Toromont Industries, a diversified industrials company providing specialized capital equipment and ongoing support to customers in various sectors, entered into a definitive agreement to acquire the businesses and net operating assets of the Hewitt Group of companies in exchange for consideration of CAD $917.7 million ($734.2 million) cash plus the issuance of 2.25 million Toromont shares (nominally CAD $100 million, $80 million) based on 10-day average share price as at signing) for a total consideration of CAD $1.0177 billion ($81.41 million).

Hewitt Equipment is the authorized Caterpillar dealer for the province of Québec, Western Labrador and the Maritimes, as well as the Caterpillar lift truck dealer for most of Ontario. Hewitt is also the MaK dealer for Québec, the Maritimes and the Eastern seaboard of the U.S., from Maine to Virginia.

“Acquiring Hewitt marks a very important milestone for Toromont and is beneficial to our customers, employees and shareholders on many levels,” said Scott J. Medhurst, Toromont president and CEO. “The Hewitt family has built a world-class organization throughout much of Eastern Canada over many decades with a strong reputation for quality service among its customers. We are very proud to have the Hewitt Group join us and are privileged to be taking on the stewardship of this excellent business and building on the family legacy. We intend to add to its position of strength by investing in people, facilities, technology and rental fleets.”

Medhurst added, “The acquisition delivers a substantial growth opportunity, allowing us to expand into the significant Québec, Western Labrador and Maritime markets, and strengthens our expertise in the mining, construction, power systems and forestry sectors.”

Pointe-Claire, Quebec-based Hewitt sells, rents and services the full line of Caterpillar and other products through its six operating business entities: Hewitt Equipment, Atlantic Tractors, Location Hewitt/Hewitt Rentals, Hewitt Material Handling, Montreal Hydraulic and SITECH QM.