Sunbelt Rentals and its parent company Ashtead plc acquired 26 rental businesses during fiscal 2024, for total cash of $845.6 million. The total acquisition investment was less than fiscal 2023 when it acquired more than 30 rental businesses for cash consideration of $1.061 billion.
During Sunbelt Rentals’ fiscal first quarter ended July 31, 2023, the company made nine acquisitions for $315 million in cash. The acquisitions began on May 17 with Sunbelt U.S. acquiring the business and assets of Beattie Construction Services LLC, a specialty business operating in Michigan.
On May 24, Sunbelt U.S. acquired the business and assets of Jones & Hollands Inc., a general tool and construction business also operating in Michigan, known as Jones Equipment Rental.
Also on May 24, Sunbelt U.S. acquired the business and assets of West Coast Equipment LLC, a general tool and construction business operating in California, based in Corona, Calif. Craft Partners LLC served as financial advisor to West Coast Equipment.
On June 1, Sunbelt Canada acquired the entire share capital of Loue Froid Inc., a specialty business operating in Quebec, Ontario, Alberta and British Columbia. The company specializes in power generation and air conditioning rental.
On June 14, Sunbelt U.S. acquired the business and assets of American Covers Inc., a specialty business operating in Louisiana. American Covers Inc. specializes in designing, manufacturing, and installing high-quality fabric shelters to suit various applications, including temporary warehouses, high-capacity lunch tents, shipping container covers, boat maintenance and storage, and more. Two days later Sunbelt U.S. acquired the business and assets of AGF Machinery, a general tool and construction rental business operating in Alabama.
On June 23, Sunbelt U.S. acquired the business and assets of Miele Central Equipment, a general tool business operating in Pennsylvania.
On June 28, Sunbelt U.S. acquired the business and assets of J&J Equipment Rentals, a general tool and equipment business operating in Virginia. Craft Partners LLC served as financial advisor to J&J.
And finishing up the quarter’s acquisitions, on July 31 Sunbelt U.S. acquired Runyon Equipment Rental Co., a general tool business operating in Indiana.
Second quarter acquisitions
The company made seven more acquisitions during the second quarter. On Aug. 9, Sunbelt U.S. acquired the business and assets of A-One Rental and Homes A-One Inc., a general tool business operating in Wyoming.
On Aug. 25, Sunbelt U.S. acquired the business and assets of Caribbean Rentals & Sales Ltd and International Rental Services. CRS is a general tool business operating in the Bahamas.
On Aug. 30, Sunbelt U.S. acquired the business and assets of Timp Rental Center, a general tool business operating in Utah. Also on Aug. 30, Sunbelt Canada acquired the business and assets of Modu-Loc Maritimes Fence Rentals, a specialty business operating in Nova Scotia and New Brunswick.
On Sept. 25, Sunbelt U.S. acquired the business and assets of 2-C Equipment LLC, a general tool business operating in Texas. Craft Partners served as financial advisor to 2-C Equipment in the transaction.
On Sept. 22, Sunbelt U.S. acquired the business and assets of Casale Rent-All, a general tool business operating in New York.
And on Oct. 25, Sunbelt Canada acquired the business and assets of Able Rental & Supply, headquartered in Sudbury, Ontario. Able is a general tool rental business.
Third quarter acquisitions
Sunbelt continued its acquisition activity in the third quarter, purchasing 10 more rental companies, adding to the 16 it made in the fiscal first half. On Nov. 3, Sunbelt U.S. acquired the business and assets of EFFEM Corp., trading as A to Z Equipment Rentals & Sales, general tool business operating in Arizona, with headquarters in the Phoenix area. A to Z was an RER 100 company for multiple years. Also on Nov. 3, Sunbelt U.S. acquired the business and assets of Acorn Film & Video Ltd., a specialty business.
On Nov. 8, Sunbelt U.S. acquired the business and assets of Farmers Rental & Power Equipment, a general tool business operating in North Carolina.
On Nov. 14, Sunbelt U.S. acquired the business and assets of Southwest Ohio Temporary Heat LLC, trading as Temporary Heating Solutions Cincinnati, a specialty business operating in Ohio.
And on Dec. 1, Sunbelt Canada acquired the entire share capital of Nor-Val Rentals Ltd., a general tool business operating in British Columbia.
On Dec. 13, Sunbelt U.S. acquired the business and assets of Freedom Scaffold LLC. Freedom is a specialty business operating in Oklahoma.
Moving into 2024, on Jan. 10, Sunbelt U.S. acquired the business and assets of Falcon Shoring Co. LLC. Falcon is a specialty business operating in Oregon.
On Jan. 17, Sunbelt U.S. acquired the business and assets of Root Rents Inc., a general tool business operating in Idaho.
On Jan. 19, Sunbelt U.S acquired the business and assets of ABC Equipment Rental Inc. ABC is a general tool business operating in Maryland.
On Jan. 31, Sunbelt U.S. acquired the business and assets of Bosk Equipment Rental Inc., a general tool business operating in Michigan.
Although the quantity of transactions slowed down after the end of the fiscal year, Sunbelt did make one major acquisition after the end of the fiscal year with the purchase of Chicago-based RentalMax on 21 May 2024, a multi-location general rental business. RentalMax was represented in the transaction by the Stansberry Firm.
Sunbelt Rentals, with U.S. headquarters in Fort Mill, S.C., and international headquarters in London, continues to be No. 2 on the RER 100.
