12.12.2013

Platinum Equity takes Volvo Rents

Volvo has sold its Volvo Rents business in North America to Platinum Equity for around $1.1 billion as part of its strategic efforts to focus on its core business.

The company operates from 130 location, with around 2,100 employees and runs a wide variety of equipment including aerial lifts and telehandlers. The move follows a search that began in May of this year See Volvo Rents for sale?
Volvo chief executive Olof Persson said: "We looked at different alternatives to grow Volvo Rents' business and concluded that the best alternative is to sell the operation to another owner. The business does not have a sufficiently strong connection with the group's core operation to motivate continued ownership".

A prerequisite for the deal, which is expected to close in the first quarter, is that Platinum Equity is successful in a debt offering to finance the acquisition.

Platinum was involved in the fight that ended early this year to restructure Ahern Rentals from Chapter 11, and already owns crane rental company Maxim Crane Works and North American based utility aerial lift specialist Nesco.