In addition to strong organic growth, Sunbelt Rentals and sister company A-Plant in the United Kingdom have continued to grow via acquisitions, having made 10 purchases since the beginning of the fiscal third quarter.
On Nov 1, 2018, A-Plant acquired the entire share capital of Precision Geomatics Ltd. for £4 million in cash. Precision Geomatics is a survey equipment hire business.
On Nov. 1, Sunbelt U.S. acquired the business and assets of Apex Pump & Equipment LLC for a cash consideration of $103 million with contingent consideration of up to $15 million, payable over the next three years, depending on EBITDA meeting or exceeding certain thresholds. Apex is a pump business in Texas.
On Nov. 1, Sunbelt Canada acquired the business and assets of Full Impact Enterprises, trading as GWG Rentals, for a cash consideration of CDN $6 million. GWG Rentals is a general equipment rental business in the province of British Columbia. GWG has six branches in British Columbia and Alberta.
On Nov. 8, Sunbelt U.S. acquired the business and assets of Underground Safety Equipment LLC for $33 million in cash with contingent consideration of up to $6 million payable over the next two years, depending on EBITDA meeting or exceeding certain thresholds. USE is a trench shoring business operating in Colorado, Tennessee, Texas and Utah.
On Nov. 30, A-Plant acquired the entire share capital of Hoist It Ltd. for a cash consideration of £4 million. Including acquired debt, the total cash consideration was £5 million. Hoist It is a specialist provider of lifting solutions.
On Jan. 11, 2019, Sunbelt U.S. acquired the business and assets of Hull Brothers Rental for $12 million in cash. Hull Brothers is a general equipment rental business in Michigan.
On Jan. 28, 2019, Sunbelt U.S. acquired the business and assets of Koslowski Rentals Inc., trading as A Rental Center, for $1 million in cash. A Rental Center is a general equipment rental business in California.
The company has completed three more acquisitions since the close of the fiscal third quarter Jan. 31. On Feb. 8, Sunbelt U.S. acquired the business and assets of Temp Air Inc. for $119 million in cash. Temp-Air is a climate control business operating in 13 markets in the U.S.
On Feb. 8, Sunbelt acquired the business and assets of Baystate Equipment & Rental Sales Co. Inc. for a cash consideration of $11 million. Baystate is a general equipment business in Massachusetts. Dan Conway, managing partner of Craft Partners, Encino, Calif., represented Baystate Equipment in the transaction.
And on Feb. 15, Sunbelt acquired the business and assets of Bat’s Inc., trading as Harper Car & Truck Rental of Hawaii, for a cash consideration of $4 million. Harper will operate as a general equipment business in Hawaii.
For a look at Sunbelt Rentals' performance in its fiscal third quarter and the first nine months of the fiscal year, go to: https://rermag.com/headline-news/rental-revenue-jumps-266-percent-third-quarter-sunbelt-rentals-us
