H&E is expected to pay about $100 million in cash for WRI, subject to customary adjustments, under the terms of the agreement announced January 8. The transaction is expected to close in the first quarter of 2019, subject to customary closing regulations.
Brad Barber, H&E’s CEO and president, had this to say:
“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.
“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, he says, “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.”
With cranes pushing a surge in sales, H&E is one of the largest integrated equipment services companies in the United States with 89 full-service facilities throughout the West Coast, Intermountain, Southwest, Gulf Coast, Mid-Atlantic and Southeast regions.
It’s focused on heavy construction and industrial equipment and rents, sells, and provides parts and services support for four core categories of specialized equipment: hi-lift or aerial platform equipment; cranes; earthmoving equipment; and industrial lift trucks.