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Herc Holdings Inc. (NYSE: HRI) has successfully acquired CBS Rentals, a Texas-based equipment rental company with 190 employees and 12 locations. This acquisition expands Herc Rentals' presence to 38 locations in Texas, a significant equipment rental market. The deal enhances Herc's capacity to serve construction, industrial, and government clients efficiently. Herc, with 280 locations and over 4,800 employees, aims to leverage this acquisition to strengthen its market position and service offerings.
Positive
Acquisition expands Herc Rentals' presence to 38 locations in Texas, enhancing market share.
Increased capacity to serve diverse construction, industrial, and government customers.
Synergies from combined teams and resources expected to drive operational efficiency.
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BONITA SPRINGS, Fla.--(BUSINESS WIRE)--
Herc Holdings Inc. (NYSE: HRI), a leading North American equipment rental supplier operating as Herc Rentals Inc., announced that it has completed the acquisition of substantially all the assets of Texas-based CBS Rentals (CBS).
CBS is a full-service general equipment rental company comprising approximately 190 employees and 12 locations serving construction and industrial customers throughout Texas, as well as locations in Carlsbad, NM, and Kingsport, TN. The addition of CBS expands Herc Rentals’ presence in Texas — one of the largest equipment rental markets in North America — to 38 physical locations, which collectively provide general and specialty equipment rental solutions and related services.
“I am pleased to welcome CBS Rentals to Team Herc,” said Larry Silber, president and chief executive officer. “Our combined teams and resources position Herc Rentals to be a preeminent equipment rental partner across Texas, 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 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.
What is the significance of Herc Holdings' acquisition of CBS Rentals?
The acquisition enhances Herc Rentals' presence in Texas, expanding to 38 locations and strengthening its market position in a key rental market.
How many locations does Herc Rentals have after acquiring CBS Rentals?
After the acquisition, Herc Rentals operates 38 locations in Texas.
What are the expected benefits of the CBS Rentals acquisition for Herc Holdings?
The acquisition is expected to provide operational synergies, increase customer service capacity, and enhance market reach in the equipment rental sector.
When was the acquisition of CBS Rentals by Herc Holdings completed?
The acquisition was completed as announced in the recent press release by Herc Holdings.
