2000
JLG pioneers the development of “green” technology with the industry’s first 60-foot electric boomlift with zero emissions.
Jan. ’00
No. 44 on the RER 100, Rental 1 files for Chapter 11 bankruptcy protection. Burdened by heavy debt for several years, the company was forced to close more than 20 locations in the past year. Based in Pompano Beach, Fla., the company has 25 branches in Florida, Georgia and the Caribbean.
Jan. ’00
NationsRent acquires City of Industry, Calif.-based J&J Equipment, formerly owned by Van Dossey, a former California Rental Association president.
Jan. ’00
After months of absence on the acquisition front, Rental Service Corp. acquires six small companies with a combined trailing 12-month revenue of about $4.9 million, bumping up its total number of locations to more than 200.
Jan. ’00
GE Power Systems, parent of GE Energy Rentals, signs a definitive agreement to acquire Showpower Inc. for $28 million. Showpower rents temporary power and temperature-control equipment on a worldwide basis for the entertainment, corporate and special event segments.
Jan. ’00
Phoenix-based Sunstate Equipment tops 50 locations with its branch opening in Yucaipa, Calif. The company is No. 13 on the RER 100 with an estimated $95 million in 1998 rental revenue.
Feb. ’00
United Rentals signs a definitive agreement to acquire RDO Rental Co., the rental division of RDO Equipment Co. It has 12 locations in Arizona, California and Nevada. RDO Equipment, Fargo, N.D., operates the largest network of John Deere construction and agricultural equipment dealerships and Volvo truck centers in North America.
Sources estimate that United paid about $45 million to acquire the company.
Feb. ’00
Louisiana Machinery joins the Cat Rental Store program with rental industry veteran Donald Charbonnet at the helm, making Louisiana the 40th state to join the equipment giant’s program. The company will focus on the construction and oil field markets.
Feb. ’00
Ace Hardware Corp. added 104 new members to its Ace Rental Place program in 1999, boosting total membership to 408 locations. At the start of 2000, the company adds 12 more members.
Feb. ’00
Consolidation has changed the look of the rental industry, but another prediction for the future is the emergence of equipment manufacturers who are getting directly involved in rental as a new distribution channel, either through encouraging rental dealers to set up rental businesses or by acquisition of rental companies of their own.
In addition, a shortage of skilled labor is changing how rental companies recruit and retain their employees. “There is a feeding frenzy for experienced people,” says Bud Howard, vice president of sales and marketing at RSC.
2000
In the biggest merger in the country’s history, America Online agrees to buy Time Warner, the nation’s largest traditional media company, for $165 billion in 2000.
Feb. ’00
Relationships between manufacturers and rental companies have been dramatically impacted by industry consolidation. Manufacturers are facing unprecedented demands for service, and price concessions from national rental chains. To stay competitive, smaller rental companies are joining hardware cooperatives, ARA’s Member Buying Alliance and informal locally-based buying groups, seeking price discounts comparable to those enjoyed by the larger players. Dan Kaplan, former HERC CEO, notes “This is not a good time to be a manufacturer.”
Feb. ’00
The Internet is changing both the way rental companies do business and what the expectations are of their customers. E-commerce is here and customers are using it.
“As I see it, the Internet is an awareness tool,” says Dave Griffith, president and CEO of Bristol, Pa.-based Modern Group, who calls his website “a critical gateway” for customers.
Feb. ’00
NationsRent announces five acquisitions that will expand its presence in the metropolitan New York, New Jersey and North Carolina markets, and establish a platform for growth in the Rocky Mountain region with the purchase of Rental City, formerly owned by Jim Ziegler.
March ’00
Ashtead Group, parent of Sunbelt Rentals, ends its five-month search for a partner to help expand its U.S. operation and says it will remain an independent company.
March ’00
Robert Buckner, former owner of Buckner Rental Service, which had more than 20 Gulf Coast branches before selling to Neff Rentals in 1997, returns to the rental business with Redfish Rentals, which will focus on the offshore oil industry.
March ’00
In what appeared to be a promising step in the right direction between two industry associations, talks between the American Rental Association and the Rental Industry Association on possible trade show cooperation are off once again.
March ’00
John Deere introduces its ZTS-Series compact excavators, which feature zero-tail swing, allowing the machines to operate in work areas where standard configuration machines can’t.
“The zero-tail-swing feature is the future of the compact excavators,” says Tim Worthington, manager of product planning, compact excavators for Deere & Co.
March ’00
Grove Worldwide and Skyjack Inc., two of the industry’s largest aerial work platform manufacturers, create a strategic alliance in hopes of boosting their combined marketshare to a clear No. 3 behind JLG and Genie.
2000
The price of a U.S. stamp is $0.34 in 2000.
March ’00
NationsRent acquires F.W. Gartner Co., one of Texas’ largest remaining independent rental firms, and No. 83 on last year’s RER 100. Terms of the deal are not disclosed.
March ’00
Denver-based RentX Industries acquires The Rent-All Shops, Columbia, S.C., from Joe and Pam McKenney, who was the first woman ARA president.
At the same time, French building materials giant Saint-Gobain offers more than $1.7 billion to acquire Meyer International, which operates 150 tool rental locations in the United Kingdom and owns RentX.
April ’00
A group of Neff investors files a class-action lawsuit against the company alleging that a proposed buyout led by Neff president Kevin Fitzgerald is unfair and the result of insider dealing.
