Salt Lake City-based Diamond Rental & Sales last week acquired Wasatch Rental & Sales of Heber and Park City, Utah. Diamond Rental now has 14 full-service equipment rental locations for contractors and homeowners along Utah’s Wasatch Front.
“These branches are in the mountains east of Salt Lake City, approximately 30 minutes [Park City] and one hour [Heber] from our headquarters,” Diamond president Mark Clawson told RER. “We already had a branch in Park City, but this ‘bolt-on’ acquisition makes a lot of sense in that we greatly expand our presence in these markets.”
Clawson added that the acquisition is also a move into larger equipment, with Wasatch Rentals having been more focused on heavier equipment for construction customers. “For example, these locations have dozers and full-size trackhoes, items that we had previously rented only on a subrental basis. They have a large fleet of reach forklifts, though we already had these in our inventory.” Clawson added Diamond will bring its mix of home-owner equipment into the new stores.
Diamond Rental has actively pursued an aggressive growth strategy since new owners acquired it in 2000. Since that time, Diamond has quadrupled its revenues and increased from seven construction equipment rental locations to 14, and from one party, tent and event rental location to three. Diamond is planning for continued expansion through acquisitions and start-ups.
“We see a great deal of opportunity throughout the Intermountain West,” said Clawson. “Diamond Rental has become a strong regional company and we plan to continue the company’s growth.”
Diamond Rental is No. 68 on the RER 100. It has been ranked among Utah’s 100 fastest-growing companies.