Toronto acquisition for Herc
US based Herc Rentals is to acquire Toronto, Canada, based Rapid Equipment Rental.
Rapid Equipment is based in the Mississauga suburb of Toronto, and operates from seven locations in Ontario, including two downtown branches, plus Hamilton, Ajax, Barrie and Brampton, with around 110 employees serving most of Ontario. No details of the transaction have been released.
Established in 1986, the company offers a wide range of aerial work platforms, telehandlers and forklifts. The deal is expected to close by year end.
Herc chief executive Larry Silber, said: “I look forward to welcoming Rapid Equipment to Team Herc. Led by equipment rental veterans with substantial industry experience, Rapid Equipment has established a strong reputation throughout the Greater Toronto Area for exceptional customer service, top-quality equipment and operational excellence. Our combined teams and resources position Herc Rentals to be a preeminent equipment rental partner across the region.”
“The addition of Rapid Equipment supports our long-term strategy to achieve greater density and scale in select urban markets across North America to better serve both our local and multi-geography customers. In particular, the GTA represents a strong growth opportunity with a potential market size exceeding $1 billion in equipment rental revenue. We expect the acquisition to be accretive to earnings in the first year. We remain well positioned to pursue growth through acquired operations, greenfield branches and investment in key fleet categories as we continue to seek improved scale, profitability and shareholder returns.”