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H&E to Acquire Construction Equipment Rental Firm for $100MM

January 14, 2019, 07:17 AM
Filed Under: Mergers & Acquisitions

H&E Equipment Services, Inc. announced its entry into a definitive agreement to acquire We-Rent-It (WRI), a non-residential construction-focused equipment rental company with six branches serving the growing central Texas market. Under the terms of the agreement, H&E is expected to pay approximately $100 million in cash for WRI, subject to customary adjustments.

Brad Barber, H&E’s Chief Executive Officer and President, said, “We are executing on our stated growth strategy by announcing a definitive agreement to acquire WRI, which we believe is similar in terms of solid operational and financial performance to our two previous acquisitions in 2018. The addition of WRI’s six branches will significantly expand our presence in the vibrant central Texas markets of Austin, Bryan/College Station, and San Antonio metro areas.”

As of Nov. 30, 2018, WRI generated revenues of approximately $35.6 million for the last 12 months and its fleet size was $75.9 million, based on original equipment cost, Barber said. “WRI is a well-run and respected rental operator with longstanding customer relationships and we look forward to their employees joining the H&E family.”

The transaction is expected to close in the first quarter of 2019 and is subject to customary closing conditions, including Hart-Scott-Rodino Act clearance.

H&E is one of the largest integrated equipment services companies in the United States with 89 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 four core categories of specialized equipment: hi-lift or aerial platform equipment; cranes; earthmoving equipment; and industrial lift trucks.

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