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H&E Equipment Acquisition Announced; Will Expand Presence in 3 States

Wed January 31, 2018 - National Edition
CEG


H&E is one of the largest integrated equipment services companies in the U.S. with 83 full-service facilities throughout the West Coast, Intermountain, Southwest, Gulf Coast, Mid-Atlantic and Southeast regions.
H&E is one of the largest integrated equipment services companies in the U.S. with 83 full-service facilities throughout the West Coast, Intermountain, Southwest, Gulf Coast, Mid-Atlantic and Southeast regions.

H&E Equipment Services, Inc. recently announced its entry into a definitive agreement to acquire Rental Inc., a non-residential construction-focused equipment rental company with five branches located throughout Alabama and Florida. Under the terms of the agreement, H&E is expected to pay approximately $68.6 million in cash for Rental Inc., subject to customary adjustments. The transaction is expected to close in the first quarter of 2018, and is subject to customary closing conditions.

John Engquist, H&E's CEO, said, “With five branches located in Auburn/Opelika and Dothan, Ala., Fort Walton Beach, Panama City and Tallahassee, Fla., 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. Rental Inc. is a well-run and respected equipment rental and sales company that primarily serves customers in the non-residential construction markets. As of November 2017, Rental Inc. generated revenues of approximately $36.4 million for the last 12 months and its rental fleet size was $35.9 million, consisting of aerial, earthmoving, lifting and general rental equipment. They are also a Bobcat distributor in four of their five locations.”

Joe Scherzinger, Rental Inc.'s CEO, 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.”

H&E is one of the largest integrated equipment services companies in the U.S. with 83 full-service facilities throughout the West Coast, Intermountain, Southwest, Gulf Coast, Mid-Atlantic and Southeast regions. The company is focused on heavy construction and industrial equipment and rents, sells and provides parts and services support for hi-lift or aerial platform equipment; cranes; earthmoving equipment; and industrial lift trucks. By providing equipment rental, sales, on-site parts, repair and maintenance functions under one roof, the H&E is a one-stop provider for its customers' varied equipment needs.

For more information, visit www.he-equipment.com.