United Rentals Files Motion for Summary Judgment
United Rentals filed a motion in a Delaware court requesting summary judgment against Cerberus Capital Management, claiming its decision to back out of its agreement to acquire United “is nothing more than a naked ploy to extract a lower price to the irreparable harm of URI’s stockholders.”...
Cerberus Sues United Rentals to Limit Payment to $100 Million
Cerberus Capital Management LP, the private equity firm that backed out of an agreement to acquire United Rentals, sued in New York state court to limit its potential liability for the failed transaction at $100 million. The suit was filed Nov. 21....
Doosan Completes Acquisition of Bobcat and Additional Divisions
Doosan Infracore last week said it has completed the acquisition of the Bobcat, Utility Equipment and Attachments businesses from Ingersoll Rand Co. Doosan said the three entities will operate as individual businesses of Doosan Infracore International, a U.S.-based subsidiary of Doosan Infracore. ...
Investors Back Trico’s Growth
Trico Lift, an aerial equipment rental company based in Millville, N.J., last week announced the addition of two investor partners — John Michael Paz, owner of Godwin Pumps of America, and Argosy Partners, represented by John Kirwin III....
Sunstate Equipment Opens Three Branches
Phoenix-based Sunstate Equipment Co. recently opened three branches — McKinney, Texas, and Tucson and Buckeye, Ariz....
IPAF Adopts New PAL Card Categories
The International Powered Access Federation training program last week announced it would adopt new mobile elevating work platforms (MEWP) categories beginning Jan. 1. The category change does not affect the training received, and existing PAL Cards (Powered Access Licences) remain valid as specified. Existing PAL Cardholders do not need to get their cards changed....
Tuff Equipment Rentals Hosts State Association and Grand Re-Opening
Slidell, La.-based Tuff Equipment Rentals recently held a grand re-opening party, several months after opening its new location. The company’s original facility was heavily damaged by Hurricane Katrina in 2005. The grand re-opening was held the day after Tuff hosted a meeting of the American Rental Association’s Louisiana chapter....
Norman Loui Left $3.4 Million to College
Norman Loui, co-founder of Hawaiian Rent-All, left Honolulu Community College $3.4 million when he died in 2006, the school announced last week....
ARA Foundation Plans Second Annual Auctions During The Rental Show
The American Rental Association last week announced it would again hold live and silent auctions at The Rental Show in Las Vegas to benefit the ARA Foundation. The auctions are scheduled for Feb. 13, at the Mandalay Bay Convention Center, with Ritchie Bros. Auctioneers sponsoring the live auction for the second straight year. ...
Illinois Volvo Dealer Builds Facility, to Add Volvo Rents
Rockford, Ill.-based McAllister Equipment Co., a Volvo dealer, is constructing a new facility that will more than quadruple its size and at least double its employment, according to BusinessRockford.com. The 18,000-square-foot dealership will open next April, replacing the old 4,000-square-foot dealership nearby. The new dealership will include a Volvo Rents outlet. ...
Spider Supplies Equipment for New York’s New Museum of Contemporary Art
Seattle-based Spider, a division of SafeWorks LLC, recently supplied suspended access equipment and rigging services for the installation of the unique façade on New York’s new Museum of Contemporary Art. ...
United Rentals Donates Equipment to "Extreme Makeover: Home Edition"
United Rentals and the crew of ABC's "Extreme Makeover: Home Edition" joined forces with hundreds of volunteers in November to build a new home for the Hughes family of Louisville, Ky....
United Rentals Sues Cerberus to Force Acquisition
United Rentals Monday filed a lawsuit against Cerberus Capital Management’s RAM Holdings and RAM Acquisition Corp. to force the private equity group to go through with its agreed-upon acquisition of the Greenwich, Conn.-based rental company....
Investor Sues United Rentals Over Failed Transaction
An investor sued United Rentals Monday over the collapse of its leveraged buyout by affiliates of Cerberus Capital Management, alleging that company executives concealed risks about the deal’s financing before it fell apart....
Sunbelt Rentals Ranks No. 25 Among Military-Friendly Employers
Sunbelt Rentals was named one of the top 50 Most Military-Friendly Employers for the second consecutive year by G.I. Jobs magazine. The company is ranked No. 25 on the G.I. Jobs list....
Palmer Johnson Power Systems Expands Service and Remanufacturing Capabilities
Palmer Johnson Power Systems, which has a 30-year history of off-highway transmission repair, a year ago opened a new state-of-the-art service and remanufacturing center at its headquarters near Madison, Wis. Since that time, the company has increased service sales by more than 50 percent. ...
Ameriquip Eagle Names Poston Equipment New Supplier
Ameriquip Eagle, manufacturer of the Ameriquip Trax, trailer-mounted and truck lifts, recently announced it has teamed up with Poston Equipment as a supplier in Texas, Louisiana, Oklahoma, Arkansas, Massachusetts and parts of New Mexico....
Market Overview
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From The Editor
Reaction to Cerberus’ decision to back out of its acquisition of United Rentals has been mixed (see our lead story below for details). I’ve talked to a number of people and reactions have ranged from total shock from some to others who expected it all along. Given the volatile nature of the credit markets the past few months, I certainly can’t say it never crossed my mind that this would occur. It will be very interesting to see where it goes from here - in other words, will Cerberus and United re-negotiate a new deal or will Cerberus just pay $100 million and move on? This will be a topic of conversation for everybody interested in the rental market for a while. ...
United Buyer Cerberus Backs Out of Acquisition Agreement
Affiliates of Cerberus Capital last week backed out of a $6.7 billion agreement to acquire United Rentals, causing shares in the Greenwich, Conn.-based rental company to plunge 30 percent in one day. ...
Ahern Posts 27 Percent Q3 Volume Increase
Las Vegas-based Ahern Rentals continued strong operating results with $91.6 million in volume in the third quarter of 2007 ended September 30, up 27 percent year over year compared with $72.1 million for the third quarter of 2006. Rental volume increased 20.9 percent year over year from $64.8 million in last year’s third quarter to $78.4 million this year....
Finning Increases Net Income 68% in Third Quarter
Finning International, the world’s biggest Caterpillar dealer/rental company last week raised its dividend for the second time this year, while posting a 68 percent increase in third-quarter net income on a 14 percent revenue increase. Finning posted CA $1.33 billion (about U.S. $1.37 billion) in revenue for the third quarter, up from $1.17 billion in the third quarter of 2006. ...
Continental Crane Co. Supplies Rough-terrain Cranes in the Southwest
Continental Crane Co. last week announced it has set up in the Los Angeles area to help contractors tackle the shortage of cranes in Southern California and the rest of the Southwestern region of the United States. The company said it is building “the largest, most modern and best equipped fleet of new rough-terrain cranes available for bare rental.”...
Grand Re-openings of Hertz Equipment Rental Draws Hundreds
Hertz Equipment Rental Corporation (HERC) celebrated the grand re-openings of its Springdale, Ark.-based facility on Oct. 25, and its Everett, Wash.-based facility on Oct. 26. The events, which drew more than 900 people and 475 people, respectively, showcased the facilities’ showroom and newly expanded product line, which includes small tools, equipment and contractors’ supplies....
Kennards Hire Contributes $10,000 to ARA Foundation
To show appreciation for the help and friendship they’ve received from members of the United States rental industry in the past 40-plus years, Andy Kennard and Peter Lancken contributed $10,000 to the ARA Foundation on behalf of Kennards Hire in Australia. The gift is the largest single donation ever made to the Foundation from a rental business....
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