H&E Equipment Services signed a definitive agreement to acquire the business of Precision Rentals. Based in Phoenix, the company operates a branch in Phoenix and a second location in Aurora, CO. 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, chief executive officer of H&E Equipment Services, identified compelling strategic benefits associated with the acquisition, citing, “Since 2006, Precision Rentals has successfully grown its equipment rental business through a focus on reliability, fleet diversity and exceptional customer service. 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.
