Platinum Equity said this week that it completed the sale of equipment rental company NESCO, the L.A. Business Journal is reporting. Platinum Equity sold NESCO to an affiliate of Energy Capital Partners. Platinum announced the sale of NESCO shortly after announcing its acquisition of Volvo Rents, now known asRentals.
NESCO, based in Fort Wayne, Ind., primarily serves the North American electrical transmission and distribution market. Platinum acquired a controlling interest in the company in October 2011.
“We created substantial value in the business by investing in NESCO’s people, fleet, operations, processes and systems,” said Platinum partner Louis Samson in a statement. “The business is well positioned for continued success under ECP’s ownership.”
Platinum Equity also has a majority ownership stake in crane rental giant Maxim Rents.