The suit alleges that shareholders “have suffered and will suffer irreparable damage unless [Neff is] ordered to put the company up for auction in order to maximize shareholder value.”
Neff remains on the selling block after almost a year without a taker.
April ’00
United Rentals becomes the first company to top the $1 billion rental revenue mark with $1.58 billion in 1999 rental revenue, and $2.23 billion in total revenue — an 82-percent increase from 1998.
The company also announces it is reducing its vendors and cutting costs in equipment purchases and other services in a cost-cutting effort that should save the company $150 million this year. The company has chosen preferred vendors in several equipment categories, in some cases reducing its number of suppliers from seven to one.
April ’00
NES breaks ground on a new rebuild center for aerial work platforms in McConnellsburg, Pa., just across the street from the headquarters of aerial manufacturer JLG Industries, a major NES supplier. The company’s first rebuild center is located in Paducah, Ky.
April ’00
Twenty-eight-year ARA veteran Jim Irish announces his retirement from the association. Irish served as executive vice president since 1987.
April ’00
Hoping to capitalize on growing consumer interest in the rental option, Fort Lauderdale, Fla.-based NationsRent and home improvement retailer Lowe’s Companies form a strategic alliance to rent equipment within select Lowe’s stores. NationsRent will offer about 240 items to contractors and homeowners.
May ’00
Ashtead Group Plc, the United Kingdom-based parent of Sunbelt Rentals, agrees to acquire Initial Plant Services (formerly known as BET) from Rentokil for $506 million on a debt-free basis. The deal would create the fifth-largest rental company in the United States. Rentokil’s U.S. equipment rental division is composed of Aggregate Equipment, Ivy Hi-Lift and BPS Equipment. The deal is finalized in August.
May ’00
Intermat 2000, the international construction and engineering trade show, attracts an estimated 190,000 people to its 3-million-square-foot exhibit area.
June ’00
Furthering its recent ventures into specialty rental markets, United Rentals makes 15 acquisitions, including seven traffic control equipment companies, two trench-shoring specialists and a special events rental company. Total revenues for the acquired companies are about $100 million.
June ’00
Maun Peterson and Lorin Winegar, owners of Salt Lake City-based Diamond Rental & Sales, sell the company to Rubicon Ventures, a locally based investment group, headed by Mark Clawson.
June ’00
Compresores & Equipos, No. 47 on the RER 100, moves into new headquarters in Toa Baja, near San Juan. The company has seven branches in Puerto Rico and one in Santo Domingo, Dominican Republic.
June ’00
Anthony Crane Rental, the largest crane rental company in the U.S., changes its name to Maxim Crane Works. Based in Pittsburgh, the company has acquired eight companies since Boston-based investment group Bain Capital bought controlling interest in 1998.
June ’00
RER continues its international coverage with a visit to a rental company in El Salvador.
June ’00
Neff Corp. promotes Pete Gladis to president and CEO, replacing embattled Kevin Fitzgerald, who resigns after a buyout bid he led failed. Fitzgerald’s exit officially kills the buyout he proposed with 24-percent equity shareholder GE Capital.
June ’00
Larry Pederson, newly elected president of the Rental Industry Association, promises to make new efforts to develop a revised trade-show agreement with the American Rental Association.
June ’00
RentX Industries president/CEO and rental industry veteran Skip Evans retires. RentX acquired Evans’ Zodiac Rentals as its platform company in 1996. Evans is also a past ARA president.
July ’00
Rental dot coms are popping up everywhere. RER reports on some of the big ones — Ironmax.com, RentOnTheDot.com, RentalRiver.com and Masterental.com. When it’s all said and done, industry executives say reliability and trust will determine which ones are successful and which ones will fade away.
Aug. ’00
Continuing on its specialty rental acquisition path, United Rentals acquires four Texas-based traffic control companies, making it the largest traffic safety company in Texas.
Aug. ’00
Ira Mendelsohn and Dana Cowan, partners in Cowan Rental Services, acquire Shipley’s Rentals in Santa Ana, Calif. Cowan Rental Services opened in Long Beach in March 1997 and added a Greenfield branch in Pacoima, Calif., in 1998.
2000
Richard Hatch outwits and outlasts the other Survivor cast members and wins the grand prize of Survivor 1, $1 million dollars. An estimated 51 million viewers tune into the final episode.
Sept. ’00
United Rentals signs a letter of intent to acquire Horizon High Reach and Equipment for $90 million from parent company W.R. Carpenter North America, which also owns UpRight. Horizon is No. 21 on the RER 100 with 1999 reported revenue of $88 million, with $43 million coming from rentals. It has 17 locations.
Oct. ’00
Ford Motor Co. makes a $30-per-share offer to buy the 18.5 percent of Hertz Corp. it doesn’t already own.
Nov. ’00
NationsRent and Lowe’s expand their strategic alliance and announce plans to open 60 NationsRent rental departments adjacent to the entrances of Lowe’s stores in 22 major markets by the end of 2001.
Nov. ’00
Prime Equipment and Rental Service Corp., rental companies owned by Stockholm, Sweden-based Atlas Copco Group, will merge into one company with two distinct brands.
The combined company will operate as Rental Service Corp., USA. Prime Industrial Services will market to industrial customers, while RSC will concentrate on the construction market.
2000
The U.S. presidential election of 2000 is the closest in decades. Bush’s slim lead in Florida leads to an automatic recount in that state. The U.S. Supreme Court orders a halt to the manual recount of Florida vote, sealing Bush’s victory with a 5-4 vote and rules that there can be no further recounting.
