G. Cooper Equipment Rentals Ltd has agreed to acquire SMS Rents, a rental equipment services provider to building and infrastructure contractors, energy and resource developers, and industrial producers in central Canada. The transaction, the value of which was not disclosed, is expected to result in the transfer of SMS Rents from Sumitomo Corporation Group to Cooper by the end of 2015. Cooper, a full-service construction equipment rental company, said the acquisition will create a business “with considerable scale.” Based in Toronto, it has been a portfolio investment of Canadian private equity firm SeaFort Capital since June 2013.
SMS Rents to Join Cooper Equipment Rentals
Mississauga, ON – SMS Rents, the Job Ready equipment rental network, announced a definitive Share Purchase Agreement today that will transfer ownership of the business to G. Cooper Equipment Rentals Limited (“Cooper”) of Toronto. The transaction is expected to close by December 31, 2015.
SMS Rents, a division of the Sumitomo Corporation Group, is a major Canadian construction equipment rental business with over 200 employees and 15 branches located across Ontario and Quebec. Cooper, backed by Canadian private investment firm SeaFort Capital of Halifax, NS, is the leading compact equipment rental company in the Greater Toronto Area, employing over 100 people in locations from Burlington to Scarborough.
Marcel Langlois, the President of SMS Rents, congratulated the leadership team at Cooper saying, “Cooper has a proven reputation in the industry for integrity and fresh thinking. The SMS Rents ‘Job Ready’ approach blends well with Cooper’s established culture. The Sumitomo Corporation Group had a good run as it built SMS Rents, and was fortunate to come together with a strong Canadian team at Cooper that recognizes the value of our enterprise. Now, with our combined resources, the Cooper/SMS Rents network is uniquely positioned to deliver smart equipment solutions to customers throughout Ontario and Quebec.”
Darryl Cooper, CEO of Cooper, concurred, “By combining SMS Rents and Cooper, we are creating a business with considerable scale,” he said. “Each of our 21 full service branches employs a highly skilled and knowledgeable team and offers a specialized fleet comprised of category leading brands.” 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 employees and continued great service for customers, over a much broader network.”
Established in 2003, SMS Rents has built a loyal customer base across several industries, including building construction, infrastructure development, demolition, landscaping, industrial maintenance and mining.
The two branch networks will continue to operate under their current business names for the immediate future and through a transitional phase in the New Year. Dougherty notes that the service areas of the 21 locations have very little overlap and does not anticipate any store closures. “This is a positive move for both companies,” says Dougherty. “This agreement was a collaborative effort between companies that share common values and a common vision. Our people, facilities, and rental fleets are highly complementary. We expect the integration of our businesses to result in an excellent stable platform for future growth.”
About SMS Rents
Based in Mississauga, Ontario, SMS Rents is a leading rental equipment services provider to building and infrastructure contractors, energy and resource developers and industrial producers in major rental markets throughout central Canada. Through its growing network of stores in Ontario and Quebec, SMS Rents is committed to bringing its customers project solutions with a complete selection of equipment and tools as well as a Job Ready attitude to every stage of a project, large or small.
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.
For further information:
Marcel Langlois, President
Tel. 289.247.2770 Ext 231
Photo courtesy of SMS Rents