Vancouver's WesternOne Equity Income Fund (TSX-V:WEQ.UN) has acquired Vancouver Island's C Motors Ltd. for $2 million.
C Motors, doing business as C Rentals, provides equipment rental, sales and services in the Comox-Courtenay area.
The deal expands WesternOne's equipment rental market on the island and follows the income trust's June 2007 acquisition of Victoria-based Old Country Rentals.
The C Motors acquisition, which was funded with existing cash, will add approximately $500,000 to WesternOne's annual earnings.
For its third quarter ending September 30, 2007, WesternOne reported revenue of $6.6 million and net income of $1.6 million.
WesternOne began trading on the TSX-Venture exchange in August 2006 with a $26 million initial public offering of roughly 4.6 million units at $3.50 per unit.
WesternOne's unit price range during the past week: between $4.08 and $4.20; 52-week high: $4.50; 52-week low: $2.50.