Golden Opportunities Fund Invests in Largest Agriculture Equipment Dealer in Canada
Golden Opportunities Fund Inc. (“Golden”) is pleased to announce its recent investment in Rocky Mountain Equipment (“RME” or the “Company”), which was completed in syndication with the Westcap MBO II Investment LP (the “MBO II Fund”), both funds are managed by Westcap Mgt. Ltd. (“Westcap”).
RME is Canada’s largest independent agriculture equipment dealer with branch locations across the Canadian Prairies, with prominent locations throughout Manitoba including Brandon, Steinbach, Dauphin, Russell, Neepawa, Killarney, Winkler, Boissevain, Shoal Lake and Elie. RME 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’s annual revenue reached $1 billion 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 Garden, 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 Golden and its Fund Manager, 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 and their continued growth plans in Manitoba.”