Herc Holdings Completes Acquisition of Rapid Equipment Rental; Also Announces Acquisition of SkyKing Lift Rentals

Rhea-AI Summary

Herc Holdings Inc. (NYSE: HRI) has successfully acquired Rapid Equipment Rental Limited, a Toronto-based general equipment rental company with seven locations and 110 employees, enhancing its presence in the Greater Toronto Area. Additionally, Herc has acquired SkyKing Lift Rentals in Chicago, expanding its local footprint to six locations. CEO Larry Silber emphasized improved market coverage for diverse customer needs in construction and industrial sectors. Herc Rentals operates approximately 300 locations across North America and reported revenues of approximately $1.8 billion in 2020.

Positive

• Acquisition of Rapid Equipment Rental enhances presence in the Greater Toronto Area.
• SkyKing Lift Rentals acquisition expands Chicago-area locations to six, increasing market coverage.
• Strategic acquisitions support growth in construction and industrial customer segments.

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 that it has completed the acquisition of Toronto-based Rapid Equipment Rental Limited.

Rapid Equipment is a full-service general equipment rental company comprising approximately 110 employees and seven locations serving construction and industrial customers throughout the Greater Toronto Area (GTA) — one of the largest equipment rental markets in North America.

The company also announced that it has acquired Chicago-area SkyKing Lift Rentals, a single-location equipment rental business specializing in mobile elevating work platforms, including scissor and boom lifts. The addition of SkyKing expands the company’s Chicago-area presence to six physical locations.

“I am pleased to welcome Rapid Equipment and SkyKing to Team Herc,” said Larry Silber, president and chief executive officer. “With both teams now on board, we have significantly improved our coverage in the dynamic Toronto and Chicago equipment rental markets as we continue to serve 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 approximately 300 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 5,200 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211116005219/en/

Paul Dickard

Vice President, Communications

paul.dickard@hercrentals.com

239-301-1214

Elizabeth Higashi, CFA

Vice President, Investor Relations & Sustainability

elizabeth.higashi@hercrentals.com

239-301-1024

Source: Herc Holdings Inc.

FAQ

What companies did Herc Holdings acquire?

Herc Holdings acquired Rapid Equipment Rental Limited in Toronto and SkyKing Lift Rentals in Chicago.

How will the acquisitions affect Herc Holdings' market presence?

The acquisitions will significantly enhance Herc Holdings' coverage in the Greater Toronto Area and Chicago equipment rental markets.

What is the strategic importance of the acquisitions for Herc Holdings?

The acquisitions are aimed at improving service offerings to a diverse mix of construction, industrial, and government customers.

What was Herc Holdings' revenue for 2020?

Herc Holdings reported total revenues of approximately $1.8 billion for the year 2020.