FORT LAUDERDALE, Fla. — NationsRent last month filed exhibits for its consensual plan of reorganization, including naming the slate of directors of the reorganized company, which include recently retired Multiquip CEO Irving Levine.
Levine, a 40-year industry veteran, will be one of seven directors, which also include Jeff Putman, who, as previously reported in RER, will serve as CEO. Bryan Rich co-founder of Boston Rental Partners and Phoenix Rental Partners, which will be the primary owner of NationsRent, will be co-chairman of the board of directors, along with Douglas Suliman, co-founder of Phoenix Rental Partners and Boston Rental Partners.
Rich is a veteran rental executive who sold his Logan Companies to NationsRent in 1998. Suliman is founder and president of Island Partners, a private merchant banking firm specializing in corporate restructuring, leveraged acquisitions, and mergers and acquisitions for both public and private companies.
The remaining board members are Andrew Hines, senior partner in management consulting group Hines & Associates; Greg Rosenbaum, founder and president of Palisades Associates, a merchant banking and consulting company; and Thomas Blumenthal, managing director of The Baupost Group, a registered investment advisor that manages discretionary equity capital following a value investment philosophy.
Additional details about the consensual plan of reorganization can be read in their entirety in a 48-page document on www.nationsrent.com.
A bankruptcy court hearing to confirm NationsRent's plan of reorganization was scheduled to take place April 3, and the new ownership team, composed of lenders led by Boston-based Phoenix Rental Partners and the Baupost Group, is scheduled to take over April 28 if the plan is approved by a bankruptcy judge.
“It's a tremendously valuable platform they've created here,” said Putman about NationsRent. “The main thing we will be focusing on is making sure the company comes out of bankruptcy with a fair chance of survival long term. We're not here to cut costs or to liquidate assets. We're here to grow what's basically a good company.”
Rich and Putman have been working with NationsRent's current management on the transition. “Jeff is a knowledgeable, seasoned executive,” NationsRent CEO Clark Ogle said. “He brings some industry experience.” Putman worked for Fluor for 26 years, all but the last four for American Equipment Co., now known as AMECO, based in Greenville, S.C.
NationsRent is No. 6 on the RER 100.