Here are the highlights from the beginning of March through the end of July, highlighted by more consolidation, and a slight slowdown in rental industry revenue growth back to the single-digit level but still a growing industry.
March
· Sunbelt Rentals reports a 9.5-percent total revenue increase for its fiscal third quarter. Rental revenue jumped 7.6 percent year over year. Sunbelt also revealed that it acquired 10 rental companies in the quarter, adding to the 16 companies it acquired in the first half of its fiscal year.
- Caterpillar dealer Gregory Poole Equipment Co., headquartered in Raleigh, N.C., opened a new GP Rental store in the city, N.C.’s capital. Located in northeast Raleigh, the new store is the dealership’s tenth location that offers rental equipment.
- Portugal-based Nors Group acquired 100 percent of the stock of Great West Equipment, a Volvo Construction Equipment dealer whose territory covers the provinces of British Columbia and Yukon.
- Bigge Crane and Rigging becomes the exclusive representative of Kobelco for its crawler cranes in Colorado and Utah.
- · United Rentals has added battery energy systems for tower cranes to its North American rental fleet, providing clean, sustainable power that enables contractors to reduce fuel consumption and equipment-related downtime while achieving quieter, lower-emission jobsites. The system operates alongside a generator to deliver power to support tower crane operations.
- · At the ARA Show in New Orleans, Genie holds an endurance competition with a new GTH 5519 as its grand prize, won by Jared Hicks of Bootheel Parts & Equipment in Poplar Bluff, Mo., along with a new auger attachment.
- · The Home Depot opens four new distribution centers, expanding its pro ecosystem to Detroit, southern Los Angeles, San Antonio and Toronto, part of HD’s strategy to better serve pro customers.
- · Cooper Equipment Rentals acquires Red Deer, Alberta-based Action Equipment Rentals, which was formed in 1991 in Sundre, Alberta, expanding a year later to Red Deer.
- · The American Rental Association upgrades its economic forecast for the rental industry, projecting a 7.9 percent increase in rental revenue for 2024, expecting a total of $77.3 billion in construction and general tool rental revenue.
- · HVAC and pump systems manufacturer American Event Services acquires Canariis Corp., a privately owned manufacturer of custom UL-listed packaged HVAC, plumbing and fire-protection systems.
- · Alta Equipment reports a 21.7-percent increase in fourth quarter 2023 revenue, and 13.8 percent in rental revenue.
- · All Choice Rentals, one of Alberta’s leading rental companies, acquires Select Equipment Rentals, another Alberta rental firm.
- · Equipment distributor Titan Machinery reports a 46.2-percent revenue hike in its fiscal fourth quarter.
- · Custom Truck One Source acquires the business of SOS Fleet Services LLC, a full-service repair facility located in Alexandria, La.
- · CES Power LLC acquires ABird Limited and Apex Generators, a major U.K. supplier of portable power for industrial, corporate and event use, expanding CES Global’s capacity in the U.K. and Ireland while accelerating its growth across Europe.
April
- · United Rentals acquires Yak Access LLC, Yak Mat LLC and New South Access & Environmental Solutions from Platinum Equity for approximately $1.1 billion in cash.
- · Sunbelt Rentals acquires Falcon Shoring, a trench safety rental provider in the Portland, Ore., market.
- · H&E Rentals opens Trinity, Ala., branch, its sixth in Alabama. Since the second quarter of 2023, H&E has opened 16 U.S. branches and acquired five others.
· Boels Rental, the second largest general rental company in Europe, agrees to acquire international aerial rental specialist Riwal.
· In the first quarter of 2024, revenue among respondents to the quarterly Baird/RER equipment rental survey increases 6.8 percent year over year. Twenty-one percent of respondents report that first quarter results missed internal budgets; 9 percent report better-than-expected results.
· H&E Equipment Services agrees to acquire Lewistown Mont.-based Lewistown Rentals along with three affiliated branches.
· Sunstate Equipment expands its Industrial Solutions Division by opening new locations in Saint Gabriel, near Baton Rouge, La., and Sulphur, La., near Lake Charles.
· United Rentals reports first quarter equipment rental increase of 6.9 percent, and total revenue hike of 6.1 percent.
· Herc Rentals increases rental revenue in first quarter by 9.9 percent; total revenue jumps 8.6 percent.
· Maxim Crane names Larry Lis chief operating officer.
· United Rentals CEO Matthew Flannery says the specialty rental segment was the company’s highlight in the first quarter with adjusted earnings per share increasing 15 percent to $9.15, a first quarter company record.
· The Aerial Work Platforms division of Terex, better known as Genie Industries, posted a 12.7-percent year-over-year net sales increase in the first quarter.
· Herc Rentals acquires Rental Works of Maryland, an independent rental company serving the Maryland, Washington D.C. and Northern Virginia markets.
· Water solutions specialist and pump manufacturer Xylem posts 40.4-percent revenue increase in first quarter, with revenue from products rising 29.2 percent.
May
· Rental Guys, based in Chico, Calif., acquires the assets of Sacramento, Calif.-based Aba Daba Rents.
· JLG’s parent company Oshkosh Corp., agrees to acquire AUSACORP S.L., a manufacturer of wheeled dumpers, rough terrain forklifts and telehandlers.
· Sunbelt Rentals agrees to acquire ABC Equipment Rental, a multi-branch independent equipment rental company in the Baltimore and Washington, D.C., markets.
· Kohler Co. and Platinum Equity close a transaction to establish Kohler Energy as a separate independent business. Platinum Equity is now majority owner of the Energy business and Kohler Co. remains an investment partner.
· H&E Equipment Services posts a 15.2 percent increase in total revenue in the first quarter; 12.7 percent in total equipment rental and 12.8 percent in rental revenue.
