CALGARY, Alta. — Cervus Equipment has announced it has entered into an agreement to purchase Peterbilt of Ontario for about $25.5 million.
“Cervus strives to be an outstanding dealer of trusted and reliable brands, and we grow our business in partnership with strong manufacturers such as Peterbilt,” said Graham Drake, President and CEO of Cervus. “This acquisition extends our relationship with Peterbilt and expands our transportation business into the largest freight market in Canada.”
The transaction is still subject to due diligence and is expected to close by about July 21, Cervus announced.
Peterbilt Ontario Truck Centres operates 12 dealerships across Ontario. It generates an average gross revenue of $157 million per year.