Toromont Industries Ltd. has acquired Tri-City Equipment Rentals, a heavy-equipment rental company based in Guelph.

"The heavy equipment rentals market is a long-term strategic focus area for us," said Toromont President and CEO Mike McMillan. "This acquisition expands our Toromont Cat heavy rents business to better serve and expand our customer base and provides a rental hub in the southwestern Ontario region. We are pleased to welcome the Tri-City Equipment Rentals team to the Toromont family."

McMillan added that Tri-City Equipment Rentals will continue to operate as usual, with company president Jeff Armishaw, joining the Toromont team as a strategic advisor.

The purchase price for the transaction was not announced, and is subject to customary post-closing adjustments. It is not expected to have an overall material impact on Toromont's combined revenue, earnings or balance sheet.