Stamford-based United Rentals Inc. (NYSE:URI) has acquired Ahern Rentals Inc. for approximately $2 billion in cash.
Founded in 1953, the family-owned Ahern Rentals is headquartered in Bloomfield, Connecticut, and is the eighth largest equipment rental company in North America, with approximately 2,100 employees and 106 locations in 30 states serving approximately 44,000 customers in the construction and industrial sectors. For the 12-month period ending on Sept. 30, Ahern Rentals generated $310 million of adjusted EBITDA on $887 million of total revenue.
“Our acquisition of Ahern Rentals supports our strategy to deploy capital to grow the core business and drive shareholder value,” said United Rentals CEO Matthew Flannery. “We view ourselves as the ideal owner of these assets within our network, as customers will benefit from the combination of the two organizations moving forward together. We”™re leveraging our competencies in larger-scale M&A to augment both our near- and long-term earnings power.”
