Noble Iron Completes Sale of L.A. Operations to Sunbelt Rentals
Noble Iron announced that the sale of its Los Angeles-based equipment rental operations to Sunbelt Rentals has been completed.
The total purchase price was $46.5 million in cash, of which $1.37 million is being held in an escrow account for 180 days following closing for any adjustments to the purchase price. The transaction did not involve Noble Iron’s software subsidiary, Texada Software, or the company’s intellectual property, trademarks and assets held separately from Noble Iron’s L.A. subsidiary.
“Sunbelt, a leading company in the industry, appreciated the value of the equipment fulfillment platform Noble Iron established in Los Angeles, and we are pleased to pass on our L.A. operations to a company who also embraces continuous improvement and technology,” said Nabil Kassam, Noble Iron founder, chairman and CEO. “Our L.A. fulfillment center also served as a lab for us to develop additional software applications, such as FleetLogic and Gateway, which improves the productivity of equipment rental companies and dealerships, and equipment owners and users. Our goal at Noble Iron is to make construction easy and instant, and we look forward to scaling our software products and other services to achieve our vision.”
The transaction received conditional approval to close from the TSX Venture Exchange and is subject to final approval following closing.
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.