ALBERTA

Cervus Equipment increases stake in Australian farm equipment dealer

05/28/2013 07:17 EDT | Updated 07/28/2013 05:12 EDT
CALGARY - Cervus Equipment Corp. (TSX: CVL), which invests in dealerships that handle a variety of brands such as John Deer, Bobcat, Clark and Nissan, has raised its ownership stake in an Australian agriculture dealership to 53.3 per cent.

The Calgary-based equipment dealer said Tuesday it paid about $500,000 to buy an additional 18.6 per cent of Windmill AG Pty Ltd., which has five John Deer locations in the state of Victoria in Australia.

Cervus acquires and manages authorized agricultural, commercial, industrial and transportation equipment dealerships. It has interests in 55 dealership locations in Western Canada, New Zealand, and Australia.

"Cervus established operations in Australia nearly a year ago as part of our strategy to pursue opportunities in new markets," Graham Drake, Cervus president and chief executive said in a statement.

"Cervus' acquisition of an additional interest in Windmill follows our successful integration of the business and reflects our growth strategy of consolidating dealerships in Australia, where we see further opportunities for growth."

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