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Canadian Equipment Rental Fund Limited Partnership Announces Proposed Acquisition of Waste Management Company
Canadian Equipment Rental Fund Limited Partnership Announces Proposed Acquisition of Waste Manage...
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[{"type":"text","content":"\n\n\n\n Sep. 23, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nTSX Venture Symbol: CFL.UN\n\nCALGARY, Sept. 23 /CNW/ - CERF GP Corp., the general partner of Canadian Equipment Rental Fund Limited Partnership ("CERF LP" or the "Partnership"), is pleased to announce that it has signed a non-binding letter of intent (the "LOI") for the purchase of a private Alberta based integrated waste management company (the "Company"). The Company currently has five business units namely, landfill operations and management, waste collection and transfer services, waste facility construction services, environmental services and waste management client services for both the public and private sectors. The LOI contemplates CERF LP issuing 855,000 limited partnership units ("Units") of CERF LP at a deemed price of $2.50 per Unit plus an additional cash consideration of $3,562,500 for a total purchase price of $5,700,000 subject to closing adjustments. The Company currently generates about $1,800,000 in annual EBITDA. The transaction is subject to due diligence, financing considerations, approval of the TSX Venture Exchange, other regulatory approvals and other customary conditions. The current owners and management of the Company are expected to stay on to manage the operations.\nMr. Wayne Wadley, President of CERF GP Corp. states, "We are excited about this acquisition in that there are several immediate synergies available with our wholly o...