Cross Country Infrastructure Services Inc. Announces its Divestiture of its Canadian Operations
AURORA, Colo., Oct. 27, 2021 /PRNewswire/ -- Cross Country Infrastructure Services Inc. ("CCIS"), a leading industrial supplier of construction equipment and consumables to infrastructure projects in North America, officially announced today the divestiture of its Canadian operations. The independently led newly formed company will be led by General Manager Tim Martin and equity partner Kade Demuth, and will rebrand itself under the new name "Cross Country Canada Rentals and Supplies."
The entire Canadian team is expected to stay on and continue to build upon the great success thus far that CCIS has accomplished. The sale of the Canadian operation will allow CCIS to reshift focus on its U.S. based operation and continue its growth in the U.S. infrastructure markets. The financial terms of the transaction were not disclosed.
Headquartered in Aurora, Colorado, CCIS initially acquired their Canadian division with the purchase of Sideline Specialty Equipment in July of 2015. The acquisition of Sideline was an important strategic initiative to expand the company's North American capabilities and serve an important energy market.
John James, president of Cross Country, said, "As the Canadian Markets show significant forward looking momentum, CCIS and its board of directors decided that this is the perfect time to capitalize on the company's initial investment. We are proud of the work we have done in the Canadian market, and would like to commend our Canadian colleagues for the progress they have made over the last six years, and continue to wish them future success."
Tim Martin CEO and Kade Demuth President of Cross Country Canada said, "The Canadian Energy Market is looking very good now and for the foreseeable future as well as other markets which they hope to diversify into such as Mining, Transportation, Railroad, Civil and Infrastructure and Agriculture. We are looking forward to taking the company to the next level and want to thank Cross Country Infrastructure for the commitment to date to get this company to where it is now."
Blake, Cassels & Graydon LLP served as legal advisor to Cross Country Infrastructure Services and Stormont Capital Advisors served as financial advisor.
About Cross Country Infrastructure Services
Cross Country Infrastructure Services is a leading industrial supplier of construction equipment and consumables to infrastructure projects in North America. With access to nearly 1,000,000 items, from over 400 manufacturers, CCIS supplies the parts and tools necessary for every project. CCIS has nationwide coverage with 13 locations and the ability to setup temporary locations anywhere in the United States. Visit CrossCountryIS.com
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Greg Orlando
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SOURCE Cross Country Infrastructure Services
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