Equipment rental company United Rentals completed its previously announced acquisition of Yak Access, Yak Mat and New South Access & Environmental Solutions (collectively, “Yak”) from Platinum Equity for approximately $1.1 billion in cash. The transaction and related expenses were funded through a combination of newly issued senior unsecured notes and existing capacity under the United Rental’s asset-based lending facility.

Yak is a participant in the North American matting industry with a fleet of approximately 600,000 hardwood, softwood and composite mats providing surface protection across construction and maintenance, repair and operations applications. Yak predominantly serves customers in the utility and midstream verticals. For the year ended Dec. 31, 2023, Yak generated $171 million of adjusted EBITDA on $353 million of adjusted revenue across over 40 U.S. states.

“Today we are very excited to welcome Yak to the United Rentals family,” Matthew Flannery, CEO of United Rentals, said. “This is an acquisition with both strong strategic and financial merits. Not only does it augment our growth capacity with the addition of a leading North American matting solutions provider, but it also further differentiates our one-stop-shop value proposition to customers. Combined, this has proven to be a winning strategy for building long-term value for our investors.”

United Rentals plans to update its 2024 financial outlook to reflect the combined operations when it releases financial results for the first quarter in April.