H&E Equipment Services, Inc. Completes Acquisition of Precision Rentals
January 02 2024 - 4:05PM
Business Wire
H&E Equipment Services, Inc. (“H&E” or the “Company”)
(NASDAQ: HEES) today announced the completion of its acquisition of
the business of Precision Rentals (“Precision”). The acquisition
improves H&E’s branch density in the Phoenix and Denver
metropolitan areas and adds a young and attractive mix of equipment
totaling approximately $70 million in original equipment cost.
Brad Barber, chief executive officer of H&E, noted, “Over
the last twelve months, our focus on strategic expansion has led to
a 16% increase in H&E’s branch network. This strong growth has
been accomplished through our successful warm start program and the
acquisition of attractive and well-managed companies, such as
Precision, with its excellent operations in Phoenix and Denver, and
the surrounding areas. These two promising geographic regions are
identified among the 20 largest metropolitan statistical areas in
the U.S. and represent excellent non-residential construction
potential. We look forward to growing our presence in these
attractive areas as we combine our collective strengths in the
equipment rental business.”
Following the closing of the transaction, H&E operates 139
branch locations across 30 states.
About H&E Equipment Services, Inc.
Founded in 1961, H&E Equipment Services, Inc. is one of the
largest rental equipment companies in the nation. The Company’s
fleet is among the industry’s youngest and most versatile with a
superior equipment mix comprised of aerial work platforms,
earthmoving, material handling, and other general and specialty
lines. H&E serves a diverse set of end markets in many
high-growth geographies including branches throughout the Pacific
Northwest, West Coast, Intermountain, Southwest, Gulf Coast,
Southeast, Midwest and Mid-Atlantic regions.
Forward-Looking Statements
Statements contained in this press release that are not
historical facts, including statements about H&E’s beliefs and
expectations, are “forward-looking statements” within the meaning
of the federal securities laws. Statements containing the words
“may,” “could,” “would,” “should,” “believe,” “expect,”
“anticipate,” “plan,” “estimate,” “target,” “project,” “intend,”
“foresee” and similar expressions constitute forward-looking
statements. Forward-looking statements involve known and unknown
risks and uncertainties, which could cause actual results to differ
materially from those contained in any forward-looking statement.
Such factors include, but are not limited to, the following: (1)
risks related to a global pandemic and similar health concerns,
such as the scope and duration of the outbreak, government actions
and restrictive measures implemented in response to the pandemic,
material delays and cancellations of construction or infrastructure
projects, labor shortages, supply chain disruptions and other
impacts to the business; (2) general economic and geopolitical
conditions and construction and industrial activity in the markets
where we operate in North America; (3) our ability to forecast
trends in our business accurately, and the impact of economic
downturns and economic uncertainty on the markets we serve
(including as a result of current uncertainty due to inflation and
increasing interest rates); (4) the impact of conditions in the
global credit and commodity markets and their effect on
construction spending and the economy in general; (5) trends in oil
and natural gas which could adversely affect the demand for our
services and products; (6) our inability to obtain equipment and
other supplies for our business from our key suppliers on
acceptable terms or at all, as a result of supply chain
disruptions, insolvency, financial difficulties, supplier
relationships or other factors; (7) increased maintenance and
repair costs as we age our fleet and decreases in our equipment’s
residual value; (8) our indebtedness; (9) risks associated with the
expansion of our business and any potential acquisitions we may
make, including any related capital expenditures, or our ability to
consummate such acquisitions; (10) our possible inability to
integrate any businesses we acquire; (11) competitive pressures;
(12) security breaches, cybersecurity attacks, failure to protect
personal information, compliance with data protection laws and
other disruptions in our information technology systems; (13)
adverse weather events or natural disasters; (14) risks related to
climate change and climate change regulation; (15) compliance with
laws and regulations, including those relating to environmental
matters, corporate governance matters and tax matters, as well as
any future changes to such laws and regulations; and (16) other
factors discussed in our public filings, including the risk factors
included in the Company’s most recent Annual Report on Form 10-K.
Investors, potential investors and other readers are urged to
consider these factors carefully in evaluating the forward-looking
statements and are cautioned not to place undue reliance on such
forward-looking statements. Except as required by applicable law,
including the securities laws of the United States and the rules
and regulations of the SEC, we are under no obligation to publicly
update or revise any forward-looking statements after the date of
this release, whether as a result of any new information, future
events or otherwise. These statements are based on the current
beliefs and assumptions of H&E’s management, which in turn are
based on currently available information and important, underlying
assumptions. Investors, potential investors, security holders and
other readers are urged to consider the above-mentioned factors
carefully in evaluating the forward-looking statements and are
cautioned not to place undue reliance on such forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240102660436/en/
Leslie S. Magee Chief Financial Officer 225-298-5261
lmagee@he-equipment.com
Jeffrey L. Chastain Vice President of Investor Relations
225-952-2308 jchastain@he-equipment.com
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