Boucherville, Quebec-based RONA has announced the acquisition of Best-MAR Plumbing and Heating Supplies, an Ontario-based institutional, commercial and industrial (ICI) firm.
The transaction has been finalized pending certain conditions, the company said in a statement. The transaction is expected to close in the first quarter of 2008 and will be financed through RONA’s existing credit facilities. Financial terms of the deal were not disclosed.
Best-MAR has three locations in Ontario, with head offices in Ottawa. The company has annual sales of around $20 million, according to a statement from RONA.
The acquisition “reflects our intention to develop our network of specialized plumbing and heating branches in Canada,” said Michael Storfer, vp-commercial and professional markets. “Best-MAR represents an excellent fit with our existing operations and provides us with a springboard in the greater Ottawa/Gatineau region.”
RONA operates a network of more than 670 corporate, franchise and affiliate stores in Canada, with approximately $6 billion in sales last year.