Which companies made the biggest equipment rental acquisitions in 2024?

Photo: ToolQuick

As we enter the New Year, it’s an opportune moment to reflect on the pivotal mergers and acquisitions that shaped the equipment rental industry in 2024.

These deals highlight the sector’s dynamism, with companies pursuing strategic expansions, entering new markets, and strengthening their competitive positions.

From Kiloutou’s trio of acquisitions in Spain to Boels’ landmark purchase of Riwal, the past year was marked by ambitious moves that reshaped the landscape of the rental market. 

Here, in no particular order, are some of 2024’s biggest rental acquisitions and mergers.

Kiloutou ends 2024 with three acquisitions in Spain

It was a strong end to the year for Kiloutou, with the France-headquartered company adding three significant companies to its portfolio in Spain.

In October, the company announced the acquisition of Spanish rental company ToolQuick Alquiler, adding 30 branches to its footprint in Spain, including Barcelona, Alicante, Valencia, Madrid, Malaga, and Seville.

Just two months after that deal was confirmed, the company also acquired low-height specialist Liftisa S.L. and truck-mounted platform company Gloobal Movingrent S.A.

The two companies had a single owner, Ivan Papell, a veteran of Spain’s access rental business, who was CEO of both.

United Rentals in $1.1bn acquisition

Yak rents wood and composite ground mats to customers in utilities and construction. (Photo: Yak Mat Facebook)

Back in March, we brought you news that United Rentals was to acquire the Yak temporary matting business from its private equity owner for US$1.1 billion.

The deal included 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.

The deal marked a significant boost to United’s specialty segment, which reported revenues of $3.26 billion out of the $14.3 billion total in 2023.

Outside of North America, the company also consolidated its presence in Europe with the purchase of EQIN, a Dutch business that provides a range of equipment, such as generators, compressors, welding equipment and lighting towers.

The move came some six years after United first entered Europe with the purchase of BakerCorp International Holdings.

Sunbelt Rentals in film and TV acquisition

Staying in Europe, Sunbelt Rentals UK & Ireland acquired UK-based production and equipment business JLL Group in December.

Sunbelt said the acquisition aligns with its previously announced Sunbelt 4.0 strategy of delivering growth and greater value to customers and will enable it to broaden its capabilities to offer a wider range of equipment, specialist knowledge and innovative solutions for the film and TV, broadcast and events industries.

In North America, the company also added trench safety rental provider Falcon Shoring to its portfolion back in April. With that deal the company now has 39 locations that offer trench safety equipment across the US, including two in Oregon. 

Merger creates largest independent in Texas

It wasn’t just the big names making significant acquisitions in 2024. For example, a deal to merge the operations of US-based rental companies Synergy Equipment and Opifex Enterprises was announced in August.

The deal, which is part of a plan from from Avance and Synergy to accelerate growth across the southeastern US, is said to mark the largest acquisition completed by Synergy and Avance.

It also creates the largest independent equipment rental company in the markets of Florida and Texas in the process.

Boels completes Riwal deal

Pierre Boels, left, with Doron Livnat, of ProDelta, the majority owner of Riwal. (Photo: Boels)

For many reading the this, there is one deal that perhaps stands out when thinking of mergers and acquisitions in 2024, the Boels/Riwal deal.

First announced in March, the deal for Boels to purchase Riwal added annual revenues of around €314 million and 65 branches across 14 countries in Europe, the Middle East and South Asia.

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. In revenue terms, the combined business would have generated $1784 million in 2023.

It also means that Boels will now hold the second largest aerials fleet in Europe and the sixth largest in the world. 

Selwood owner acquires US-based Holland Pump

Looking back at the middle of the year, Workdry International, owner of UK pump specialist Selwood, expanded into North America with the acquisition of pump specialist Holland Pump.

The deal added 15 branches across the East and Gulf Coast regions of the US and will see Holland Pump operate as the North American division of Workdry. It also added more than 1,000 pump assets to its rental fleet, creating a portfolio of more than 7,000 units.

Also last year, the company acquired Netherlands pump rental company Vanderkamp Group. The acquisition included Vandrkamp Pompen in Zwolle, Vanderkamp Services in Zierikzee and Vanderkamp UK near London.

Tesya in modular building deal

Photo: Tesya

Tesya Group, the parent company of Cat Rental Store CGTE, acquired modular building specialist Strutture Srl in November.

The deal for Strutture, which offers sales and rental of a range of prefabricated modules and containers is part of Tesya’s expansion strategy aimed at further strengthening the position of its Rental Service division. 

The company said that it aims to strengthen its role as an integrated supplier, able to offer “complete solutions to support companies in various sectors.”

VP expands in Ireland

2024 also saw UK rental business VP plc acquire a majority share in specialist powered access company Charleville Hire and Platform (CPH).

Headquartered in Cork, Ireland, CPH has 30 employees and generated revenues of €9.5 million and EBITDA of €5.7 million in 2023. As well as an electric and diesel access fleet, it also rents excavators, dumpers, forklifts and telehandlers.

Under the terms of the agreement, VP 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.

Sunstate tacks on trenching acquisition

In February, Sunstate Equipment expanded its offering of trench rentals and training services to Southern California, Arizona, and El Paso and Texas with the the asset purchase of US-based sister companies Trench Shore Rentals (TSR) and Trebor Shoring Rentals.

Following the completion of the deal, Sunstate’s owner, Sumitomo Corporation, said it is expected to double its trench safety rental revenues with the deal.

Sumitomo stated that the acquisition of Arizona-headquartered TSR “holds significance not only due to the geographic alignment with Sunstate’s core markets in the region,” but also due to the expansion of its existing trench safety equipment rental business.

Coates makes big Sydney acquisition

Telehandler maintenance at GTH’s Sydney location (Photo: GTH website)

In Australia, Coates acquired GTH Equipment, a Sydney-based renter of telehandlers and access equipment.

Based in Smithfield, New South Wales, GTH Equipment has been active since 1997, initially as a regional dealer for Genie telehandlers but since 2016 also selling and renting aerial platforms.

The deal added 650 machines to Coates’ fleet and gave it a modern depot in Smithfield well positioned to serve greater Sydney, the company said. 

And two other notable deals.....

We couldn’t complete this list without mentioning the McGrath/WillScot deal which has now been called off. First announced in January, the deal would have seen WillScot Mobile Mini acquire its major competitor McGrath RentCorp for US3.8 billion.

It would have also created 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.

Photo: Ausa

However, the deal was called off in September, with WillScot revealing that although both parties “believe in the merits and procompetitive benefits of the combination”, the transaction has been cancelled as there is “no commercially reasonable path to clear the necessary regulatory requirements.”

Outside of the equipment rental industry, the deal for Oshkosh Corp, owner of JLG, to acquire Spain-based OEM Ausa was also announced in 2024. That deal was completed in September.