06.01.2014

Platinum sells Nesco

Platinum Equity is to sell Nesco - the specialist rental company that provides bucket trucks, digger derricks and lifting equipment to utilities - to an affiliate of Energy Capital Partners.

Platinum acquired Nesco in 2011 from an investor group led by Hammond,
Kennedy, Whitney & Company (HKW). Nesco’s founder and chief executive Rob Troxel retained a stake in the business. Nesco had acquired the Terex Aerials rental fleet from Terex a year earlier.

Under Platinum Equity's ownership, the company made two add-on acquisitions, in August 2012, it acquired Penske's utility rental division and in December 2012 acquired Utility Equipment Leasing Corporation.

Louis Samson, the partner at Platinum who led the team that acquired Nesco said: "We are proud of the way Nesco has grown and evolved over the past two years as part of the Platinum Equity portfolio. We made significant capital investments and partnered with the management team to drive substantial growth and operational improvements. The business is well positioned for continued success under Lee Jacobson's leadership and the ownership of ECP."

Click here to see Platinum Equity acquires Nesco
See Terex Utilities sells fleet

Platinum Equity also owns Maxim Crane Works