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Sun October 20 2019

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US hire company changes hands

9 Jan H&E Equipment Services is to buy a Texas-based construction equipment rental company in a US$100m (£80m) deal.

We-Rent-It (WRI) has six branches serving the central Texas market. The transaction is expected to close in the first quarter of 2019 and is subject to customary closing conditions.

“We are executing on our stated growth strategy by announcing a definitive agreement to acquire WRI, which we believe is similar in terms of solid operational and financial performance to our two previous acquisitions in 2018,” said H&E chief executive officer and president Brad Barber. “The addition of WRI’s six branches will significantly expand our presence in the vibrant central Texas markets of Austin, Bryan/College Station, and San Antonio metro areas. As of November 30, 2018, WRI generated revenues of approximately $35.6 million for the last twelve months and its fleet size was $75.9 million, based on original equipment cost. WRI is a well-run and respected rental operator with longstanding customer relationships and we look forward to their employees joining the H&E family.”

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