This acquisition will create one of the world’s largest privately-held dealership groups. The transaction for the sale will require Cervus shareholder approval, with two-thirds of votes in favour of the deal in a special meeting coming in October, with further details sent to shareholders in September. Third-party approval is also required from John Deere Canada and Peterbilt Motors. The deal is expected in close in Q4 2021.
“This transaction delivers tremendous value for our shareholders and clearly demonstrates the successful execution of our strategy. 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,” said Angela Lekatsas, president and CEO of Cervus said Monday, August 16.
“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. These segments, in addition to our existing specializations in construction, road building, forestry and more, will further establish Brandt as a total solutions provider across our diverse customer groups,” said Shaun Semple, Brandt CEO.
The deal is expected in close in Q4 2021.