Platinum Equity and Hammond, Kennedy, Whitney said that Platinum Equity has acquired fleet equipment rental company NESCO from an investor group led by HKW. NESCO founder and CEO Rob Troxel will retain an ownership stake in the business going forward. Terms of the transaction were not disclosed.

Based in Bluffton, IN, NESCO is a provider of fleet equipment rental, sales and services for the North American electrical transmission and distribution market. NESCO maintains one of the largest utility equipment fleets in North America and services a broad customer base across a national footprint of 32 locations throughout the United States.

“NESCO has one of the most comprehensive fleets in the industry, a strong national network and a true commitment to customer service,” said Platinum Equity’s Louis Samson, who led the team pursuing the NESCO acquisition. “We look forward to partnering with NESCO’S management team and talented employees to help the company achieve new levels of success.”

NESCO’S specialized fleet serves a variety of critical electrical transmission and distribution infrastructures and projects. In addition to the company’s core rental business, NESCO also serves as a dealer for new and used equipment.

“NESCO is a premier company and a leader in its segment,” said Glenn Scolnik, HKW’s current and NESCO’S former chairman of the board. “We are proud of what we have accomplished with the NESCO team — it’s a tremendous organization with a strong culture. Platinum brings additional resources that can help NESCO evolve and continue growing to better serve its customers. It is a win-win for everyone.”

“Partnering with Platinum Equity is very exciting for our organization, our customers and all of our partners,” said Troxel. “Platinum understands our business, and their culture and experience in the equipment rental market make them a great fit for NESCO.”

A team of Platinum operations professionals has been deployed to ensure a seamless transition. Samson said that in addition to providing operations support, Platinum Equity’s M&A team will continue working closely with NESCO to identify acquisition opportunities.

Harris Williams acted as the exclusive financial advisor to NESCO.

Platinum Equity is a global M&A&O firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution.

HKW is a private equity firm that sponsors platform management buyouts of small middle-market companies throughout North America as well as add-on acquisitions.