Texas acquisition for H&E
US based sales and rental group H&E is to acquire Texas based rental company We-Rent-It, which operates from six locations in the central Texas.
We-Rent-It offers a wide range of construction equipment with a strong focus on aerial work platforms and telehandlers. It has locations in Bryan, Georgetown, Bastrop, Austin, San Antonio and Pleasanton, Texas. It has revenues in the region of $36 million, with a fleet valued at $76 million at original equipment cost.
H&E will pay approximately $100 million in cash for the business, subject to any final adjustments. The deal is expected to be completed during the first quarter.
We-Rent-It began as the Bryan branch of Allied Equipment Rentals and was acquired in 2001 by Charles Mancuso, who adopted the We Rent It branding. In 2010 it was acquired by Cobra Equipment Rentals and began adding locations in 2012, when it opened in Pleasanton. In 2013, the company acquired Derrick Equipment Rentals and its three locations in Caldwell, Bastrop, and Elgin. In 2014, is acquired Longhorn Equipment Company and its locations in Austin and San Antonio. In 2016 the Elgin and Caldwell stores were merged into the Bastrop and Bryan depots. The Georgetown location was opened in 2017.
H&E chief executive Brad Barber said: “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. 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.”