HiRail Leasing Group, a national rail truck rental company with a presence in Elliot Lake, has been acquired by Custom Truck One Source in a $46-million deal.
Headquartered in Kansas City, MO, Custom Truck One Source provides specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America.
The publicly traded company has a fleet of 9,500 trucks at 35 locations across North America.
Despite the acquisition, HiRail president Shirley Foster indicated that the company will continue to operate under the same name, and all 23 of the Elliot Lake employees will retain their positions.
"Thank you everyone for all your hard work, dedication and endless hours spent making the company so successful," Foster said in a statement.
"Your future is filled with endless options and this decision was not made lightly and without each and every one of you in mind."
Operating out of Elliot Lake over the last 13 years, HiRail has more than 600 rental units and is one of the largest rail equipment rental providers in Canada.
Its fleet includes light, medium and heavy-duty trucks fitted with a wide array of attachments including rail gear, grapples, knuckles, mechanic and welding equipment and snowplows. The company also provides complementary upfitting and repair services.
HiRail's key clientele include Class 1 rail companies like CN and CP, as well as contractors that perform railroad maintenance.
The company additionally operates a second location in Acheson, AB.
Fred Ross, CEO at Custom Truck One Source, said acquiring HiRail will enable the company to expand its core rental business.
“We will leverage our one-stop-shop capabilities in rental, sales, equipment upfitting, and service to meet the critical equipment needs of new and existing customers across Canada,” Ross said in a Jan. 14 news release.
“We are impressed with the business HiRail has built in Canada and look forward to working with all of their existing employees."
— With files from Brent Sleightholm
