10 biggest equipment rental acquisitions of 2024 so far
22 July 2024
As we enter the second half of 2024, IRN looks at the top 10 biggest equipment rental acquistions to make the news.
Telehandler maintenance at GTH’s Sydney location (Photo: GTH website)
Consolidation is often a watchword among the big players in the equipment rental industry, and if the first half of the year is anything to go by, 2024 will see some big deals.
When casting your mind over the year so far, it’s easy to pick out a number of purchases that immediately stand out.
With that in mind, IRN has taken a look at the top 10 acquisitions so far this year. Here they are in no particular order.
10: Coates makes big Sydney buy
In February, Australian company Coates acquired Sydney-based GTH Equipment, a renter of telehandlers and access equipment.
As well as a main depot in Sydney, the deal added 650 machines to its fleet. Jeff Proctor, chief financial officer at Coates, said the deal demonstrates its “commitment to building on our national network of assets.”
9: Sunstate expands trenching rentals
Also in February, US-based Sunstate Equipment acquired sister companies Trench Shore Rentals and Trebor Shoring Rentals.
The deal added new locations in Phoenix, Tucson, El Paso, Los Angeles, San Diego and San Bernadino. TSR will expand Sunstate’s existing shoring rental division, which was established in 2018 and has 13 dedicated locations in the Gulf, Southeast and Northwest. Sunstate operates across 16 US states coast to coast.
8: Sunbelt Rentals digs into trench safety
Sunbelt Rentals expanded its portfolio of trench safety equipment for excavation and structural shoring projects in June with the purchase of US-based independent trench safety renter Falcon Shoring.
The move means the company now has 39 locations that offer trench safety equipment across the US, including two in Oregon where Falcon Shoring is based.
7: WillScot Mobile Mini acquires competitor
Photo: WillScot Mobile Mini
At the beginning of the year WillScot Mobile Mini created a $3.2-billion business when it acquired its major competitor McGrath RentCorp for $3.8 billion.
The deal also creates a business with 475,000 rental units, with modular space representing 72% of its business, storage rental 23%, and 5% comprising McGrath’s testing equipment rental operation, TRS-RenTelco.
WillScot said approximately 90% of combined revenue will be generated by rental.
6: Boels acquires Riwal
Boels Rental purchased Netherlands-based aerial platform renter Riwal in March, adding annual revenues of around €314 million and 65 branches across 14 countries in Europe, the Middle East and South Asia.
The deal also created a fleet of 55,000 aerial platforms - 35,000 from Boels plus the 20,000 Riwal machines, while in revenue terms the combined business would have generated $1784 million in 2023.
Pierre Boels, left, with Doron Livnat, of ProDelta, the majority owner of Riwal. (Photo: Boels)
Boels will now hold the second largest aerials fleet in Europe and the sixth largest in the world. The total fleet value of the respective companies is in the region of €3.6 billion.
5: United Rentals makes $1.1bn acquisition
You could pick a number of United Rentals deals (see notable moves in Europe and Australia), but it is its purchase of the Yak temporary matting business from its private equity owner for US$1.1 billion that stands out.
The deal includes Yak Access, Yak Mat and New South Access & Environmental Solutions, which together rent a fleet of 600,000 wood and composite protection mats to customers in construction and utilities.
United said the deal will create a new component of its specialty rental business “with scale in a large and growing segment.”
4: CES Power expands in Europe
Photo: CES Power
US-based rental company CES Power expanded its operations in Europe in January with the purchase of temporary power specialist Fourth Generation in the UK.
The acquisition of Fourth Generation marked the latest step into the European market for CES, having initially entered last year with the September purchase of Ireland-based power and air conditioning renter Euro Touring Power (ETP).
Greg Landa, CEO of CES Power and CES Global, said the deal “creates a true worldwide one-stop power provider.”
3: Avesco invests in Finnish rental company
Swiss-based Avesco Group added five locations to its existing three-store rental operation in Finland with the purchase of Vatupassi Törmälä Oy.
The deal adds Vatupassi’s 70 employees to the 15 Avesco Rent staff in Finland. Vincent Albasini, the CEO of Avesco Rent Group, said the merger is “a huge competitive edge for both,” adding that its goal is to “together become the strongest and most significant operator of the industry in all of Finland.”
2: REIC acquires in Montana
Just a few weeks after it acquired Indian Peaks Rental, Miami-based holding company Rental Equipment Investment Corp (REIC) agreed a deal to buy US-based general renter Bigfork Rentals.
Bigfork (formerly United Rentals and Bigfork Tool Rental) rents a wide range of equipment, including earthmoving, aerial and handheld tools.
Ausa showed a range of electric machines at the Intermat show. (Photo: Ausa)
Greg Gallagher, CEO, REIC, said the acquisition “enhances REIC’s presence in Flathead and Lake counties in Montana” and enables it to “better serve our customers in the region.”
1: Oshkosh acquires Spain’s Ausa
While not an equipment rental acquisition, the purchase of Spain-based Ausa by Oshkosh Corp. for €115 million certainly merits its place on this list.
The deal sees the manufacturer become part of Oshkosh’s Access segment alongside aerial platform supplier JLG, which is also owned by Oshkosh.
Oshkosh said the Ausa’s products would enhance JLG’s telehandler range as well as its Hinowa-branded tracked dumpers and forklifts.
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