Oakmont Acquisition Corp. last week announced it has agreed to acquire the operating assets of One Source Equipment Rentals LLC.
One Source focuses on the industrial and general construction market and has locations in Dayton, Ohio; Lafayette, Ind.; and Decatur, Granite City and Morton, Ill.
One Source generated net revenue of about $20.2 million in 2005, with unadjusted EBITDA of about $8.3 million and more than $13 million in rental revenue.
“After a comprehensive due diligence effort, we found the company to be an extremely attractive investment platform,” said Robert Skandalaris, chairman and CEO of Oakmont, a private equity firm based in Bloomfield Hills, Mich. “[One Source has] built an attractive, diversified base of customers, of which they enjoy a high level of repeat business due in no small part to the high focus on customer service and satisfaction. Additionally, the company’s management, which has broad industry experience, together with the well-maintained rental fleet, provides considerable competitive advantages.”
Steve Micheletti, chief operating officer of One Source said the company will benefit from Oakmont’s leadership. “We believe that Oakmont’s ability to access the capital markets will allow for strong growth and development of the company.”
One Source management will remain in place, officials said.
Oakmont was formed in April 2005 to identify and acquire an operating business with operations in the United States. It raised about $48 million in its initial public offering in July 2005.