Saltire Capital has acquired Tool Shed construction equipment rental and sales retailer for $2.8 million in cash and stock.

The deal was previously announced but amended prior to closing with Saltire purchasing 100% of the company, which operates one location in Dartmouth, N.S. Previously, the proposed agreement called for the vendors to retain an ownership interest.

Saltire acquired Tool Shed through its portfolio company SanStone Investments, with the purchase funded through a combination of cash and common shares.

The transaction was amended before closing to eliminate the vendors’ planned equity stake in Tool Shed, resulting in Saltire acquiring 100% of the business. The purchase price was satisfied through cash and the issuance of 408,635 common shares at a deemed price of $4.32 per share.

Tool Shed provides contractor supplies, professional-grade tools, safety equipment and scaffolding throughout Nova Scotia. The company will continue to operate under its existing leadership team. Saltire said the acquisition builds on its 2025 integration of SanStone, owner of the Tidal Tractor and Wilson Equipment dealership brands, and expands its industrial-services business in Atlantic Canada.

“Closing this transaction marks another important step in executing our strategy to build and scale high-quality businesses in essential sectors across Canada,” said Andrew Clark, CEO of Saltire. “Tool Shed strengthens our industrial-services presence in Atlantic Canada and adds a proven operator with strong customer relationships.”

Jason McPhee, president of Tool Shed, said Saltire brings a shared long-term perspective and commitment to the retailer.

“With this transaction complete, we are well positioned to build on our strong foundation, expand our reach across Atlantic Canada and beyond and continue delivering the high level of service our customers rely on,” he said.

Photo: Tool Shed