H&E Opens Two Oklahoma Branches, Files IPO

Nov. 1, 2005
BATON ROUGE, La. H&E Equipment Services' Hi-Lift Division recently opened new branches in Oklahoma City and Tulsa, Okla. As a full-service aerial lift,

BATON ROUGE, La. — H&E Equipment Services' Hi-Lift Division recently opened new branches in Oklahoma City and Tulsa, Okla. As a full-service aerial lift, boom truck and straight-mast and telescopic forklift dealer, H&E Hi-Lift specializes in equipment rentals and sales and offers both in-house and mobile repair and service as well as a comprehensive parts inventory.

“With H&E locations already in the surrounding states of Texas, Arkansas, and New Mexico, the decision to open locations in Oklahoma was the next logical step,” said H&E CEO John Engquist. “The Oklahoma branches fit with our goals to continue to expand our company and bring our customers greater benefits and convenience.”

H&E Hi-Lift is an authorized dealer for Genie, JLG, Skytrak and Terex. The Oklahoma branches are an authorized Manitex truck cranes dealer.

In other company news, H&E last month filed with the U.S. Securities and Exchange Commission to raise more than $201 million in an initial public common stock offering.

Credit Suisse First Boston and UBS Investment Bank are underwriting the offering, according to the company. The filing did not provide the number of shares being offered or the price per share.

The company said it would use proceeds from the IPO to fund its acquisition of Eagle High Reach Equipment, expanding its presence in California; to repay debt; purchase equipment; pay deferred compensation to executives and for other corporate purposes.

H&E Equipment Services reported $160 million in rental volume in 2004 and $478 million in total volume, earning it the No. 10 spot on the RER 100.