The biggest equipment rental acquisitions of 2025 so far...

Image: Herc Rentals

The first three months of 2025 saw a flurry of M&A activity in the global equipment rental sector and beyond.

Topping the headlines has been Herc Rentals’ deal to acquire H&E Equipment Services in a transaction valued at US$5.3 billion which is expected to close this summer.

Herc’s bid for H&E supersedes United Rentals’ US$4.8 billion bid for H&E announced at the start of the year. 

But H&E has not been the only takeover target in the sector this quarter.

During the first three months of 2025, IRN has catalogued seven major M&A deals across the sector, covering Europe and North America, driven by an increase in political stability following last year’s elections, lower interest rates and increasing pressure on private equity fund managers to begin striking deals after two slow years.

Here’s a breakdown of the biggest deals so far this year:

Accès Industrie buys major competitor

In January, Accès Industrie said it consolidated its position as the third-largest French rental company with the acquisition of Huet Location. 

Founded in 1991 by the Huet family, Huet Location specialises in the rental of aerial work platforms and personnel lifting platforms. The company operates a rental fleet of 2,500 machines.

Based in La Frette, in southeastern France, it operates eight depots in Nantes, Amiens, Caen, Paris, Bordeaux, Marseille, Grenoble, and Toulouse.

With that, the deal expanded Accès Industrie’s network to nearly 50 depots in France and marked its first major move since being acquired in April 2024 by Delmas Investissements & Participations (DIP) from Equistone Partners Europe.

Cooper Equipment makes trio of acquisitions

Cooper Equipment Rentals strengthened its Canadian presence with the acquisitions of Rent All Centre (RAC), Skyhigh Platforms, and Big Stick Rentals.

RAC and Skyhigh Platforms, both founded in 1973, specialise in general rental and aerial equipment, operating multiple locations across Ontario. Big Stick Rentals, established in 2013, serves contractors in Grande Prairie, Alberta.

The acquisitions bolstered Cooper’s position along Ontario’s Highway 401 corridor and expanded its service reach. CEO Doug Dougherty said the strategic nature of the deals reinforces the company’s focus on operational efficiency and customer access to equipment.

Italian power renter acquired by UK private equity

Powering has a rental fleet of more than 1500 generators. (Image: Powering srl)

Powering Srl, an Italian power rental firm, was acquired in February by UK-based private equity group Arcus Infrastructure Partners, which took a 51% stake in the company.

Founded in 2011 and headquartered in Fragagnano, Taranto, Powering operates a fleet of over 1,500 generators across 55 locations in Italy.

The acquisition aimed to support its growth in the energy rental sector amid the energy transition.

Arcus, experienced in infrastructure investments, said it viewed Powering as an opportunity to expand its business potential and ESG credentials. 

United Rentals makes Florida acquisition

United Rentals expanded its Florida footprint by acquiring High Reach 2, an aerial equipment rental company with five locations.

High Reach 2 originated as High Reach in 1978 before being sold to Nations Rent in 1998. It re-entered the market under its current name in 2003, growing steadily with depots in Sanford, Jacksonville, Tampa, Deerfield, and Ocala.

Of course, the deal would have been joined on this list by another quite notable acquisition by United....

Herc’s $5.3 billion power play snags H&E from United Rentals

And that’s because Herc Rentals announced a $5.3 billion deal to acquire H&E Equipment Services in February, including $1.5 billion in debt.

The acquisition outbid United Rentals’ earlier $4.8 billion offer. Herc used the “go-shop” provision in H&E’s agreement with United, securing the deal with a 14% premium over United’s initial bid.

The deal significantly expanded Herc’s North American rental presence, adding H&E’s $1.5 billion in annual revenue to Herc’s existing $3.5 billion business. 

More recently, Herc made changes to its existing credit agreement to help finalise the deal. The latest changes allow H&E’s assets to be included as part of the agreement, which it said would ensure a smoother transition.

And since the end of Q1, there has been even more corporate activity in the sector including UK-based plant hire firm HSS selling its Republic of Ireland business to Grafton Group.

Beyond Rental: Further M&A deals in the wider sector

Mecalac Revotruck with rotating cab (Photo: Mecalac)

Beyond rental company acquisitions, key OEM and technology deals also reshaped the industry in early 2025.

In March, Fayat Group signed an agreement to acquire 100% of Mecalac Group.

The transaction remains subject to conditions, including the necessary regulatory authorisations from the anti-trust authorities.

Fayat said it hoped to obtain these and finalise the acquisition by the end of the first half of 2025.

Meanwhile, telematics specialist Trackunit saw a change in ownership. Goldman Sachs Alternatives became the majority stakeholder after reinvesting, while previous owner Hg retained a share.

“We are thrilled to partner once again with Trackunit’s leadership team, along with Hg, to build on their success and drive even greater impact for customers globally,” said Michael Bruun, Partner and Global Co-Head of Private Equity at Goldman Sachs Alternatives.

“We see significant potential in continuing to scale the business and further embedding digital solutions across the construction ecosystem.”