Canadian hardware retailer RONA Inc. has announced that it has sold the assets of its commercial and professional market division specializing in plumbing, heating, ventilation and air conditioning (HVAC) systems to Talisker Plumbing Corporation, a subsidiary of EMCO Corp.
The transaction took effect yesterday and is in line with the corporation’s strategic priorities, which are focused on its retail and distribution business, according to the company.
The sale, previously announced in late June, was conditional on the approval of regulators. The disposition resulted in cash proceeds of $214 million, subject to working capital adjustments. When it announced its second quarter 2013 financial results, RONA classified the division as a discontinued operation.
RONA operates a network of close to 800 corporate, franchise and affiliate retail stores of various sizes and formats under different banners, and a network of 14 hardware and construction materials distribution centers.