Stonebriar Commercial Finance closed a seven-year CAD $88 (USD $63.3) million equipment financing facility to Heavy Metal Equipment & Rentals (HME), facilitating the acquisition of (10) CAT 797 ultra-class haul trucks. This is the third transaction closed with the company in the last two months, totaling CAD $122 (USD $87.8) million.
“I’ve had the pleasure of knowing the HME management team for over a decade and have enjoyed watching the company grow into the largest heavy equipment rental and service business in Canada,” Ryan Bohlert, the origination lead and managing director at Stonebriar, said. “Being able to perform on a deal of this magnitude and complexity in a short time frame shows the complete alignment and capability of the Stonebriar team.”
“Heavy Metal provides a unique service to our large mining clients by raising the necessary capital, sourcing and purchasing equipment to meet their needs, providing full maintenance services and then reallocating or disposing of equipment when no longer needed, all billed on an hourly basis,” Jesse van der Werf, president and CEO of HME, said. “Building strong relationships with key financial partners like Stonebriar is critical to raising the capital required to meet our clients’ growing needs.”