Jan. ’01
Finning International reaches an agreement to acquire Hewden Stuart Plc, one of the U.K.’s largest equipment rental companies, for about U.S. $459 million. Hewden Stuart, with 370 locations in England, Northern Ireland, Scotland and Wales, reported revenue of $365 million and operating profit of $61 million from continuing operations for the fiscal year ended Jan. 31, 2000.
Jan. ’01
Fluor officials announce the possibility of divesting the dealership portions of Greenville, S.C.-based Ameco.
Jan. ’01
United Rentals submits a nonbinding proposal to acquire about 72 percent of the equity interest in Miami-based Neff Corp. for about $314 million. Neff, whose stock price is barely above a dollar and drifting steadily downward, is highly leveraged and needs to find a buyer quickly.
After several deadline extensions, the two companies end merger talks in late February.
March ’01
Ford Motor Co. announces it will pay about $710 million to acquire the publicly held portion of Hertz, including its equipment rental division. Ford, which already owns
81.5 percent of Hertz, will purchase the remaining shares for $33.50 each, up from an offer of $30 per share it made in September.
April ’01
United Rentals surpasses $2 billion in rental revenue and comes close to $3 billion in total revenue for 2000.
April ’01
The boards of directors of the American Rental Association and the Rental Industry Association vote to implement a cooperative agreement including a joint trade show in 2002 in Las Vegas. RIA changes its name back to California Rental Association and announces plans to function as a state association of ARA.
ARA and National Hardlines Supply decide to discontinue the ARA Member Buying Alliance program because of a lack of membership participation.
May ’01
Asheville, N.C.-based Volvo Construction Equipment North America announces it will establish a chain of franchised construction equipment rental outlets initially focusing on compact equipment over the next three to four years.
May ’01
In response to softening economic conditions, United Rentals’ announces its move to close or consolidate a number of struggling branches in the next several months could affect as many as 5 percent of its 755 locations and lead to an undetermined number of layoffs.
In the same month United Rentals is ranked by Forbes magazine, in its annual Forbes 500 issue, as the 456th most profitable company in the United States.
May ’01
Grove Worldwide begins voluntary restructuring under Chapter 11. The company reaches an agreement with its secured lender bank group and is negotiating with its senior bondholders on a financial restructuring of the company. Under the reorganization, Grove will trade $379 million worth of debt for company stock, lowering the company’s debt from $584 million to $205 million.
May ’01
Canadian auto-parts supplier Linamar Corp. signs an agreement with former SkyJack president Wolf Haessler and Haessler Corp. to purchase 4.2 million shares of SkyJack to become majority owners of the company.
June ’01
UpRight files a voluntary Chapter 11 petition with the U.S. Bankruptcy Court. The manufacturer of aerial work platforms, aluminum scaffolding and telescopic handlers, announces it has temporarily suspended production of new equipment at its Selma and Madera, Calif., manufacturing facilities.
July ’01
The aerial rental market has changed dramatically with consolidation. Aerial equipment manufacturers are faced with the lowest pricing levels in this segment’s history. With consolidators dumping used equipment through auctions or trade-ins, the value of aerial products is 30 percent of what it was four years ago.
July ’01
Davis Service Group through its tool rental subsidiary HSS Hire Shops agrees to purchase RentX, No. 18 on the RER 100, and one of the original consolidators, for about $47 million.
Aug. ’01
Charlotte, N.C.-based Sunbelt Rentals acquires the eastern region operations of United Scaffolding, a subsidiary of Houston-based XSERV. The acquisition includes three full-service scaffold locations: Wilmington, N.C., Chesapeake, Va., and Richmond, Va.
Sept. ’01
Jose Perez, 47, co-founder of Miami-based Neff Rentals, dies from complications from amyotrophic lateral sclerosis, also known as Lou Gehrig’s disease. Perez founded Neff Rental with Jorge Mas Santos in 1988.
Sept. ’01
Terrorists attack the U.S. on Sept. 11, 2001 as four commercial planes are hijacked. Two of the planes crash into the World Trade Center buildings in New York City, one crashes into the Pentagon in Washington D.C., and the fourth plane crashes 80 miles outside of Pittsburgh.
[Web]
Sept. ’01: ARA inaugurates its Rental Hall of Fame at the Fort Worth City Conference and Product Showcase. The first five inductees are Daniel Cameron, the late George Gartner Jr., Leonard Hawk, the late C.A. “Ziggy” Siegfried Jr. and the late Klaus Wacker.
Sept. ’01
As typically occurs in time of disaster, the equipment rental industry is intricately involved in rescue efforts in the aftermath of the World Trade Center, Flight 93 and Pentagon terror attacks. As a preferred provider to the Federal Emergency Management Agency as well as a number of New York law enforcement agencies, United Rentals was contacted within a few hours of the attacks and plays a major role, sending more than 500 generators, 100 light towers and 1,500 diamond blade concrete cutters to help rescue efforts.
Many other rental companies, manufacturers and industry associations also contributed equipment, manpower and monetary donations to the efforts, including Piscataway, N.J.-based Hoffman Equipment, Deere dealership JESCO in South Plainfield, N.J., AB Volvo, Caterpillar, Associated General Contractors and Allmand Bros.
Oct. ’01
E*machinery.net signed a purchase agreement with Western Power & Equipment Corp. to acquire the business and certain assets and liabilities of Western Power & Equipment, its wholly owned subsidiary, which is No. 38 on the RER 100.
