Greenwich, Conn.-based United Rentals last week acquired Portland U-Rent-It Inc., dba U-Rent-It, a three-location equipment rental company. Terms of the transaction were not released.
Corpus Christi, Texas-based Portland U-Rent-It, which has two locations in Corpus Christi and one in nearby Portland, Texas, posts annual sales of roughly $11 million renting industrial equipment to the Gulf Coast’s energy industry. Former U-Rent-It owners included J-Ray Simpson, Bart Nelms and Norm Clapp. Founded in 1977, U-Rent-It has benefited from rapid growth in the past year stemming from increased demand from energy-related customers, such as refineries in the Gulf region.
“The acquisition of U-Rent-It is consistent with our strategic focus on the industrial marketplace,” said Michael Kneeland, CEO of the Greenwich, Conn.-based United Rentals. “We are actively pursuing growth in industrial rentals, where our depth of resources and branch footprint can give us a competitive advantage. Moreover, industrial rentals are subject to different cyclical pressures than the construction market, where we are seeing demand continue to soften as spending is curtailed.”
Hageman, Stansberry & Associates represented U-Rent-It in the transaction. “Hageman, Stansberry & Associates worked extremely hard to get our deal done and we are very pleased with the outcome,” said Simpson. “We appreciate their efforts and would recommend their services to any rental company that is considering selling."
Hageman, Stansberry & Associates is a mergers and acquisitions firm that specializes strictly in the equipment rental and special event rental industry. HS&A is based in Arlington, Texas and Cameron Park, Calif.
United Rentals is No. 1 on the RER 100.
