H&E Equipment Services Finalizes Sale of Crane Business to Manitowoc
H&E Equipment Services today announced it has completed the sale of its crane business to a wholly owned subsidiary of The Manitowoc Co. Proceeds from the sale are an estimated $130 million in cash, pending the finalization of net working capital and other transaction adjustments. The proceeds are expected to be used for further facilities expansion, investment in the rental fleet, and other general corporate purposes.
“With the closing of the transaction, H&E has fully exited all crane distribution and service activities while positioning the company for continued expansion in the equipment rental business,” said H&E CEO, Brad Barber. “We believe our transition to a pure rental business strategy should result in improved revenues and margins through the industry cycle.”
H&E also reported that the previously announced agreement to sell two earthmoving distribution branches in Arkansas has closed. H&E will remain a distributor of earthmoving equipment in the state of Louisiana.
Following the closing of the two transactions, H&E’s equipment rental operations extend across 101 branch locations in 24 states. Based in Baton Rouge, La., H&E Equipment Services is No. 8 on the RER 100.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.