Four months after swooping in on a deal offered by United Rentals, Herc Rentals has officially completed its acquisition of H&E Rentals.
Herc Rentals acquired all shares of H&E Rentals’ stock in exchange for, per share, $78.75 in cash and 0.1287 shares of its own stock. The total purchase amounts to about $5.3 billion including $1.5 billion in debt.
Herc Rentals announced February 18 that it had executed a binding acquisition proposal and merger agreement to the H&E Rentals’ board of directors, and the board notified United Rentals it would be accepting Herc's offer. United Rentals waived its right to submit a revised proposal.
The proposal from Herc offered $105 per share versus the $92 per share United Rentals had originally offered.
Combining Herc Rentals and H&E Rentals gives the resulting company “leading presence in 11 of the top 20 rental regions” and over 600 locations with a fleet original-equipment cost of around $10 billion.
KOBELCO Appoints New VP of Excavator Division
Jim ZakKobelco
KOBELCO recently expanded its leadership team with Jim Zak as the new vice president of its excavator division.
Zak brings over three decades of experience to the role, having previously served as a director at CNH Industrial, the director of North American national accounts at Caterpillar and business manager at Case Construction.
EquipmentShare Opens New Missouri Advanced Solutions Facility
Construction tech and equipment rental company EquipmentShare recently opened its new advanced solutions facility in Grain Valley, Missouri, which will brings $10 million to $15 million in equipment and 15 jobs to the area.
EquipmentShare
The 49,000-square-foot facility includes service bays, a paint room, training hub and secure “hard down” zones for large equipment. EquipmentShare will also use the Grain Valley location to support regional branches and mobilize resources for major builds and disasters.
The total cost of the new facility, including property costs, value of equipment and first-year salaries associated with the new jobs, comes to $21 million.
Volvo CE Dealer Expands in North Dakota & Minnesota
Volvo Construction Equipment dealer TranSource has acquired territory, inventory and two locations in North Dakota and Minnesota from fellow Volvo CE dealer Ascendum Machinery.
The transaction will see TranSource add locations in Fargo and Williston, bringing the company to five total stores. Prior to the acquisition, TranSource, which became a Volvo CE dealer in 2017, had three locations in Sioux Falls, Rapid City and Aberden, South Dakota.
TranSource also sells equipment from Astec, BOMAG, Broce Broom, Carlson Paving.
Boyd Cat Announces New CEO
Andrew Boyd has officially been named as CEO and president of Boyd Cat, taking over for his father, Monty Boyd, who will remain chairman.
Monty Boyd (left) and Andrew Boyd (right)Boyd Cat
Monty Boyd had served as CEO and president beginning in 2005. Andrew Boyd, who became president in 2021, joined the company in 2007 and has held a variety of leadership roles over his career.
Boyd Cat serves industries including construction, rental, mining, agriculture, industrial, electric power, marine, and oil and gas and has locations throughout Kentucky, southern Indiana, southeastern Ohio and West Virginia.