Oct. ’01
Apple introduces the original iPod on October 23, 2001, which sold for $399.
Oct. ’01
The industry is heavily impacted by a downturn in the economy and many manufactures cut jobs as a result. Deere & Co. announces plans to exit the Homelite consumer products business and restructure its construction and forestry division, cutting 1,985 more jobs as part of an effort to improve financial and operating performance.
Volvo Construction Equipment lays off 110 employees with a revision of its manufacturing operations at its Asheville, N.C., plant.
Nov. ’01
Tom Bennett, CEO of Rental Service Corp., announces plans to retire at the end of the year after a 37-year career in the equipment rental industry.
Nov. ’01
After two postponements in the wake of Sept. 11 terrorist attacks, the 2001 Emmy Awards are finally presented. NBC’s West Wing takes the award for Best Drama and HBO’s Sex and the City takes the Best Comedy prize.
Nov. ’01
Westport, Conn.-based Terex closes seven more plants and cuts an additional 725 jobs in its continuing effort at consolidating production to boost efficiency. In total the company is closing 11 facilities and cutting 1,225 jobs, about 16 percent of its workforce.
Nov. ’01
Miami-based Neff Corp. announces the New York Stock Exchange is suspending trading of the company’s stock and is seeking to delist the common stock from the Exchange.
Dec. ’01
Multiquip, which in Aug. acquired Sanders Saws, purchases Stow Manufacturing, a light construction equipment manufacturer, from Bomag’s Compaction America division.
Dec. ’01
French aerial manufacturer Pinguely-Haulotte makes a major move into the United States aerial market with the establishment of subsidiary Haulotte USA in Baltimore.
Dec. ’01
NationsRent files a voluntary petition under Chapter 11 of the U.S. Bankruptcy code to restructure the company’s debt, which totals close to $1.2 billion. Chairman and CEO James Kirk agrees to step down.
In Sept. ’02 the company’s creditors seek bankruptcy court approval to file a reorganization plan on its behalf.
Dec. ’01
National Equipment Services acquires the operations of Brambles Equipment Services, the North American equipment rental operation of Australian-based Brambles Industries. The deal, which cost NES $94 million in cash plus an agreement to pay about $28 million of accounts receivables, is finalized Dec. 31. NES CEO Kevin Rodgers served as CEO of Brambles for about seven years before leaving the company to found NES in late 1996.
Feb. ’02
In two major steps toward its goal of becoming a major player in the U.S. construction equipment market, Volvo CE acquires exclusive rights to manufacture UpRight’s telehandler products, as well as the assets of Scat Trak, the skid-steer loader business of Omniquip, a division of Textron.
Feb. ’02
Neff Corp. appoints Juan Carlos Mas CEO and president. Pete Gladis steps down from his role as CEO to assume the role of chief operating officer.
Feb. ’02
Louisiana Rents opens North America’s 350th Cat Rental Store branch in Belle Chasse, La.
March ’02
ARA announces it is canceling the October trade show it was planning to produce in Las Vegas in cooperation with CRA because of diminished exhibitor budgets, the economic environment and the failure of ARA’s city conferences to draw solid attendance in recent years.
March ’02
CRA honors its executive director Chuck Maltese with the 2001 James Gartland Award as “rental person of the year” at its winter board meeting.
March ’02
Asheville, N.C.-based Volvo Construction Equipment Rents signs agreements with three companies to launch its construction equipment rental operations in North America. The independently owned and operated rental centers are in Atlanta; Bossier City, La.; and Orlando, Fla.
March ’02
Former HERC executive Willie Swisher takes over as president of Mississauga,
Ontario, Canada-based Stephenson’s Rent-All, replacing Chris McKay.
March ’02
The Manitowoc Co. announces a definitive agreement to acquire Grove Worldwide in a transaction valued at approximately $270 million.
April ’02
A group of six former rental company owners who sold to NationsRent retains an attorney to help present an alternative to the restructuring plan the Fort Lauderdale, Fla.-based consolidator will present to the bankruptcy court. The goal of the group is to get the compensation due to them and to cancel the non-compete agreements so they can work.
NationsRent subsequently files a lawsuit against one of its former managers for opening a rental business that competes directly against the company, allegedly violating the manager’s employment contract.
June ’02
Point Washington, Wis.-based OmniQuip, a manufacturer of light construction equipment, plans to discontinue production of aerial work platform products because of continued industry softness. The move results in the closure of its Elwood, Kan., facility that produces the Snorkel line of aerial work platforms.
2002
Serena Williams defeats sister Venus Williams in the final match of Wimbledon in 2002.
Aug. ’02
United Rentals acquires NES’ trench-shoring division for about $110 million. NES Trench Shoring operated 34 branches in 12 states.
Aug. ’02
Westport, Conn.-based Terex Corp. announces that it has signed an agreement and plan of merger with Redmond, Wash.-based Genie Holdings for $75 million.
Aug. ’02
Ford Motor Co. decides not to pursue the sale of Hertz Equipment Rental Corp., No. 3 on the RER 100.
2002
Starbucks introduces its DoubleShot espresso drink in 2002.
Sept. ’02
James Horsley is back in business after his non-compete agreement expires. Horsley, who sold his Houston-based Lone Star Rentals to National Equipment Services in 1997, opens Champion Rentals, a new rental company, in the original location where he and a partner founded Lone Star.
