Who are the world’s top 10 rental companies this year?

This year’s IRN100 survey reflects a relatively calm year in 2023, producing respectable growth rates despite a slower economic backdrop than the year before, which was characterized by an industry catching up post Covid, grappling with supply chain issues, high inflation and the impact of the Russian invasion of Ukraine.

In 2023, revenues for the top 100 companies increased by 10.4% to €73.1 billion. That increase rises to 13.4% after correcting for exchange rate fluctuations, with revenues at 2022 exchange rates reaching €75.1 billion in 2023 compared to €66.2 billion in 2022.

That is a significant rise, although inflation rates should be borne in mind: average inflation in the Eurozone area in 2023 was around 4-5%; it was close to 4% in the US; and nearer 7-8% in the UK.

That still sees rental growth exceeding wider economic GDP growth, which was less than 1% for Europe, around 2.5% in the US and 2% in Japan.

Following is a look at the top 10 equipment rental companies in the world. The full survey is published in the June 2024 issue of IRN which can be downloaded here.

10. Boels Rental

Dropping from spot #9 to #10 is Netherlands-based Boels Rental, reporting €1.552 billion in rental revenue, up from €1.470 in 2022.

Boels announced this spring it will buy Dutch aerial platform renter Riwal, adding annual revenues of around €314 million and 65 branches across 14 countries in Europe, the Middle East and South Asia.

The deal establishes Boels in a number of new markets, including Spain, France the Middle East and India.

The combined fleet of 55,000 aerial platforms - 35,000 from Boels plus the 20,000 Riwal machines - compares to the 71,250 unit aerial fleet of European rival Loxam.

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.

9. EquipmentShare

Jumping six spots up the list to join the top 10 is EquipmentShare, which rose from #16 in 2022 to #9 a year later. 

The company posted rental revenues of €1.75 billion in 2023, up from €1 billion the year before. 

It was reported in April that the business is at the early stages of exploring an initial public offering, sources familiar with the process told Bloomberg.

EquipmentShare, based in Columbia, Missouri, US, is currently backed by US merchant bank BDT & MSD Partners and was valued at $3.75 billion after a $440-million funding round in 2022 and 2023.

8. Modulaire

Moving down two spots from #6 to #8 is UK-based Modulaire, posting rental revenue of €1.766 billion in 2023, up slightly from €1.704 billion in ‘22. 

Owner of Algeco and other portable accommodation rental businesses, Modulaire operates in 23 countries and has a fleet of more than 335,000 modular space and portable storage units, as well as 5,000 remote accommodation rooms.

It operates as Algeco in Europe, including the UK, and its other brands include Advanté (UK), Altempo (France), Ausco and NET Modular (Australia), and Portacom (New Zealand).

7. Willscot Mobile Mini

Remaining in the seventh position year over year is Willscot Mobile Mini, with rental revenue of €2.1 billion, up from €2 billion in 2022.

US-based WillScot Mobile Mini reported in January it has agreed to acquire its major competitor McGrath RentCorp for US3.8 billion. The deal will combine two of the largest portable accommodation and storage rental businesses in North America with annual revenues of $3.2 billion in 2023.

McGrath Rentcorp is ranked 36 in the IRN100, based on rental-related revenues for 2023.

The deal will create 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.

6. Aktio Holdings Corp.

Dropping from the #5 position to #6 is Asia-based Aktio Holdings Corp., which posted €2.2 billion in rental revenue, down from €2.3 billion the year before. 

5. Aggreko

Moving up a spot, from #6 to #5 this year, was Aggreko, with revenues reaching €2.3 billion in 2023, up from €2 billion the year before. 

The big news for Aggreko has been the recent exit from 25 countries since the end of 2021, as it seeks to de-risk its business. At the same time, it is reducing its reliance on small contracts (under US$10,000) and increasing its business with bigger customers in Europe and North America.

The power and temperature control specialist reported a 16% increase in revenues for the year to December 31, 2023, with EBITDA profit up 33% to $950 million.

The shift away from small and higher-risk projects has led to an increased focus on Europe and North America, where around 62% of its revenues are now generated. These two regions have seen +30% growth over the past two years, with the Middle East also in that high-growth category.

4. Loxam

Firmly entrenched in the fourth position is France-based Loxam, which saw its revenues climb to €2.6 billion, up from €2.4 billion in 2022.

Loxam remains the highest Europe-based company inside the top 10. Earlier this year, the company reported a 6.2% increase in its annual revenues in 2023 to €2.55 billion, with more than €1 billion in France for the first time. EBITDA profit rose by 9.2% to €926.2 million, with operating profits up 3.6% to €289.7 million.

”2023 was a year of sustained growth,” said Gérard Déprez, CEO and chairman of Loxam. “After an exceptional performance in 2022, we continued to grow in 2023 in a particularly complex environment, marked by persistent inflation and the rise in interest rates that severely disrupted the construction market.

“For the first time, we recorded sales in excess of one billion euros in France. This performance, repeated year after year, demonstrates the solidity of the Loxam model, our unrivalled expertise, and our ability to respond ever better to our customers’ expectations.”

3. Herc Rentals

Staying consistent in the #3 spot this year is US-based Herc Rentals with €3.2 billion in rental revenues, up from €2.5 billion the year before.

Herc reported in April that it completed four acquisitions in Q1 ‘24, adding 11 locations while additionally opening four greenfield locations for a total of 15 new locations.

“Continued investments in our premium fleet offering, strategic acquisitions and advanced technologies, along with robust demand across key end markets and a focus on cost discipline are driving the momentum in our business and will support sustainable, profitable growth over the long term,” said Larry Silber, president and chief executive officer.

2. Ashtead Group 

Ashtead Group maintains its place in second on the IRN100, having posted revenues of €8.8 billion in 2023, up from just over €8 billion in 2022.

The UK-based corporation, parent company to US division Sunbelt Rentals, unveiled its new Sunbelt 4.0 five-year plan earlier this year, detailing its financial and operational targets, including an ambition to become a US14-billion business in North America by the 2029 financial year.

The company foresees compound annual growth rates in revenue of 6 to 9% in the USA, 9-12% in Canada and 2-5% in the UK over the five year period.

Supporting that growth will be between 300 and 400 greenfield depot openings, comprising between 180 and 240 specialty locations and 120 to 160 general tool stores.

These new locations will generate up to 30% of the growth anticipated in the five-year period, the company said.

1. United Rentals 

US-based United Rentals stays in first place on the list, posting revenues of €10.9 billion, up from €9.4 billion last year. 

Big news for United this past year was the purchase of Yak for $1.1 billion. The specialty acquisition includes three businesses in the US - Yak Access, Yak Mat and New South Access & Environmental Solutions – which supply temporary roadways and mats for contractors and utility companies.

The deal will add annual revenues of around $350 million and create a new ‘Matting Solutions’ business within United’s specialty rentals division. Look for the impact of that addition in next year’s IRN100.