Sunbelt Rentals last week announced the completion of its acquisition by merger of NationsRent Companies Inc.
The acquisition of NationsRent, valued at more than $1 billion, makes Sunbelt the third largest rental company in the United States rental market. The combined companies’ 2005 rental volume was $1.23 billion, topping No. 3 Park Ridge, N.J.-based Hertz Equipment Rental Corp.’s estimated rental volume of $1.14 billion in North America. In total volume, Hertz’ estimated $1.58 billion (including Canada) tops the combined Sunbelt-NationsRent total of $1.53 billion.
Sunbelt now totals more than 470 locations, comparable to the industry’s second largest player, Scottsdale, Ariz.-based RSC Rentals.
“Our new geographic footprint and expanded product and service offering helps achieve Sunbelt’s market strategy,” said Sunbelt president and CEO Cliff Miller. “NationsRent is a great company because of the people who serve the customer every day and we look forward in joining forces with them in that effort.”
“There will be greater opportunities for career growth and development as Sunbelt continues to grow and set the standard for rental operations in the industry,” added Bryan Rich, co-chairman and executive director of NationsRent, who is joining the Sunbelt management team.
Jeff Putman has completed his time as NationsRent CEO and will not be continuing on the Sunbelt staff. NationsRent senior executive Charles Snyder will continue as part of Sunbelt’s management staff.
Sunbelt parent company Ashtead Group plc last week said the “take-up” level for its 100-pence-per share rights issue was 96.2 percent, providing funds for the acquisition.
Based in Charlotte, N.C., Sunbelt Rentals, a wholly owned subsidiary of Ashtead Group plc, is No. 4 on the RER 100.
