Cervus Equipment Corp., which has 30 farm and industrial equipment dealerships in Western Canada, showed strong profit growth in 2011.
Profit increased by $6.6 million, or 57.4 percent, to $18.1 million for the year that ended Dec. 31, the company said in a news release.
Gross revenue rose by $90.5 million, or 19.3 percent, to $559.6 million. The agricultural equipment segment contributed $53.7 million to that increase, and the construction and industrial equipment segment contributed $36.8 million.
Cervus announced in December that it was in negotiations to buy truck sales and repair assets. The negotiations cover four Frontier Peterbilt dealerships in Saskatoon, Regina, Estevan, Sask., and Lloydminster, Sask., and a collision repair centre in Saskatoon.
Graham Drake, vice-president of operations of the agricultural division, will succeed Peter Lacey as president in April. Lacey will become executive chair of Cervus’ board of directors.
Cervus outlets feature brands such as John Deere, Bobcat and JCB construction equipment. It also has an interest in assets in New Zealand.
