H&E acquires One Source
US based rental company H&E Equipment Services has acquired Illinois based One Source Equipment Rentals.
Employee owned One Source operates from 10 locations - three in Illinois, three in Indiana, two in Tennessee, one in Kentucky and one in Alabama. The company runs a wide range of equipment including an extensive fleet of aerial work platforms, telehandlers and a number of carry deck cranes. Over the past 12 months it has generated revenues of around $59 million with a fleet size by original equipment cost of $138 million.
H&E expects to pay $130 million before customary adjustments. The transaction is expected to close during the fourth quarter following regulatory clearance etc… The 10 new locations take H&E’s branch network to 117 locations in 28 states.
Chief executive Brad Barber said: “For more than 20 years, One Source has emphasised a culture where equipment reliability and customer support and satisfaction are vital features for success, resulting in an equipment rental operation with strong consumer loyalty throughout its branch network. These important attributes, which are underscored by a dedicated base of employee owners, offer an exceptional cultural fit with H&E. Also, the transaction will expand our geographic footprint into the Midwest with operations in Illinois and Indiana, as well as operations in Kentucky. Finally, the demonstrated success of our accelerated warm start plan, with 15 warm start and greenfield locations established since early 2021, will prove beneficial as we evaluate post-integration growth opportunities in the Midwest and other surrounding regions with attractive prospects for expansion.”