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Herc Holdings Inc. (NYSE: HRI) has announced the acquisition of Dwight Crane Ltd. and its U.S. affiliate, LRX LLC. This acquisition aims to enhance Herc's entertainment-related rental portfolio, which already includes brands like Herc Entertainment Services and Cinelease. Dwight Crane, based in Ajax, Ontario, has over 40 years of experience in the film and event rental sector, providing equipment like aerial lifts and lighting trucks. The strategic move is expected to strengthen Herc's presence in North America's entertainment market and introduce cutting-edge technologies.
Positive
Expansion of entertainment-related rental portfolio through the acquisition.
Dwight Crane has a strong reputation in the entertainment rental sector.
Introduction of industry-leading technologies to enhance service offerings.
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None.
BONITA SPRINGS, Fla.--(BUSINESS WIRE)--
Herc Holdings Inc. (NYSE: HRI), a leading North American equipment rental supplier operating as Herc Rentals Inc., announced today that it has acquired Dwight Crane Ltd. and its U.S. affiliate, LRX LLC. Dwight Crane is an entertainment equipment rental business based in Ajax, Ontario, Canada that also has operations in Los Angeles. Terms were not disclosed.
Dwight Crane is a full-service provider of equipment and lighting rentals with more than 40 years of serving Ontario’s film, event and commercial production community. The company’s rental fleet includes aerial lifts and vehicles, lighting and mounts, cranes, and lighting trucks.
“With the acquisition of Dwight Crane, we continue to expand our entertainment-related rental portfolio, which also includes the industry-leading brands of Herc Entertainment Services®, Cinelease® and Cinelease Studios,” said Larry Silber, president and chief executive officer. “Like our existing North American entertainment equipment rental operations, Dwight Crane has developed an unmatched reputation for quality and expertise while serving one of the largest entertainment markets in North America. In addition, Dwight Crane brings industry-leading technologies that we look forward to introducing across our specialty entertainment rental network.
“Through our entertainment-specific brands, our ProSolutions® specialty rental equipment and our full line of equipment and services offerings, Herc Rentals remains well positioned as a preeminent partner to North America’s film, TV, and live event production enterprises. Dwight Crane’s long-standing ties to Ontario’s entertainment clientele and its industry-leading LRX brand lighting technologies bring additional strength to our team and reinforce our long-term commitment to the growing entertainment segment.”
About Herc Holdings Inc.
Herc Holdings Inc., which operates through its Herc Rentals Inc. subsidiary, is one of the leading equipment rental suppliers with approximately 280 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. The Company has approximately 4,800 employees who equip our customers and communities to build a brighter future. Herc Holdings’ 2020 total revenues were approximately $1.8 billion. 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.
