GREENWICH, Conn. — United Rentals recently acquired National Equipment Services' trench-shoring division for about $110 million. NES Trench Shoring operated 34 branches in 12 states, with customers in the construction, utility and infrastructure development markets. The division was built through three acquisitions, internal growth and new branch start-ups.
“The sale represents a significant event for NES,” said CEO Kevin Rodgers. “Over the past two years, we have focused on reducing debt, and we intend to use the proceeds from this sale for that purpose. It also is important to note that we expect to meet our goal of lowering debt by an additional $75 million from internally generated cash flow this year.”
“We really like the trench-shoring business because it is a high-margin business,” said Fred Bratman, United Rentals vice president of corporate communications. “You become the first one on the job, which opens the door for other things. We're very happy we had the opportunity to buy it. The acquisition adds $.03 earnings per share this year and $.06 for next year, so it's immediately accretive.”
NES, Evanston, Ill., is No. 4 on the RER 100 with about 190 locations in 34 states and Canada.
Greenwich, Conn.-based United Rentals is No. 1 on the RER 100 and now has about 780 locations in the United States, Canada and Mexico.