Sept. ’02
NationsRent selects D. Clark Ogle as CEO, a move subject to approval by the U.S. Bankruptcy Court. The company has been searching for a new CEO since its Dec. filing for Chapter 11.
Sept. ’02
Laird Burns sells Glendale, Calif.-based Allied Equipment Rentals to Gary Darnell, owner of D&D Equipment Rentals.
Oct.’02
Texas rental industry pioneer Allen Rundell dies at the age of 74. Rundell branched out from his father’s general contracting business in 1959 to establish Safe Way Rental Equipment Co. in Austin, Texas, one of the first rental companies in the central Texas area.
Nov. ’02
UpRight emerges from Chapter 11.
Dec. ’02
NES is de-listed by the New York Stock Exchange when its share price falls below listing standards.
Dec. ’02
Thirty years after founding Carson, Calif.-based Multiquip in 1973, Irv Levine retires. Tom Yasuda is Multiquip’s new CEO.
Dec. ’02
NationsRent files its first amended reorganization plan about a year after entering Chapter 11 bankruptcy reorganization. Under the proposal, NationsRent’s bankers would own 95 percent of the restructured rental equipment company, which amounts to about a
20-percent recovery for the lenders.
Jan. ’03
Jack Wanamaker, one of the original pioneers of rental, dies three weeks shy of his 88th birthday. Wanamaker opened Wanamaker Rents in Burbank, Calif., in 1939, a business he would own for six decades until he sold it to United Rentals in 1999. He was instrumental in founding the California Rental Association and served as the organization’s first president from 1955-1957, and served again as president in 1973.
Jan. ’03
Terex Corp. plans to consolidate its aerial work platform and crane manufacturing operations, CEO Ron DeFeo says. Terex will discontinue its Terex aerial line as those products will be integrated with Genie Industries products.
Feb. ’03
A group of Kansas investors purchase the Snorkel line of aerial work platforms from the Omniquip business unit of Textron Inc. Omniquip shut down U.S. production of the Snorkel line last June. Elwood Holdings, an investment group headed by Allen Havlin, president of FluidTech, a Snorkel supplier, acquires the respected Snorkel line.
Feb. ’03
Kevin Rodgers, founder of National Equipment Services, leaves the company to pursue other interests.
2003
Lull, SkyTrak and military-design telehandlers become part of the JLG product offering.
March ’03
Home Depot announces it expects to add about 200 more rental departments in North America in its 2003 fiscal year.
March ’03
Jim Ziegler, CEO of RenTrain, Boulder, Colo., and former owner of Boulder-based Rental City, is released from his non-compete agreement with NationsRent and opens a new rental company in Fort Meyers, Fla.
March ’03
Phoenix Rental Partners, an investment group that has established a leadership role in NationsRent’s prepetition senior secured lender group, adds Jeff Putman, former CEO of Greenville, S.C.-based AMECO, to its executive management team.
April ’03
Bagdad, Iraq, falls to U.S. troops on April 9, 2003. Saddam Hussein is captured on Dec. 13, 2003.
May ’03
Ted deVries, a 40-year rental industry veteran dies at his home in Vallejo, Calif. He was 81. deVries purchased his first rental center, Vallejo Rent-All in 1962. Now known as All-Star Rents, the company, co-owned by his son Ken, has 9 outlets and is No. 87 on the RER 100.
May ’03
NationsRent’s consensual plan of reorganization is approved by the U.S. Bankruptcy Court for the District of Delaware, setting the stage for the company to emerge from Chapter 11 bankruptcy protection.
Once the emergence is finalized, the Baupost Group and Phoenix Rental Partners will control two-thirds of the voting common stock. A new board of directors will succeed the company’s current board of directors, and Jeff Putman will be CEO.
May ’03
Volvo Construction Equipment acquires the assets of L.B. Smith, No. 19 on the RER 100.
May ’03
Ohio Machinery Co., the Caterpillar equipment and power systems dealership in eastern Ohio purchases Holt Caterpillar, the Caterpillar dealership in Western Ohio, and renames the combined company Ohio Cat, giving it 16 locations throughout the state. Ohio Cat was No. 50 on the RER 100; Holt Cat was No. 59.
June ’03
National Equipment Services files for Chapter 11 bankruptcy protection June 27 to reduce its dept load and “strengthen its competitive position.” NES is No. 5 on the RER 100 with 180 locations in 34 states and Canada.
The company will emerge from Chapter 11 in Feb. ’04.
July ’03
JLG Industries and Textron sign a definitive agreement under which JLG will acquire the OmniQuip business unit of Textron. JLG will purchase the assets of Trak International, which include all operations relating to the Sky Trak and Lull brand telehandler products for a cash purchase price of $100 million.
Aug. ’03
Neff Corp. files a form with the Securities and Exchange Commission to deregister its common stock and suspend its reporting obligations, thus taking the company private. According to CEO Juan Carlos Mas, going private will allow the company to focus attention and resources on implementing its business plan and improving operating results.
Aug. ’03
John L. Grove, widely credited as the creative force behind the invention of the hydraulic telescoping crane boom, the modern-day aerial work platform and the hydraulic roll-back truck bed, dies at his Pennsylvania home at the age of 82. Grove founded Grove Corp. and JLG Industries.
Sept. ’03
The American Rental Association announces a new name for its annual convention and trade show — The Rental Show.
Sept. ’03
Barry Natwick is named president of Volvo Construction Equipment Rents, replacing Michael Farley who left the company in August. Natwick is an industry veteran having worked at L.B. Smith, John Deere Construction, JCB, Brambles and NES.
