Platinum Equity and Hammond, Kennedy, Whitney & Co. jointly announced that Platinum Equity has acquired NESCO Sales & Rentals from an investor group led by HKW. Platinum Equity also owns Maxim Cranes.
Based in Bluffton, Ind., NESCO is a provider of fleet equipment rentals, sales and services for the North American electrical transmission and distribution market, serving a broad customer base from 32 locations throughout the United States. NESCO has more than 1,500 new and used bucket trucks, digger derricks, truck cranes, aerial work platforms, sign trucks, pullers, service and utility trucks, augers and more. The company is an authorized distributor for a number of manufacturers including Elliott Equipment, IHI, Manitex Cranes, Mantis Cranes and more.
NESCO founder and CEO Rob Troxel will retain an ownership stake in the business going forward.
“NESCO has one of the most comprehensive fleets in the industry, a strong, national network and a true commitment to customer service,” said Platinum Equity principal Louis Samson, who led the team involved in the NESCO acquisition. “We look forward to partnering with NESCO’s management team and talented employees to help the company achieve new levels of success.”
NESCO’s specialized fleet serves a variety of critical electrical transmission and distribution infrastructures and projects. In addition to the company’s core rental business, it serves as a new and used equipment dealer.
“NESCO is a premier company and a leader in its segment,” said Glenn Scolnik, HKW’s current and NESCO’s former chairman. “We are proud of what we have accomplished with the NESCO team — it’s a tremendous organization with a strong culture. Platimum brings additional resources that can help NESCO evolve and continue growing to better serve its customers. It’s a win-win for everyone.”
A team of Platinum operations professionals has been deployed to help with the transition. Samson said that in addition to providing operations support, Platinum Equity’s M&A team will continue working closely with NESCO to identify acquisitions opportunities.
“NESCO has a proven track record at executive and integrating acquisitions and we will work with the management team to identify, evaluate and pursue attractive opportunities to grow and expand the business, both organically and through additional acquisitions,” added Samson.
Platinum Equity is a global mergers and acquisition firm specializing in the merger, acquisition and operation of companies that provide services to customers in a range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. The company has completed more than 125 acquisitions since its founding in 1995.
