Rocky Mountain Dealerships Inc. has an agreement to buy Enns Agri Sales Ltd., an agricultural machinery dealership in Winkler, Man.
The acquisition is anticipated to close on or about Nov. 1, said a Rocky Mountain news release.
Enns is a Case IH dealer and also carries Yamaha and Land Pride equipment. In its most recent fiscal year, the company reported revenues of about $13 million.
The deal will bring Rocky Mountain’s Manitoba operations to six stores and prairiewide to 23 dealerships.
The acquisition will be the 11th since the initial public offering in December 2007.
In September, Rocky Mountain closed an offering of 3.9 million common shares (including 400,000 common shares because of the partial exercise of an overallotment option) at a price of $6.20 per share, for gross proceeds of $24.18 million.
The money was to be used to pay down outstanding bank debt and to fund working capital requirements and possible future acquisitions.
