Volvo Rents, a worldwide provider of small- to medium-sized construction equipment, announced the acquisition of FRED Rents, a two-location construction equipment rental company with stores in Madison and Neenah, Wis.
The move comes as many equipment rental companies such as Volvo Rents continue to see a “secular shift” in North America as customers — including contractors, construction businesses and homeowners — recognize the advantages of the fixed cost of renting, which also covers maintenance, storage, delivery and more.
The continued annual growth in rental revenue is forecasted to reach a total of $53.1 billion by 2016, according to the American Rental Association
“There is a real opportunity for us to gain further market penetration by aggressively selling the value of equipment rental at this point in the economic recovery," said Mike Crouch, vice president of business development of Volvo Rents.
“It is our time to help our customer base succeed in their businesses. We are the catalyst that enables economic growth and allows businesses to recover, employ people and strengthen the economy, whether it is in Wisconsin, the United States or globally,” said Crouch.
In addition to Volvo Rents’ expanding line of Volvo compact equipment — such as backhoe and skid steer loaders, compact wheel loaders, compact excavators and compaction equipment — the rental center carries a comprehensive line of essential equipment and tools for the construction, commercial, industrial and homeowner markets.