United Rentals Appoints Kurt Barker Executive Vice President - Corporate Services
Greenwich, Conn.-based United Rentals last week announced the appointment of Kurt Barker as executive vice president - corporate services. Barker has more than 15 years of senior management experience with public companies, including nearly 10 years with United Rentals. He joined the company upon its founding in 1997 as vice president - East region and subsequently served as vice president for the aerial, Midwest and highway technologies regions....
RSC Nearly Doubles IPO Target to $575 Million
Scottsdale, Ariz.-based RSC Holdings Inc., in a filing with U.S. regulators, last week nearly doubled its initial public offering target from its previously reported $300 million to $575 million. ...
Toromont Announces Record 1Q Earnings of $14.3 Million
Toronto-based Toromont Industries Ltd., the parent company of Battlefield Equipment Rentals, last week reported record financial results for the first quarter of 2007. Net earnings were CA $14.3 million (about U.S. $12.8 million) or $0.22 per share (U.S. $0.19), up 22 percent from CA $11.7 million (U.S. $10.5 million) or $0.18 per share (U.S. $0.16) reported in the first quarter of 2006. ...
Rental Service Referenced 54 Million Times Annually in Yellow Pages
The Yellow Pages Association last week announced that the “Rental Service” Yellow Pages heading ranks 42nd out of more than 4,000 headings and generates more than 54 million references annually. ...
Flashco Signs 5-year NASCAR Supply Agreement
Bakersfield, Calif-based Flashco Inc. recently signed a five-year commitment to become the official contractor supply and equipment rental company of Kern County’s new NASCAR raceway. ...
From The Editor
Shortly after we inaugurated RER Reports as a faxed newsletter in the mid-’90s, we included what we called Stock Watch — a weekly look at the stock prices of publicly traded rental companies and construction equipment manufacturers that marketed to rental companies. In those days, the Internet was relatively new and most people didn’t have Internet access on their computers sitting on their desks (much less on their PDAs, watches and cellular phones!). At that time, publicly traded rental companies were new to the industry as the first wave of consolidation and “roll-ups” hit. ...
United Rentals’ Growth Plans to Continue, Hicks Says
United Rentals intends to invest more than $900 million in capital in 2007, CEO Wayland Hicks told RER in a recent interview. Although the interview was granted before United Rentals’ recent announcement that the company is exploring strategic alternatives and that Hicks will retire in June, company officials this week told RER that the company’s growth plans have not changed and that United Rentals is going forward with “business as usual.” ...
Ahern to Build 20-Story High Rise
Don Ahern, CEO of Las Vegas-based Ahern Rentals, recently received unanimous city council approval to build a high-rise office building adjacent to a 9.5-acre Ahern Rentals rental center on the northwest edge of downtown Las Vegas....
Toromont Acquires Canada’s Sunrise Rentals
Toromont Industries, parent company of Stoney Creek, Ontario-based Battlefield Equipment Rentals, last month agreed to purchase the assets of Sunrise Rentals, Timmins, Ontario. Battlefield, which operates Cat Rental Stores in Ontario, Manitoba and Newfoundland, assumed control of the company March 7. ...
Ritchie Bros. Opens New Facilities in the U.S. and Canada
Vancouver, British Columbia-based Ritchie Bros. Auctioneers recently announced the results of two large unreserved auctions. The largest was a two-day grand opening auction at the company's new Columbus, Ohio, auction facility, with buyers purchasing more than U.S. $29 million in gross auction sales. The other large auction, held at the newly built 20-acre auction facility in Saskatoon, Saskatchewan, is believed to be Canada's largest-ever unreserved agricultural auction, with more than CA $14 million (more than U.S. $12 million) worth of agricultural equipment and real estate sold....
Grand Re-opening of HERC Modesto Draws More Than 600
Hertz Equipment Rental Corp. celebrated the grand re-opening of its Modesto, Calif., general rental facility on Friday, April 13. The event, which drew more than 600 people, showcased the facility’s showroom and newly expanded product line, which includes small tools, equipment and contractors’ supplies....