Oct. ’03
United Rentals chairman and CEO Bradley Jacobs announces he will step down as CEO Dec. 31, but will remain involved as executive chairman in the company he founded with six others in 1997.
“If my legacy is anything, I’d like it to be that I got United Rentals focused on setting rental rates where they should be,” Jacobs says.
Wayland Hicks, former senior executive at Xerox Corp. and United Rentals chief operating officer, will succeed Jacobs as CEO.
Nov. ’03
Phoenix-based Sunstate Equipment Co. re-acquires the minority interest it sold to Deere & Co. in 1996. For Deere, the sale of its ownership stake in Sunstate represents a re-focus on its core competencies.
Dec. ’03
RER launches its Innovative Product Award competition, developed to honor excellence in new product development in the equipment rental industry. Bobcat wins the grand award with its Toolcat 5600 utility work machine, which is the first of its kind to feature front-mounted attachment capabilities.
Feb. ’04
“The rental industry is beginning a reawakening as its entrepreneurs are coming back, their non-compete agreements finally reaching completion. They have the capital, the desire, and the rental acumen to begin again,” Frank Scarborough writes on the flood of former rental company owners coming back to the industry with new start-ups.
Feb. ’04
Venture capital and private equity firm 3i, and funds associated with 3i and other financial investors agree to acquire HSS, the tool rental division of Davis Service Group PLC for up to £145 million (U.S. $264 million). HSS owns Denver-based HSS RentX in the U.S., No. 18 on the RER 100.
May ’04
Asheville, N.C.-based Volvo Rents debuts on the RER 100 at No. 19 with an estimated $54 million in 2003 rental volume and 42 outlets.
In Sept., the company announces immediate plans to have more than 100 equipment rental franchise locations open in the United States by the end of 2005.
May ’04
Chicago-based NES Rentals names former United Airlines chief operating officer Andrew Studdert its new CEO.
May ’04
The last episode of Friends appears on May 6, 2004. Jennifer Aniston and Matt LeBlanc win Emmy Awards for Best Actress and Best Actor in a Comedy Series for their roles as Rachel and Joey at the 2004 Emmy Awards.
July ’04
In a move long expected by rental industry participants, Pittsburgh, Pa.-based Maxim Crane Works files for Chapter 11 bankruptcy protection. Maxim Crane is No. 8 on the RER 100.
July ’04
Martha Stewart is sentenced to five months in prison in July 2004 after being found guilty on four counts of obstruction of justice and lying to federal investigators.
Oct. ’04
On October 27, 2004, the Boston Red Sox win their first World Series in 86 years against the St. Louis Cardinals.
Nov. ’04
Rental industry pioneer Jack Decker, former owner of Decker Equipment Rental in Fresno, Calif., dies at the age of 88. Decker opened his company in 1945 and became one of the most highly respected California rental pioneers.
Dec. ’04
Atlanta-based Home Depot Rentals opens its 1,000th tool rental department in a new store in Burlington, N.C. Home Depot Rentals is No. 7 on the RER 100.
Jan. ’05
General Wire Spring celebrates the 75th anniversary of the company, which was founded by
Abe Silverman and has grown into a multigenerational family business that serves the plumbing, rental and hardware industries.
Jan. ’05
Maxim Crane, which filed for Chapter 11 bankruptcy protection last June, emerges from Chapter 11 after the U.S. Bankruptcy Court confirms the company’s reorganization plan.
March ’05
NationsRent Companies purchases Jenco Inc., a provider of aerial equipment rentals, sales and service in the New York/New Jersey metropolitan area. The company also opens its 100th NationsRent at Lowe’s store in Hialeah, Fla.
April ’05
Greenwich, Conn.-based United Rentals tops $3 billion in total 2004 revenue.
April ’05
Rental Service Corp. announces it changed its brand name to RSC Equipment Rental, a change it attributes to the acquisitions the company has made over the past few years.
April ’05
An affiliate of Odyssey Investment Partners reaches a definitive agreement to acquire Miami-based Neff Corp., No. 9 on the RER 100, in a transaction valued at $510 million, including the refinancing of Neff’s debt. The company announces in June that its stockholders approved the acquisition.
July ’05
United Rentals’ board of directors determines that John Milne, the company’s president and chief financial officer, failed to perform his duties and that this failure would constitute cause for termination if not cured in accordance with his employment agreement. Milne refuses to answer questions relating to the Securities and Exchange Commission inquiry of the company.
In August, the company fires Milne and requests that he resign as a director of the company.
July ’05
Lance Armstrong wins his 7th Tour de France on July 24, 2005.
Sept. ’05
In order to raise cash and focus on its struggling automotive business, Ford Motor Co. sells its wholly owned subsidiary Hertz Corp., including HERC, to a group of private equity firms. The transaction is valued at about $5.6 billion for the equity of Hertz and a total value of $15 billion including debt.
Sept. ’05
In response to the needs created as a result of Hurricane Katrina, rental companies and equipment manufacturers step in to offer equipment and monetary donations to aid in the relief efforts.
United Rentals sets up a 24-hour emergency response center; Thompson Pump mobilizes its emergency response team; and Sunbelt Rentals donates $50,000.
Oct. ’05
The California Rental Association’s Rental Rally Online, a virtual trade show, takes place Oct. 24-30, 2005, and virtual attendees from 46 states, Canada and Guam view the show over the course of a week, adding up to 453 total registrants.