· H&E Rentals opens its Denton, Texas, branch, its seventh general rental location in the Dallas-Fort Worth metro area. It has opened 17 branches in the past year, six of them in Texas and acquired nine others. A few days later it opens a Jonesboro, Ark., branch.
· Sinoboom holds a grand opening ceremony for its Brazil subsidiary at a new facility in Jundiaí, in São Paulo state.
· Skyjack opened a new facility in Tianjin, China, headquarters for its Asia-Pacific operations, initially focused on DC scissor lift production.
· Herc Rentals acquires All Rental Center, an independent rental company in Colorado Springs, Colo., a third-generation, family-owned company that has served the Colorado Springs market for more than 50 years.
· Maxim Crane Works names Greg Bellcoff vice president of fleet.
· Rental Equipment Investment Corp. acquires Indian Peaks Rental, Tabernash, Colo., a full-service general rental business in Grand County, Colo., and REIC’s eighth add-on acquisition under the ownership of Kinderhook.
· RDO Equipment finalizes its acquisition of Rocky Mountain Transit & Laser, expanding the construction technology solutions available to customers of the eight John Deere Construction and Wirtgen Group stores in Idaho, Wyoming and Utah the company acquired in December 2023.
· Italian aerial equipment manufacturer Palazzini Industrie opens a branch in Miami, its first location in North America.
June
· Holland Pump completes its acquisition of C&R Distribution Inc., doing business as Florida Dewatering, based in Tampa, Fla. It’s Holland Pump’s seventh acquisition since partnering with XPV Water Partners in 2019.
· Luby Equipment Services acquires Potter Equipment, becoming the Case dealer in an expanded service territory including Southwest Missouri and Northwest Arkansas with locations in Springfield, Mo., and Harrison, Ark.
· The RER 100 tops $40 billion in 2023 rental volume for the first time, totaling $41,017.1 million, a 15.8-percent increase compared to 2022’s total rental volume of $35,409.9 million.
· SitePro Rentals opens a new facility in Houston, a 38,000-square-foot facility on more than seven acres, the company’s largest facility to date.
· Herc Rentals acquires Industrial Rental & Sales, an independent equipment rental company located in Guntersville, Ala., serving the greater Huntsville, Ala., area. It also announces the opening of its Myrtle Beach, S.C., branch, its fourth general rental equipment location in South Carolina. Herc has opened 19 new branches in the U.S. and acquired nine others since the second quarter of 2023.
· Sunbelt Rentals and parent company Ashtead plc announce they have acquired 26 rental businesses during fiscal 2024 for total cash of $845.6 million, compared to the acquisition of 30 rental business in fiscal 2023 for $1.061 billion.
· H&E Rentals opens a branch in Bradenton, Fla., its 14th general rental location in Florida and sixth in the past two years. H&E also opens a Columbus, Ohio, branch, its first in Ohio, giving it a footprint of 31 states.
· Rental Equipment Investment Corp. (REIC) acquires Bigfork Rentals, based in Bigfork, Mont., which provides equipment to the Flathead and Lake County markets in Montana. The acquisition is REIC’s ninth under Kinderhook ownership and 21st since its inception.
· Magni America LLC holds grand opening of its new U.S. headquarters in Kenilworth, N.J.
· Herc Rentals acquires Durante Rentals, based in New Rochelle, N.Y., a major rental player in the three-state area of New York, New Jersey and Connecticut. Durante Rentals was founded by cousins Anthony Durante and John Durante in 2009.
· Deutz agrees to acquire Blue Star Power Systems, based in North Mankato, Minn., a company that develops, produces and sells generators.
· Jim Grasse, a widely known and respected figure who worked in the rental industry in a variety of capacities throughout his life, dies at the age of 75. Grasse was a regular participant in rental industry events, most recently as regional sales manager for Broce Brooms, and was a regular at American Rental Association, California Rental Association and other industry shows.
· Florida Coast Equipment acquires Polk Tractor Co., a well-established Kubota dealership in Winter Haven, Fla.
July
· Hills Machinery opens its 13th location with a new full-service facility in Chesapeake, Va.
· Revenue growth in the second quarter of 2024 slows to 4.6 percent on average compared to the second quarter of 2023, according to the quarterly Baird/RER equipment rental industry survey, the slowest growth quarter in the post-pandemic period. Twenty-eight percent of respondents said they fell short of internal budgets, with only 1 percent reporting better-than-expected results, and 70 percent reporting results in line with expectations.
· JLG Industries releases a new whitepaper Ten Tips for Creating a Safety-Focused Work Culture. Topics addressed in the paper include storm safety, trip hazards, lone workers, hydration, hearing protection, ergonomics, mental health heat, personal protection equipment and wearables.
· Aggreko Energy Transition Solutions acquires Infiniti Energy, a U.S.-based commercial and industrial solar company, from Upper Bay Infrastructure Partners.
· General Power Systems acquires PowerPlay Battery Energy Storage Systems, an engineering, procurement and construction company for energy storage. PowerPlay specializes in providing turnkey battery energy storage systems tailored for commercial and industrial projects up to 7 MWh.
· Workdry International acquires Holland Pump Co., giving the company a presence in the East and Gulf Coast regions of the U.S.
· United Rentals posts $3.215 billion in rental revenue in the second quarter of 2024, a 7.8-percent year-over-year increase, with a 6.2 percent jump in total revenue.
· Herc Rentals reports a second quarter increase of 9 percent in rental revenue and 5.7 percent in total revenue.
· H&E Rentals jumps 7.2 percent in rental revenue in the second quarter and 4.5 percent in total revenue.