B.C. Rental Company Burns
Cowichan Rentals, a rental center in Duncan, B.C., Canada, was destroyed by a fire last week that also devastated a marine store and an automotive business, Canada.com reported....
Spider Provides Access to the New World of Coca-Cola®
Excel Electrical Technologies and Uni-Sky Corp. hired Tukwila, Wash.-based Spider to provide necessary access for the large, glass Coke® bottle stationed as a focal point to the anticipated New World of Coca-Cola® museum being built in Atlanta....
Sunbelt Rentals Names National Director of Safety, Regional VPs
Sunbelt Rentals last week announced the promotion of Jeff Stachowiak to the newly created position of national director of safety. ...
Spider Hires Great Lakes Region Area Director
Spider, a division of SafeWorks llc recently hired Randy Aylor as area director for the Great Lakes region....
From The Editor
Was it a surprise that United Rentals announced it is exploring strategic alternatives, including a possible sale of the company? In the current environment of private equity, not at all. Private equity firms have forked over big money to acquire Rental Service Corp., Hertz Corp., NES, Neff Corp. and other rental-related companies, so why shouldn’t the biggest prize of all take a look at the market to see what it would bring? With equity valued at around $2.6 billion and debt at $2.7 billion, we’d be looking at $5.5 billion as a starting point, and I would think a company with strong financials, good systems and a good management team would fetch considerably more on the open market. And if it doesn’t get what it hopes for, it won’t sell....
United Rentals to Explore Strategic Alternatives; Hicks to Retire in June
United Rentals last week announced that its board of directors has authorized a process to explore a broad range of strategic alternatives to maximize shareholder value, including a possible sale of the company. United has retained UBS Investment Bank and Credit Suisse to act as financial advisors in the process....
NES Sells Tank Division to Odyssey
NES Rental Holdings last week completed the sale of its tank business to Odyssey Investment Partners, a private equity firm that acquired Neff Rental in 2005. Odyssey earlier this month agreed to sell Neff to Lightyear Capital LLC....
Rental Penetration to Reach 50% in Europe, Caterpillar Predicts
Rental companies will buy half of all construction machines in Europe within four years, a Caterpillar official predicted last week. Cat Rental Stores throughout the continent have been increasing expenditures to meet demand, Andy Zuckerman, Caterpillar’s rental division manager recently told Internet sources....
Walker Wins Caterpillar Rental Loyalty Awards
Walker Express – the Cat Rental Store, the equipment rental division of Walker Machinery Co., was recently honored for achieving the highest customer loyalty among Caterpillar dealers in North America in 2006. Based in the Charleston, W. Va., suburb of Belle, the company also achieved the highest overall customer loyalty and overall customer satisfaction in Caterpillar’s Eastern Region, as well as the highest overall customer loyalty in inside and outside sales in the region, including 14 dealers in 17 states....
Sunbelt Contracts With Captive Capital for Retail Financing
Sunbelt Rentals has selected Captive Capital Corp. to provide new and used equipment financing for its customer base....
JLG Names East Tennessee Rent-Alls SkyTrak Dealer
JLG Industries last week named East Tennessee Rent-Alls dealer for SkyTrack telehandlers, providing sales and service coverage throughout northeastern Tennessee. ...
Holt Caterpillar Acquires Longview Shell Building
San Antonio-based Holt Cat, which sells, rents and services Caterpillar equipment, last week approved the $1.3 million acquisition of a shell building in Longview, Texas. Holt Cat will move a portion of its Longview operation into the shell building, while maintaining its existing Longview facility. The contract calls for an additional $4 million to be invested into the building. ...
United Rentals to Explore Strategic Alternatives; Hicks to Retire in June
United Rentals today announced that its board of directors has authorized a process to explore a broad range of strategic alternatives to maximize shareholder value, including a possible sale of the company. United has retained UBS Investment Bank and Credit Suisse to act as financial advisors in the process....
Aggreko Opens Edmonton Facility
Aggreko LLC, international leader in rental power, temperature control and oil-free compressed air, last week said it has opened a new service center in Edmonton, Alberta, Canada, to provide local support to industrial and commercial operations in western Canada....
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