Nors Group acquires Great West Equipment for $150M
Portuguese-based Nors entered the Canadian market in 2020 and has been growing its footprint.
Key Takeaways:
- Great West Equipment has 11 branches in B.C. and the Yukon.
- With the acquisition, Nors’ operation now has a total of 37 branches and more than 750 employees in Canada, covering more than 80% of the Canadian market.
- Nors noted that the construction equipment sector is one of its big focus areas in its strategy until 2030.
The Whole Story:
Portuguese-based heavy equipment company Nors Group has entered into an agreement to acquire Canadian forestry and construction equipment dealer Great West Equipment (GWE) for around $150 million.
“We are very proud of the legacy of ‘Service First’ attitude that our incredible team at Great West Equipment has ensured for our many customers,” said Colin Matejka, CEO of Great West. “As part of the Nors Group, we now have access to the resources that will enable us to elevate GWE’s ability to serve the territories in which we work. We remain committed to listening to our customers and growing alongside them.”
The announcement comes three years after Nors entered the Canadian market with the acquisition of Strongco in 2020.
Great West Equipment has 11 branches in B.C. and the Yukon. With its origins in the forestry and construction sectors, Great West has grown to become a major player in all segments of construction equipment, including mining, oil and gas, recycling, waste management, utilities, ports and aggregates.
The company represents leading equipment manufacturers with globally recognized brands including Volvo Construction Equipment, Madill, Metso, Sennebogen, Falcon and others.
With the acquisition, Nors’ operation now has a total of 37 branches and more than 750 employees in Canada, covering more than 80% of the Canadian market.
“We are very excited to welcome Great West Equipment to the Nors family, amplifying our presence in Canada, a market that has proven to be very relevant and strategic for the Group. We believe that Great West Equipment will benefit from the global presence and growth momentum that Nors is experiencing, combined with our 90 years of experience, to improve its performance and promote its future growth,” said Tomás Jervell, group CEO of Nors.
Nors noted that the construction equipment sector is one of its big focus areas in its strategy until 2030, having recently completed an operation in the same sector in the Brazilian market.
The 90-year old company has been one of the Volvo Group’s main partners since 1933. The Group has been a family business since its foundation and is currently present in 17 countries on four continents, such as Portugal, Canada, U.S., Brazil, Angola, Turkey, Spain, Austria, among others. Nors has more than 4,200 employees worldwide and an aggregate turnover of 2.8 billion euros.
