) has acquired SMS Rents, a Canadian-based equipment rental company. G.C. Andersen, in addition to acting as exclusive financial advisor to Cooper Equipment, arranged an $80 million senior credit facility to complete the acquisition of SMS Rents through its wholly-owned broker-dealer, G.C. Andersen Partners Capital, LLC.
G.C. Andersen continues to remain very active in arranging debt and equity financing for its clients, having completed transactions totaling over $450 million in the last eighteen months. Within its capital raising business, G.C. Andersen maintains deep relationships and experience working with growing equipment rental companies seeking creative financing solutions.
Cooper Equipment, the leading compact equipment rental company in the Greater Toronto Area, is a portfolio company of SeaFort Capital, a Halifax-based private investment firm. SMS Rents was a division of SMS Construction and Mining Systems Inc., a major Canadian construction equipment business that is a member of the Sumitomo Corporation Group.
Announcing the purchase, Darryl Cooper, CEO of Cooper, said, “By combining SMS Rents and Cooper, we are creating a strong Canadian business of considerable scale and 21 full service branches with over 300 employees which will provide us broad geographic coverage across Ontario and Quebec.”
Doug Dougherty, President of Cooper, added, “SMS Rents has an excellent reputation for customer service and support. SMS Rents’ employees share our passion for delivering the best possible equipment solutions for customers. I am confident that the combination of Cooper and SMS Rents will result in exciting new opportunities for all employees and continued great service for customers, over a much broader geographic footprint.”
Scott Hadfield, Managing Director at G.C. Andersen, commented, “We have had a long relationship with the Cooper Equipment team, having represented them in 2013 when they received the initial investment from SeaFort Capital, and are pleased to have played a role in this significant transaction for the Company, which now positions Cooper Equipment as one of the leading equipment rental companies in Eastern Canada.”
Rob Normandeau, President of SeaFort Capital, commented, “G.C. Andersen has extensive experience in the equipment rental business and outstanding relationships throughout the financing community. These combined to make them a most effective partner in providing an attractive financing solution to facilitate this transaction.”
About Cooper Equipment
Established in 1972, Cooper Equipment is a privately-owned full service construction equipment rental company, servicing contractors throughout the Greater Toronto Area. Cooper specializes in compact equipment rentals and offers a broad range of construction equipment and supplies, backed by unparalleled service and support. The company operates six locations, in Rexdale, Scarborough, Downtown Toronto, York Region, Bolton and Burlington, and has over 100 dedicated employees. The company is led by an experienced senior management team, including CEO Darryl Cooper and President Doug Dougherty. In June 2013, Cooper received a majority investment from Halifax-based SeaFort Capital.
About SeaFort Capital
Halifax-based SeaFort Capital makes majority investments in small and medium sized Canadian businesses and partners with experienced managers to build value. Learn more about SeaFort Capital at www.seafortcapital.com.
About G.C. Andersen Partners, LLC
Founded by G. Chris Andersen in 1996, G.C. Andersen Partners, LLC is an investment banking and advisory firm best known for creativity, its problem solving capabilities as well as the unusual depth of experience of its partners. The firm advises both private and publicly-held company clients worldwide on mergers and acquisitions, capital raising and restructuring. Please visit www.andersenllc.com.
For additional information please contact:
Krantz & Company
Photo courtesy of SMS Rents