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H&E to acquire Neff

17. July 2017 | Comments (0)

US based rental company H&E Equipment Services is to acquire Miami based rental company Neff in an all share purchase deal worth $1.2 billion, including $690 million of net debt.

The price of $21.07 a share is subject to downward adjustments of up to 44 cents a share, in the event that H&E incurs increased financing costs due to the transaction not completed before January 14th. The transaction is expected to close late in the third quarter. For Neff the deal is also subject to better offers until of August. Wayzata Investment Partners which holds almost 63 percent of Neff shares has already approved the deal.

The acquisition will nearly double the number of H&E branches, from 78 to 147, within H&E’s existing geographical coverage of the Gulf Coast, Mid-Atlantic, Southeast and West Coast regions. The combined fleet will comprise 43,749 units. The Neff fleets is more weighted towards earthmoving than H&E which is primarily Aerial lifts and cranes.

H&E chief executive John Engquist said: “This agreement accelerates our stated strategy to expand our footprint across the United States as we seek to penetrate and grow our business in strategic business segments. Further, this transaction will bring together what we believe to be two highly complementary businesses that share a commitment to addressing the increasingly complex equipment needs of our customers. Our broader geographic footprint and enhanced capabilities in strategic markets, coupled with complementary expertise across equipment categories, are expected to help us to achieve our growth goals. We look forward to welcoming Neff’s talented employee base to the H&E family, and to offering more coverage and capabilities to support our combined customer base.”

Neff chief executive Graham Hood added: “We are looking forward to joining an industry leader who shares our core values, including our commitment to providing customers with best-in-class equipment services and solutions. Neff offers H&E a talented, experienced and knowledgeable employee base that we expect will continue to maintain and develop relationships with key customers and contribute to the combined company’s growth. I would like to thank our 1,160 employees across the country, who are the driving force behind our business. Today’s announcement is a testament to the value that they have helped to create for our stakeholders.”
Versalift

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