2005
More than 350 million digital songs are purchased in 2005. This marks an increase of 150 percent from 2004.
Jan. ’06
United Rentals acquires Sandvick Equipment & Supply Company. Sandvick, established in 1965, is one of the largest suppliers of trench safety equipment and services in the southwestern United States.
Jan. ’06
Equipment Depot acquires Southline Equipment, a privately held forklift dealership from the Houston-based Biehl Co. The Southline purchase is Equipment Depot’s fourth major acquisition since 2002.
Feb. ’06
Former RER publisher, Fred Jaegle (pictured), dies from a torn dissected aortic aneurism. He was 46. Jaegle joined the RER staff as an account executive in Feb. 1986. Jaegle became publisher in December 1989 and held the position until he left the publication in 2000. Jaegle led the magazine through a period of considerable growth and founded RER’s online newsletter RER Reports in 1996.
March ’06
According to a study released by the American Rental Association, the rental industry reached $31.1 billion in 2005. Global Insight Inc. conducted the research and found that the construction and industrial equipment segment generated $21.9 billion, the general tool rental market $7.4 billion and the party/event market $1.85 billion.
March ’06
Qualcomm announces that its GlobalTRACS equipment management solutions could be integrated seamlessly with Wynne Systems’ RentalMan application suite and SmartEquip’s e-FleetPro construction equipment lifecycle management applications.
April ’06
Founder and former CEO of NES Equipment Services Kevin Rodgers and Lance Sorenson open 24/7 Studio Equipment, a Burbank, Calif., start-up company focused exclusively on the rental of aerial and reach equipment to the motion picture, television, commercial and video industries.
April ’06
H&E Equipment Services completes its acquisition of all of the capital stock of La Mirada, Calif.-based Eagle High Reach Equipment, for about $59.9 million.
April ’06
MMD Equipment announces the retirement of president and CEO Ron Johnson. He is succeeded by Bob Wright.
May ’06
Wacker Corp. finalizes the purchase of Ground Heaters Inc. of Spring Lake, Mich. Ground Heaters is a manufacturer of portable hydronic heating equipment and indirect-fired air heaters for construction industry customers in North America and Europe.
May ’06
Norman Loui, who co-founded Hawaiian Rent-All in Honolulu in 1963, dies at the age of 65.
June ’06
NES Rental Holdings signs a definitive agreement to be acquired by affiliates of Diamond Castle Holdings LLC, a New York-based private equity firm. The transaction is valued at about $850 million, including the assumption of certain liabilities.
June ’06
The Tanfield Group reaches an agreement to acquire the powered access division of UpRight International. Tanfield, based in Stanley, United Kingdom, is a manufacturer of electric vehicle and aerial equipment. It owns access platform manufacturer Aerial Access.
June ’06
Rental industry pioneer Don Leiser, who founded Leiser’s Rentals in Bethlehem, Pa., dies May 19. Leiser was a 47-year member of ARA, attending 45 national conventions.
June ’06
Neff Rental announces it plans an initial public offering for as much as $345 million in common stock.
July ’06
Emeco International agrees to acquire independent earthmoving rental and sales company Bevans for AU $9.7 million (about U.S. $7.2 million).
July ’06
The California Rental Association celebrates 60 years of serving the rental industry.
July ’06
John Paz, founder of Godwin Pumps of America and president of Paz Brothers Construction, dies at his Mickleton, N.J., home after a long illness. He was 76.
Aug. ’06
Sunbelt Rentals acquires Fort Lauderdale, Fla.-based NationsRent in a $1.05 billion transaction. The merger of Charlotte, N.C.-based Sunbelt Rentals, No. 4 on the RER 100, with No. 6 NationsRent, makes the combined company the third-largest rental company in North America in rental volume. The two companies had a combined 2005 rental volume of $1.23 billion, higher than third-ranked Hertz Equipment Rental Corp.’s estimated $1.14 billion.
Oct. ’06
Aggreko PLC announces a definitive agreement with General Electric Co. to acquire GE Energy Rentals for $213 million cash.
Oct. ’06
Finning Canada announces that through a subsidiary company it has acquired the assets and business operations of Edmonton, Alberta-based Wirtanen Electric Ltd., a rental service company providing temporary electrical power and supporting products.
Nov. ’06
Atlas Copco agrees to sell 85.5 percent of RSC Equipment Rental to private equity firms Ripplewood Holdings and Oak Hill Capital Management for about $3.8 billion. According to the terms of the transaction, the Stockholm, Sweden-based manufacturer retains a 14.5-percent stake in the company.
Nov. ’06
Specialty vehicle manufacturer Oshkosh Truck Corp., signs a definitive agreement to acquire JLG Industries. The total price, including transaction costs and assumed debt, is $3.2 billion in cash on a fully diluted basis. In May 2007, Oshkosh names Craig Paylor president of JLG Industries.
Dec. ’06
Former RSC Equipment Rental executive Jim York dies of a heart attack while on a hunting trip in Texas.
Jan. ’07
Bill Mobley Sr., former owner of Ace Rentals in Los Alamitos, Calif., dies while visiting friends in Tennessee.
Jan. ’07
United Rentals agrees to sell its traffic control business to HTS Acquisition Inc., an entity newly formed by affiliates of private equity investors Wynnchurch Capital Partners and Oak Hill Special Opportunities Fund, L.P.
Feb. ’07
Bob Nardelli resigns abruptly as chairman and CEO of The Home Depot after a six-year tenure during which, despite large profits, Home Depot stock dropped 12 percent.
