NESCO this week said it has acquired the utility equipment fleet and related assets of Penske’s utility rental division from Penske Truck Leasing Co. The purchase adds about 250 units to NESCO’s existing fleet and expands the company’s presence in the East Coast and mid-Atlantic regions.
NESCO was acquired by Platinum Equity in October 2011. Louis Samson, the Platinum Equity partner who led the firm’s acquisition of NESCO and has been working with NESCO on its M&A strategy said the deal “represents another step forward in Platinum Equity’s efforts to support NESCO’s overall growth strategy.
“Acquiring these assets further broadens NESCO’s fleet offering and expands our ability to service our customer’s equipment needs nationwide,” said Lee Jacobson, NESCO CEO. “The acquisition solidifies our position as one of the premier service and equipment providers in the utility and telecommunications rental markets, and demonstrates NESCO and Platinum Equity’s commitment to growth. We will continue investing in the breadth and quality of our fleet.”
NESCO is one of the largest North American providers of specialty rental equipment for the electric power transmission and distribution industry service contractors and utilities that perform critical installation, maintenance, upgrade and repair services on T&D infrastructure. The company has an extensive fleet of bucket trucks, digger derricks, line equipment, cranes, and underground equipment in the industry.
