SIOUX FALLS, S.D.- United Rentals has acquired Midwest homeowner and small contractor equipment rental giant Elmen Enterprises, RER has learned.
United closed the deal on June 30 to buy Elmen's 47 locations from Elmen senior management and employees, who owned 51 percent of the company via an employee stock option plan. The sellers were represented by M&A specialist Brown Brothers Harriman, New York.
Officials at Greenwich, Conn.-based United would not comment on the deal. Elmen Enterprises top officer Bob Elmen could not be reached for comment.
Industry leader United, which sources say will close four or five existing Elmen outlets, is expected to use the company as a platform to expand throughout the upper Midwest.
Elmen Enterprises is No. 14 on this year's RER 100, with $50 million in 1998 rental volume.
