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Nesco Holdings, Inc. has completed its acquisition of Custom Truck One Source, L.P. for $1.475 billion, effective April 1, 2021. The newly renamed Custom Truck One Source, Inc. will focus on providing specialized truck and heavy equipment solutions, catering to growing infrastructure markets such as energy and telecommunications. The company’s common stock will begin trading under the ticker symbol CTOS on April 5, 2021. Platinum Equity has become the majority stockholder, while existing CTOS stakeholders have transitioned to minority positions.
Nesco Holdings, Inc. (NYSE: NSCO) announced a name change to Custom Truck One Source, Inc. following the acquisition of Custom Truck One Source, L.P. by its subsidiary, Nesco Holdings II, Inc. This transition will include changing the NYSE ticker symbol from NSCO to CTOS for its common stock and from NSCO.WS to CTOS.WS for its redeemable warrants. The acquisition is anticipated to enhance the company’s market position and service capabilities.
Nesco Holdings, Inc. (NYSE: NSCO) has priced an offering of $920 million in 5.500% senior secured second lien notes due 2029, aimed at facilitating a business combination with Custom Truck One Source, L.P. The sale is expected to close on April 1, 2021. Proceeds will be utilized to fund transaction-related expenses, refinance existing debt, and cover associated fees. The Notes are not registered under the Securities Act and cannot be offered in the U.S. without registration or an exemption.
Nesco Holdings, Inc. (NYSE: NSCO) plans to offer $920 million of senior secured second lien notes due 2029. The notes will be guaranteed on a senior secured second lien basis by its subsidiary and other wholly owned domestic subsidiaries. Proceeds will fund the acquisition of Custom Truck One Source, L.P., repay debts, and cover related expenses. The offering will not be registered under the Securities Act, limiting its sale in the U.S. The company faces uncertainties including regulatory approvals and potential market risks that may affect the acquisition's success.
Nesco Holdings, Inc. (NYSE: NSCO) announced its financial results for Q4 and FY 2020. Q4 revenue rose 7.8% to $83.3 million, despite COVID-19 delays, while FY revenue increased 14.7% to $302.7 million. Adjusted EBITDA fell 9.2% in Q4 to $32.3 million and 7.0% for the year at $118.6 million. The company recorded a net loss of $7.3 million in Q4 but improved from a loss of $21.3 million in FY 2020. The acquisition of Custom Truck is expected to enhance their service offerings and scale. Free cash flow reached $13.3 million for 2020, a significant recovery from 2019.
Nesco Holdings, Inc. (NYSE: NSCO) announced that its shareholders approved the NYSE Proposal and Charter Proposals during a special meeting held on February 18, 2021. These approvals are essential for the acquisition of Custom Truck One Source, as outlined in the definitive proxy statement filed on January 20, 2021. The transaction is expected to close in Q1 2021, contingent upon customary conditions. Nesco specializes in providing equipment and services to infrastructure sectors in North America, with a rental fleet exceeding 4,500 units.
Nesco Holdings (NYSE: NSCO) announced a private placement of $140 million in common stock to partially finance its acquisition of Custom Truck One Source. Investors will purchase 28 million shares at $5.00 each, replacing a prior $100 million backstop from Platinum Equity. The investment aims to enhance the financial structure and flexibility of the combined company. The acquisition is anticipated to create significant value, with a special stockholder meeting planned for approval. This transaction marks a pivotal point in Nesco’s growth strategy.
Nesco Holdings, Inc. (NYSE: NSCO) announced a definitive agreement to acquire Custom Truck One Source (CTOS) for $1.475 billion. This strategic move aims to create a leading provider of specialty rental equipment for growing infrastructure markets, including T&D and telecom. The transaction includes an investment of over $850 million from Platinum Equity and an additional $100 million from CTOS shareholders. The combined company is expected to achieve annual cost synergies of $50 million within two years, significantly reducing debt and enhancing liquidity.
Nesco Holdings, Inc. (NSCO) reported Q3 2020 revenue of $69.3 million, a 10.9% increase year-over-year, driven by higher equipment sales and the Truck Utilities acquisition. Adjusted EBITDA declined 8.6% to $28.0 million, affected by lower fleet utilization due to COVID-19 project delays. The net income rose to $15.2 million from a loss of $18 million in 2019, aided by a one-time tax benefit. Despite ongoing COVID-19 impacts, demand began improving in late August. The company withdrew its 2020 guidance but expects capital expenditures between $30 to $35 million for the year.
Nesco Holdings, Inc. (NYSE: NSCO) will release its third quarter 2020 financial results on November 9, 2020, after market close. A conference call to discuss the results is scheduled for November 10, 2020, at 8:30 A.M. ET. The call will be accessible domestically at 1-800-681-8614 and internationally at 1-303-223-4368, with Conference ID 21970537. A replay will be available until November 24, 2020. Nesco provides specialty rental equipment for electric utility, telecom, and rail markets, maintaining a diverse rental fleet of about 4,600 units.
