Oakmont Acquisition Corp. said it has terminated its previously announced agreement to acquire One Source Equipment Rental. Oakmont announced last summer an agreement to acquire One Source, a company that 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.
“Although we had high expectations for the OSE transaction, we could not overcome certain unexpected technical issues that make the closing of the transaction impractical,” said Robert Skandalaris, Oakmont’s chairman and CEO. Oakmont said it terminated the agreement because of certain technical issues related to an audit scope qualification contained in the audit report issued in conjunction with One Source’s 2003, 2004 and 2005 financial statements.