Officials of one of the nation’s largest equipment rental and traffic safety services providers, NES Rentals, recently signed an agreement to sell the company to affiliates of Diamond Castle Holdings, a New York-based private equity investment firm. The transaction, which is valued at $850 million, included the assumption of certain liabilities.
Diamond Castle will acquire the outstanding common stock of NES Rentals for $18.75 per share in cash, according to the terms of the agreement. The purchase price per share represents a 42 percent premium compared to NES Rentals’ recent closing price per share of $13.25.
“After undergoing significant change in recent years, NES has emerged as a well-positioned and profitable business,” said Andrew Studdert, chairman and chief executive officer of NES. “The progress we have made allowed us to be in a position to consider options to unlock the value of our company.”
