On August 7, 2018, RME entered into a definitive agreement to acquire the business assets of the New Holland dealer based in Olds, Alberta, which reported $14.4 million in revenue for its most recent fiscal year. The acquisition, which is expected to close on or about August 17, 2018, is subject to a number of conditions to closing, including approval by New Holland. As part of the transaction, RME will assume certain inventory, related debt, and the lease associated with the existing facility in Olds.
On its Facebook page, Moody’s Equipment also announced that its Olds, Alb., location was acquired by Rocky Mountain Dealerships. “There has been substantial speculation these past months over the status of our Olds, Alb. location; but today we are able to formally announce that an agreement has been reached, that will see Rocky Mountain Equipment (RME) acquire our Olds, Alberta branch. The acquisition will officially take place on August 17, 2018. We thank the Olds staff for their years of service and are pleased that the business operations will continue under the RME brand. Moody’s Equipment LP does not anticipate any lengthy disruptions in service for our customers; and by all accounts this should be a smooth transition for all parties involved. Should you have any questions or concerns, please feel free to reach out to your nearest Moody’s Equipment location.” More information is also available on the RME website.
This is RME’s second acquisition in a little over a month. On July 3, 2018, RME announced the acquisition of John Bob Farm Equipment, a Saskatchewan-based dealer of New Holland agriculture equipment with locations in Outlook and Tisdale. For the most recent fiscal year ending November 30, 2017, JBFE’s consolidated top line revenue was approximately $38 million.