Feb. ’07
Joseph Ewing, an early pioneer of rental since the early 1950s dies in Springfield, Mo. Ewing was active in the Equipment Rental Association, the predecessor of the California Rental Association. He was instrumental in the formation of CRA and helped organize its first rental shows in the 1950s.
March ’07
RSC Holdings files a registration statement on Form S-1 with the Securities and Exchange Commission to file an initial public offering of common stock.
March ’07
AB Volvo agrees to acquire the road construction equipment division of Hamilton, Bermuda-based Ingersoll Rand Co. for about $1.3 billion in cash.
April ’07
Dave Christifulli, Wacker Corp.’s vice president of sales and product support, announces his retirement effective Dec. 31.
April ’07
AmQuip Corp. acquires Shaughnessy Crane Services, a leading crane rental provider in New England, from NES Rentals Holdings. The Shaughnessy/AmQuip division headquarters remain in its Boston location.
April ’07
France’s largest equipment rental company Loxam acquires France’s third-largest rental company Laho Equipment from Barclays Private Equity. Laho has 119 branches and annual rental volume of €124 million (about U.S. $165 million).
April ’07
The Bauma 2007 trade show sets a new all-time high attendance record topping 500,000 visitors, up from 416,000 in 2004, an increase of about 20 percent. The show, held in the Munich Trade Fair Center, attracts more than 160,000 attendees from outside of Germany, an increase of about 35 percent.
April ’07
NES Rental Holdings completes the sale of its tank business to Odyssey Investment Partners, a private equity firm that acquired Neff Rental in 2005.
May ’07
•United Rentals announces that its board of directors has authorized a process to explore a broad range of strategic alternatives to maximize shareholder value, including a possible sale of the company. The company also announces that Wayland Hicks will retire as CEO effective at the annual shareholders meeting June 4 and will continue to serve as board vice chairman.
•July ’07: United Rentals announces that it has signed a definitive merger agreement to be acquired by affiliates of Cerberus Capital Management for about $4 billion in cash and about $2.6 billion in assumed debt.
May ’07
Wacker Construction Equipment AG, based in Munich, and Neuson Kramer Baumaschinen AG, Linz, Austria, announce plans to merge during the course of 2007. The new company is called Wacker Neuson AG.
May ’07
Lightyear Capital LLC, a private equity firm focused on financial services, acquires Miami-based Neff Corp. from Odyssey Investment Partners. Odyssey acquired Neff in June 2005 for $510 million, including debt.
May ’07
Toromont Industries, parent company of Stoney Creek, Ontario-based Battlefield Equipment Rentals, agrees to purchase the assets of Sunrise Rentals, Timmins, Ontario. Battlefield Equipment Rentals is No. 22 on the RER 100.
May ’07
Oshkosh Truck Corp., names Craig Paylor president of JLG Industries.
May ’07
Rental Holdings LLC, a portfolio company of Chicago private equity firm Prospect Partners LLC, and parent company of Industrial Hoist Services, the nation’s largest provider of hoist and rigging equipment for rental, sale or service, announces the management-led acquisition of Hurst, Texas-based American Sling, Co.
American Sling specializes in the manufacture, distribution and rental of rigging and lifting equipment primarily to the construction, drilling, mining, manufacturing and aerospace industries.
American Sling is Rental Holdings’ fourth acquisition in the past year.
June ’07
H&E Equipment Services acquires J.W. Burress, a privately owned construction equipment distributor serving the mid-Atlantic markets out of 12 locations, with headquarters in Roanoke, Va.
June ’07
Stephenson’s Rental Services Income Fund and a fund managed by EdgeStone Capital Partners announces a support agreement under which EdgeStone agrees to offer to acquire Stephenson’s stock for $6.875 per unit.
June ’07
Home Depot, the world’s largest home-improvement retailer and North America’s fifth-largest equipment rental company agrees to sell its contractor supplies unit HD Supply to three buyout firms (Bain Capital LLC, Carlyle Group and Clayton Dubilier & Rice) for $10.3 billion.
July ’07
UpRight Inc., parent company The Tanfield Group Plc, acquires Snorkel Holdings, using proceeds from a planned placement of £115 million (about U.S. $230 million). Tanfield acquires Snorkel for U.S. $100 million plus $25 million in assumed debt.
Aug. ’07
Bard Capital Group, LLC, a private equity investment firm engaged in the acquisition and operation of middle market companies last month, along with other investors, acquires the assets and business of Bensalem, Pa.-based AmQuip Corp., one of the nation’s largest providers of industrial crane rentals, sales and related services and
No. 20 on the RER 100. The transaction is valued at more than $320 million.
Aug. ’07
Ingersoll Rand Co. agrees to sell its Bobcat, Utility Equipment and Attachments business units to Doosan Infracore for about $4.9 billion. The combined businesses manufacture compact equipment, including skid-steer loaders, compact track loaders, mini-excavators, telescopic handlers, portable air compressors, generators, light towers and attachments. The units generated $2.6 billion in 2006 revenue and $370 million in operating profits.
Aug. ’07
The United Kingdom’s largest rental company Speedy Hire acquires Waterford Hire Services Ltd., Speedy announces, for £6.5 million (about U.S. $13.2 million).
Aug. ’07
Consolidation continues in the aerial industry as SkyJack Inc. announces the signing of a share purchase agreement to acquire CareLift Equipment Limited, a telehandler manufacturer in Breslau, Ontario, Canada.
