Equipment rental giant United Rentals Inc. of Stamford has completed its acquisition of NES Rentals Holdings II Inc. for approximately $965 million in cash. The purchase was funded through a combination of newly issued unsecured debt and available capacity on United”™s ABL facility.
The assets acquired with Chicago-based NES, which rents and distributes aerial equipment in the U.S., include almost $900 million of fleet based on original cost, 73 branch facilities concentrated in the eastern half of the United States, and approximately 1,100 employees.
The acquisition increases Stamford-based United Rental”™s density in strategically important markets, including the East Coast, Gulf States and Midwest, and is expected to strengthen relationships with local and strategic accounts in the construction and industrial sectors.
