CHICAGO — A majority of NES Rentals Holdings' shareholders approved in June the company's acquisition by affiliates of private equity firm Diamond Castle Holdings LLC.
The vote follows the announcement in May of a definitive agreement for affiliates of Diamond Castle to acquire NES in a transaction valued at about $850 million including the assumption of liabilities.
Completion of the sale is contingent on customary closing conditions. NES Rentals announced a review of strategic alternatives in December 2005.
In other company news, NES Rentals recently opened a branch in Glendale, Ariz., near Phoenix. Spurred by construction of a new football stadium for the Arizona Cardinals, new projects are sprouting up throughout Glendale, including retail outlets, major entertainment centers and downtown residential developments.
“Arizona is one the fastest-growing states in the nation,” said NES regional vice president Dave Meirick. “New retail and residential construction projects are beginning almost every day [in Glendale].”
The Glendale location will complement several NES traffic safety branches in Arizona, an existing equipment rental branch in Phoenix and a Tucson location that last month added construction equipment to its traffic safety inventory.
Based in Chicago, NES Rentals is No. 7 on the RER 100.
