Sunbelt Rentals Acquires New York’s Pride Equipment Corp.

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.

Michael Roth

April 3, 2017

2 min read

The acquisition of Pride Equipment will enhance Sunbelt39s presence in the New York City market with aerial services and other equipment as well — The acquisition of Pride Equipment will enhance Sunbelt's presence in the New York City market with aerial services and other equipment as well.

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.

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.