United Rentals, Inc. (“United Rentals”) has announced that United Rentals of Canada, Inc., a wholly-owned subsidiary of the company, has entered into a definitive agreement to acquire the assets of WesternOne Rentals & Sales LP (“WesternOne”) from parent WesternOne Inc. for approximately $91.8 million in cash. The transaction is expected to close before year-end subject to approval by the shareholders of WesternOne Inc. and certain other customary conditions. It is not contingent on financing, and is not expected to have a material impact on the revenues or earnings of United Rentals.
WesternOne is a leading regional equipment rental provider of aerial lifts and heat solutions in Western Canada, with additional offerings of temporary power, general construction equipment and fuel delivery. The company's 12 locations and approximately 330 employees serve primarily non-residential construction and industrial customers in Alberta, British Columbia and Manitoba, with a notable presence in the sports and entertainment vertical. Additional information about the company is available at westernone.ca.
Michael Kneeland, chief executive officer of United Rentals, said, “The acquisition of WesternOne Rentals & Sales will expand both our general rental and specialty offerings in key Canadian provinces. WesternOne's aerial and portable heat rentals dovetail with our own range for construction and industrial customers. We'll also gain scale and diversification in two areas: the sports and entertainment vertical, with a focus on film and television production, and a comprehensive propane and diesel fuel service.”
Kneeland continued, “In addition, the combination directly aligns with our vision for customer service. We particularly like the fact that WesternOne's culture focuses on people and innovation. In addition to cross-selling our equipment and services, we'll be able to give our combined customer base the benefit of new expertise and a larger pool of shared technology. We look forward to welcoming WesternOne employees to United Rentals.”
About United Rentals
United Rentals, Inc. is the largest equipment rental company in the world. The company has an integrated network of 1,075 rental locations in North America and 11 in Europe. In North America, the company operates in 49 states and every Canadian province. The company's approximately 16,700 employees serve construction and industrial customers, utilities, municipalities, homeowners and others. The company offers approximately 3,800 classes of equipment for rent with a total original cost of $12.9 billion. United Rentals is a member of the Standard & Poor's 500 Index, the Barron's 400 Index and the Russell 3000 Index and is headquartered in Stamford, Conn.
For more information, visit www.unitedrentals.com.
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