01.02.2018

H&E acquires in Florida/Alabama

US based crane, access and telehandler sales and rental company H&E Equipment Services is to acquire Florida based Rental Inc for $68.6 million in cash.

The company is based in Panama City, Florida, with two additional outlets in Florida - Fort Walton Beach and Tallahassee, plus Opelika and Dothan in Alabama. The company is the Bobcat dealer in all branches apart from Fort Walton. It offers a wide range of construction equipment for sale, and runs a rental fleet that includes aerial work platforms, telehandlers and boom trucks.

H&E chief executive John Engquist said: “With five branches located in Auburn/Opelika and Dothan Alabama, Fort Walton Beach, Panama City and Tallahassee, Florida, the acquisition of Rental Inc. will significantly improve our ability to serve customers in South Alabama, the Florida Panhandle and Western Georgia, all of which we believe are expansion or recovering markets. Rental Inc. is a well-run and respected equipment rental and sales company that primarily serves customers in the non residential construction markets. As of November 2017, Rental Inc. generated revenues of approximately $36.4 million for the last 12 months and its rental fleet size was $35.9 million, consisting of aerial, earthmoving, lifting, and general rental equipment.”

Rental Inc. chief executive Joe Scherzinger added: “Our company is very excited to become part of the H&E team. While we have recognised success in the markets we serve and established outstanding customer relationships, we believe H&E’s scale and access to capital are significant benefits to both our customers and H&E’s ability to expand its business in this part of the Southeastern United States.”