H&E Equipment Services Signs Definitive Agreement to Acquire Phoenix-Based Precision Rentals
H&E Equipment Services today announced the signing of a definitive agreement to acquire the business of Precision Rentals. Based in Phoenix, Ariz., Precision operates a branch in Phoenix and a second location in Aurora, Colo. Precision offers a mix of general rental assets with a total fleet size, as measured by original equipment cost, of approximately $70 million and an attractive average fleet age of 37 months. The transaction is expected to close during the first quarter of 2024, following regulatory clearance and other customary closing conditions.
Brad Barber, CEO of H&E Equipment Services Inc., identified compelling strategic benefits associated with the acquisition. “Since 2006, Precision Rentals has successfully grown its equipment rental business through a focus on reliability, fleet diversity and exceptional customer service,” said Barber. “The company’s branch operations are in cities with strong construction activity and excellent future opportunities, including several mega projects. The acquisition is expected to expand the H&E customer base as branch density is increased across the Phoenix and Denver metropolitan areas.”
H&E continues to grow its branch network in 2023 through organic expansion and acquisitions, with 17 branches added through November, and an additional two branches upon this transaction. H&E Equipment Services headquartered in Baton Rouge, La., is No. 5 on the RER 100. Precision Rentals was listed on the RER 100 for the first time in 2023 at No. 78.
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.