H&E Equipment Services Finalizes Acquisition of Arizona’s Precision Rentals
H&E Equipment Services today announced the completion of its acquisition of the business of Precision Rentals. The acquisition improves H&E’s branch density in the Phoenix and Denver metropolitan areas and adds a young and attractive mix of equipment totaling approximately $70 million in original equipment cost.
“Over the last twelve months, our focus on strategic expansion has led to a 16-percent increase in H&E’s branch network,” said H&E CEO Brad Barber. “This strong growth has been accomplished through our successful warm start program and the acquisition of attractive and well-managed companies, such as Precision, with its excellent operations in Phoenix and Denver, and the surrounding areas. These two promising geographic regions are identified among the 20 largest metropolitan statistical areas in the U.S. and represent excellent non-residential construction potential. We look forward to growing our presence in these attractive areas as we combine our collective strengths in the equipment rental business.”
"We are thrilled to join forces with H&E Equipment," said Tony Carioscia and Mark Cox, owners of Precision Rentals. "Their commitment to great customer service and employee development matches what we built at Precision. We look forward to great things to come as part of H&E."
Following the closing of the transaction, H&E operates 139 branch locations in 30 states.
Catalytic Strategic Advisors served as exclusive transaction advisor to Precision Rentals.
H&E Equipment Services, based in Baton Rouge, La., is No. 5 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.