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News » US » H&E to acquire southeastern rental business » published 30 Jan 2018

H&E to acquire southeastern rental business

H&E Equipment Services has entered into an agreement to acquire an equipment rental company with five branches throughout Alabama and Florida.

H&E is expected to pay approximately US$68.6m in cash for Rental Inc, which focuses on the non-residential construction market. As of November 2017, Rental Inc generated revenues of approximately US$36.4m for the last 12 months and its rental fleet size was US$35.9m, consisting of aerial, earthmoving, lifting, and general rental equipment. The company is also a Bobcat distributor in four of its five locations.

 “With five branches located in Auburn/Opelika and Dothan Alabama, Fort Walton Beach, Panama City and Tallahassee, Florida, the acquisition of Rental Inc will significantly improve our ability to serve customers in South Alabama, the Florida Panhandle and Western Georgia, all of which we believe are expansion or recovering markets,” said John Engquist, H&E’s chief executive officer.

Rental Inc chief executive officer Joe Scherzinger said: “Our company is very excited to become part of the H&E team. While we have recognized success in the markets we serve and established outstanding customer relationships, we believe H&E’s scale and access to capital are significant benefits to both our customers and H&E’s ability to expand its business in this part of the Southeastern United States.”

The transaction is expected to close in the first quarter of 2018, and is subject to customary closing conditions.

 

MPU

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This article was published on 30 Jan 2018 (last updated on 30 Jan 2018).

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