Sunbelt Rentals has acquired Pride Equipment Corp., a leading provider of aerial equipment rental services to the New York metropolitan marketplace. Pride, founded in 1970, is a family-owned rental company owned by the Noto family.
Pride is one of the largest independent aerial equipment rental companies in the United States. Terms of the transaction were not disclosed.
Pride is based in Islip, N.Y., on the south shore of Long Island, close to New York City.
“This acquisition further enhances Sunbelt’s position in the important New York City market,” said Geoff Drabble, chief executive of Ashtead Group plc, Sunbelt’s U.K.-based parent company. “Pride’s focus on aerial equipment is complementary to Sunbelt’s capabilities in a broader range of smaller and medium size equipment and there will be significant opportunities to cross-sell to the enlarged customer base. This acquisition is consistent with our long-term strategy to take advantage of structural growth opportunities through both organic investment and bolt-on acquisitions. I would also like to welcome all of the Pride employees who will be joining Sunbelt as part of the acquisition and look forward to working with them to deliver on the major opportunities ahead.”
TM Capital worked closely with the Noto family to develop an investment thesis highlighting Pride’s equipment utilization rates, culture of customer service and robust growth opportunities. TM Capital coordinated a focused global marketing process that ultimately resulted in a successful transaction with Sunbelt. TM Capital has closed seven equipment rental transactions in recent years.
“[TM Capital’s] proven experience in the equipment rental industry, senior-level commitment and guidance in helping us navigate all aspects of this important and emotional event in our lives was evident throughout the process,” said Charles and John Noto, co-founders of Pride Equipment Corp.