Saskatoon, Saskatchewan – February 18, 2021 – Westcap Mgt. Ltd. (“Westcap”) is pleased to announce its recent investment in Rocky Mountain Equipment (“RME” or the “Company”). The transaction was completed in syndication between Westcap MBO II Investment LP and Golden Opportunities Fund Inc., Saskatchewan’s longest-standing provincial Retail Venture Capital (RVC) Fund, both funds are managed by Westcap.
RME is Canada’s largest independent agriculture equipment dealer with 36 branch locations across Alberta, Saskatchewan and Manitoba, and is also the largest dealer of Case New Holland agriculture equipment in the Canadian Prairies. The Company provides local farming communities and construction companies with agriculture and construction equipment, after sales support and financing.
This go-private transaction led by the Chairman and the CEO of RME, a publicly traded company that has been on the Toronto Stock Exchange since 2007, obtained multiple approvals including from the Board of Directors and shareholders of RME, the Competition Bureau of Canada and Case New Holland. In 2018, RME achieved $1 billion in annual revenue as farmers rely on the vast product mix, parts, and exceptional customer service of the Company’s dealerships to work the 130 million acres of farmland across the Western Canadian Prairies.
Garrett Ganden, President and CEO of the Company, commented, “we are grateful for the support of our employees and customers as we move into this new chapter for Rocky Mountain Equipment. We are excited to have partnered with Westcap as our financial and strategic partner of choice given their broad network and reputation throughout the Prairies.”
”Agriculture continues to be an important sector for our funds under management as the industry remains critical to the global economy, Canadian farmers are tapping new markets for their products and there is an increased positive farm sentiment from rebounding crop prices and a strong 2020 harvest,“ says Grant J. Kook, President and CEO of Westcap. “With our Prairie roots and improved fundamentals in the Ag sector we are excited about our partnership with this long-standing and proven management team.”
About Rocky Mountain Dealerships Inc.
RME is Canada’s largest agriculture equipment dealer with branches located throughout Alberta, Saskatchewan, and Manitoba. Through its dealer network, RME sells, rents, and leases new and used agriculture and construction equipment and offers product support and finance to its customers. Learn more about RME at www.rockymtn.com
About Westcap Mgt. Ltd.
Westcap is a leading private equity and venture capital fund manager having raised and completed over $1 billion in transactions to date. Westcap has an uncompromising vision to build long-term value for investors by supporting visionary management teams in their growth and succession strategies. Our vast network of strategic partners and long track record of success is grounded by our Prairie culture and integrity. Learn more at WestcapMgt.ca.
For more information, please contact:
Grant Kook, President and CEO
Westcap Mgt. Ltd.
830, 410 – 22nd Street E.
Phone: (306) 652-5557