Herc Holdings, a North American equipment rental supplier operating as Herc Rentals, entered a purchase agreement to acquire Toronto-based Rapid Equipment Rental. The transaction is subject to customary closing conditions with a plan to close in the Q4/21. Terms were not disclosed.

Rapid Equipment, a general equipment rental company founded in 2013, has approximately 110 employees and seven locations serving construction and industrial customers throughout the Greater Toronto Area (GTA).

“I look forward to welcoming Rapid Equipment to team Herc,” Larry Silber, president and CEO of Herc Rentals, said. “Led by equipment rental veterans with substantial industry experience, Rapid Equipment has established a strong reputation throughout the GTA for exceptional customer service, top-quality equipment and operational excellence. Our combined teams and resources position Herc Rentals to be a preeminent equipment rental partner across the GTA.

“The addition of Rapid Equipment supports our long-term strategy to achieve greater density and scale in select urban markets across North America to better serve both our local and multi-geography customers. In particular, the GTA represents a strong growth opportunity with a potential market size exceeding $1 billion in equipment rental revenue.

“We expect the acquisition to be accretive to earnings in the first year. We remain well positioned to pursue growth through acquired operations, greenfield branches and investment in key fleet categories as we continue to seek improved scale, profitability and shareholder returns.”