Weekly roundup: United Rentals at Bauma | Rental market report | VP acquisition

Photo: Messe München

As we enter the fourth quarter of the year, news in the equipment rental idustry is focusing just as much on the future as it is on the present. There were plenty of examples of that in the week that was Oct. 03-Oct. 09, 2024.

For starters, United Rentals Europe announced that it will make its debut at the Bauma exhibition in Munich, April 7 to April 13, next year.

The company, which has increased its presence in Europe in recent years, said it will showcase its “new product range tailored to the construction sector” that will comprise of its “comprehensive product portfolio” of fluid, power and tool equipment. 

Staying in Europe, a market report published by the European Rental Association (ERA) has said that the rental industry is beginning to normalise and is set to see steady growth in the coming years.

In its 2024 ERA Market Report,  the association said the European rental market is projected to grow by 0.9% in 2024, 2.8% in 2025, and 3.6% in 2026.

While it described growth as steady, it warned that interest rates and ‎general uncertainty are directly affecting the residential segment across EU nations.

Meanwhile, Finning International announced an executive leadership team transition as part of its succession planning process.

As part of that, the company has appointed current managing director of Finning UK and Ireland Tim Ferwerda to the role of president of Finning Canada.

David Primrose, current president of Finning Canada, is set to support the transition and assume the role of executive vice president and chief development officer. Gary Megarrell, current director of construction industries in the UK and Ireland, will assume the role of managing director of Finning UK and Ireland.

Kevin Parkes, president and chief executive officer of Finning, said, “We are excited to welcome Tim to our Canadian operations to reinforce our growth and resilience plans. Tim has led our UK and Ireland operations to capture large infrastructure opportunities, optimised our global digital strategy and built greater resiliency into our UK and Ireland operations.”

Speaking of operations in Ireland, VP plc has acquired a majority share in Ireland-based specialist powered access company Charleville Hire and Platform (CPH). The company, which has 30 employees and generated revenues of €9.5 million and EBITDA of €5.7 million in 2023, also rents excavators, dumpers, forklifts and telehandlers.

Under the terms of the agreement, VP has placed an initial cash consideration of €12.1 million towards the deal for 90% of the shares, with the remaining 10% to be acquired over a three-year period.

Finally, Peter Gerstmann officially left his role as chairman of the Management Board and CEO of the Zeppelin Group. Gerstmann, who has been with the Germany-based company for 24 years, left the role at the beginning of October and will be succeeded by Matthias Benz.

Gerstmann, who will remain available to advise and support Benz and the Supervisory Board until the end of 2024, said, “It has been a great pleasure and honor for me to be a part of this great company for over 24 years. With a lot of heart and soul, commitment and passion, I have helped shape Zeppelin for almost 15 years in my role as Chairman of the Group Management Board and am very proud of what we have achieved together during this time.”