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Herc Holdings Inc. (NYSE: HRI) has acquired the assets of Reliable Equipment, LLC, enhancing its equipment rental capabilities in New England. This acquisition adds eight physical locations, improving customer service and operational efficiency. Reliable Equipment, established in 2010, operates in the Boston metropolitan area and provides a diverse rental fleet. The deal aligns with Herc's strategy to expand in urban markets and positions it better for growth in a dynamic market.
Positive
Acquisition expands presence in New England to eight locations.
Enhanced operational efficiency and customer service capabilities.
Strategic alignment with growth initiatives in urban markets.
Negative
None.
BONITA SPRINGS, Fla.--(BUSINESS WIRE)--
Herc Holdings Inc. (NYSE: HRI), a leading North American equipment rental supplier operating through Herc Rentals Inc., announced today that it has acquired substantially all the assets of Reliable Equipment, LLC, a New Hampshire-based equipment rental business with branch operations in Dover and Londonderry, NH. Terms were not disclosed.
Reliable Equipment is a full-service provider of equipment rentals with a fleet that includes aerial, material handling and earthmoving equipment, as well as specialty climate control and power generation equipment. Founded in 2010, the business has more than 50 employees and service coverage from Boston to Portland, ME.
“The addition of Reliable Equipment expands our New England presence to eight physical locations, allowing us to serve existing and new customers with a larger fleet and improved responsiveness while also providing greater scale to operate more efficiently across the Northeast U.S.,” said Larry Silber, president and chief executive officer.
“This transaction supports one of our key strategic initiatives to expand our presence in urban markets across North America. In particular, Reliable Equipment is well positioned in the north Boston metropolitan area and to achieve growth in this dynamic market.
“I am pleased to welcome the Reliable Equipment team to Team Herc. Our combined teams and resources position Herc Rentals to be a preeminent equipment rental partner throughout New England, serving a diverse mix of construction, industrial and government customers.”
About Herc Holdings Inc. Herc Holdings Inc., which operates through its Herc Rentals Inc. subsidiary, is one of the leading equipment rental suppliers with 295 locations in North America. With over 55 years of experience, we are a full-line equipment rental supplier offering a broad portfolio of equipment for rent. Our classic fleet includes aerial, earthmoving, material handling, trucks and trailers, air compressors, compaction and lighting. Our equipment rental business is supported by ProSolutions®, our industry specific solutions-based services, which includes power generation, climate control, remediation and restoration, and studio and production equipment, and our ProContractor professional grade tools. Our product offerings and services are aimed at helping customers work more efficiently, effectively and safely. Our product offerings and services are aimed at helping customers work more efficiently, effectively and safely. The Company has approximately 5,100 employees who equip our customers and communities to build a brighter future. Herc Holdings’ 2020 total revenues were approximately $1.8 billion. All references to “Herc Holdings” or the “Company” in this press release refer to Herc Holdings Inc. and its subsidiaries, unless otherwise indicated. For more information on Herc Holdings and its products and services, visit: www.HercRentals.com.
Forward-Looking Statements
This press release includes forward-looking statements as that term is defined by the federal securities laws, including statements concerning our business, our growth strategy, and the impact the acquisition will have on our business and our earnings. Forward looking statements are generally identified by the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "forecasts," and future or conditional verbs, such as "will," "should," "could" or "may," as well as variations of such words or similar expressions. All forward-looking statements are based upon our current expectations and various assumptions and, there can be no assurance that our current expectations will be achieved. They are subject to future events, risks and uncertainties - many of which are beyond our control - as well as potentially inaccurate assumptions, that could cause actual results to differ materially from those in the forward-looking statements. Further information on the risks that may affect our business is included in filings we make with the Securities and Exchange Commission from time to time, including our most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and in our other SEC filings. We undertake no obligation to update or revise forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
What is the significance of Herc's acquisition of Reliable Equipment?
The acquisition enables Herc to expand its footprint in New England, enhancing service capabilities with an increased fleet and operational efficiency.
How many locations does Herc have in New England after the acquisition?
After the acquisition, Herc has a total of eight locations in New England.
What type of equipment does Reliable Equipment provide?
Reliable Equipment offers a diverse rental fleet including aerial, material handling, earthmoving, climate control, and power generation equipment.
What is the location of Reliable Equipment's operations?
Reliable Equipment is based in New Hampshire, with operations in Dover and Londonderry, serving the area from Boston to Portland, ME.
What is the expected impact of this acquisition on Herc's future?
The acquisition is expected to enhance Herc's market presence and drive growth in the dynamic northeast market by improving service and operational capabilities.
