NESCO said it has acquired the utility equipment fleet and related assets of Penske’s utility rental division from Penske Truck Leasing, pursuant to an asset purchase agreement. The acquisition adds approximately 250 units to NESCO’s existing fleet and expands NESCO’s presence in the East Coast and mid-Atlantic regions. Financial terms of the transaction were not disclosed. NESCO was acquired by Platinum Equity in October 2011.

“Acquiring these assets further broadens NESCO’s fleet offering and expands our ability to service our customer’s equipment needs nationwide,” said Lee Jacobson, NESCO‘s chief executive officer. “The acquisition solidifies our position as one of the premier service and equipment providers in the utility and telecommunications rental markets, and demonstrates NESCO and Platinum Equity’s commitment to growth. We will continue investing in the breadth and quality of our fleet.”

Louis Samson, the Platinum Equity partner who led the firm’s acquisition of NESCO and has been working with NESCO on its mergers and acquisitions strategy, said the announcement “represents another step forward in Platinum Equity’s efforts to support NESCO’s overall growth strategy.”