The biggest equipment rental stories of 2024

Construction equipment rental companies experienced various economic challenges and new opportunities in 2024 and will soon enter 2025 amid the world’s growing trade protectionism and US interest rate cuts.

Before the arrival of 2025, it is time to review some of the biggest rental stories published by www.internationalrentalnews.com in 2024.

[January] WillScot mega-merger creates $3.2bn business

WillScot Mobile Mini announced the acquisition of McGrath RentCorp for $3.8 billion, aiming to create a $3.2 billion annual revenue business with 475,000 rental units. Modular space accounts for 72% of operations, storage rental 23%, and testing equipment 5%.

The deal aimed to generate $50 million in annual cost savings and provide McGrath shareholders with a 12.6% stake in the combined entity. However, both companies agreed to terminate the acquisition in September, citing challenges with meeting regulatory requirements.

[February] Sunstate finalises trenching acquisition

Sunstate Equipment solidified its trench rental capabilities by acquiring US-based sister companies Trench Shore Rentals (TSR) and Trebor Shoring Rentals, broadening its footprint in Southern California, Arizona, and Texas.

This expansion increased Sunstate’s branch network to 19 locations across nine states. TSR COO Adam Huffman, a company veteran since 2004, became the head of Sunstate’s newly created Trench Safety Rental division.

Drew Carson, Senior VP at Sunstate, highlighted the strong synergies between the two companies, which will enhance customer experience and fuel growth. 

Photo: Boels Rental

[March] Boels to buy Riwal

Boels Rental announced its acquisition of aerial platform specialist Riwal, adding €314 million in annual revenue, 65 branches across 14 countries, and a fleet of 20,000 machines.

This strategic move propels Boels into new territories, including India, France, and the Middle East, and positions its aerial fleet as the second largest in Europe, totalling 55,000 platforms.

Boels CEO Pierre Boels emphasised the acquisition’s role in bolstering the company’s global presence and competitive edge. In June, Boels completed the acquisition of Riwal.

[April] Intermat opens in Paris

Intermat 2024, an exhibition for sustainable construction solutions and technology, was held in Paris from April 24 to 27. It showcased over 1,000 exhibitors, 70% of whom were from international locations.

The trade show prioritised low-carbon innovation, displaying electric and hybrid machinery that aligns with global net-zero goals. The event reduced its duration to four days from the usual six, minimising its carbon footprint.

[May] Ashtead unveils ‘Sunbelt 4.0’ plan

Ashtead Group unveiled its Sunbelt 4.0 growth plan, targeting to become a US$14 billion business in North America by the 2029 financial year. The strategy outlines annual growth projections of 6-9% in the US, 9-12% in Canada, and 2-5% in the UK over the next five years.

Key initiatives include opening 300-400 new depots and boosting annual revenue from specialty rentals to $5 billion by 2029.

With planned investments totalling $20 billion in fleet upgrades and acquisitions for the next five years, the company aims to capitalise on technological innovations such as connected assets and logistics optimisation.

[June] IRN100: survey reveals rise in revenues and CapEx

The IRN100 survey highlighted a 10.4% increase in global rental revenue in 2023, which grew to 13.4% when adjusted for currency fluctuations. North American companies dominated the rankings, with 41 firms achieving 14% average growth and the top 15 generating €32.7 billion in revenue.

European firms contributed €15.7 billion, while Asian counterparts accounted for €11.1 billion.

Capital expenditures reached a record €14.3 billion, mainly driven by US-based companies, which contributed 60% of the total, demonstrating the sector’s resilience amid economic uncertainty.

Photo: WillScot Mobile Mini

[July] WillScot owner to merge brands

WillScot Holdings Corp, owner of modular accommodation and storage specialist WillScot Mobile Mini, announced a rebranding initiative to consolidate all its brands under the unified WillScot brand.

This strategic move aimed to strengthen the company’s position as a leader in temporary space solutions.

Alongside the name change, WillScot introduced the tagline “Right from the Start” and launched a new website to streamline the customer experience.

CEO Brad Soultz highlighted the company’s focus on digital transformation as part of its broader growth strategy in the evolving rental market.

[August] Merger creates largest independent in Texas

Synergy Equipment and Opifex Enterprises merged to create the largest independent equipment rental company in Florida and Texas.

Backed by Avance Investment Management, the merger combined Synergy’s 23 branches in Florida, Georgia, and Alabama with Opifex’s Texas operations.

The new entity maintains both brands regionally and focuses on accelerated growth across the Southeastern US. Synergy CEO JC Mas and Opifex President Jay Vaughn lead a five-member management committee that is now steering the company’s strategic direction.

[September] HSS Hire rebrands as HSS: The Hire Service Company

HSS Hire rebranded as “HSS: The Hire Service Company”, reflecting its commitment to service alongside equipment hire. The rebrand aligns with the company’s restructuring into Operations and ProService divisions.

After the rebranding, outgoing Group CEO Steve Ashmore assumed the role of executive chairman for ProService. At the same time, Jon Overman, the newly appointed CEO of Operations, spearheaded the rebrand to celebrate HSS’s heritage and customer-centric approach.

[October] Pedro Torres to leave Riwal

Pedro Torres, CEO of Riwal, announced the he would step down on January 1, 2025, following a transitional period after Boels Rental’s acquisition of Riwal.

Lars Reehorst, currently leading Boels’ Special Rental division, will succeed Torres as managing director of Riwal and its subsidiary Manlift, the company’s India and Middle East-based subsidiary, at the beginning of January. Under Torres’ 12-year leadership, Riwal transformed its organisational structure and became a top-15 global rental company in the access industry.

[November] US rental stocks rise on Trump win

The election of Donald Trump as US President triggered a notable surge in the stock prices of leading equipment rental companies and manufacturers, fueled by investor optimism about potential infrastructure initiatives.

Despite the immediate market gains, long-term effects remain uncertain, with questions about tariffs, labour, and infrastructure policy.

[December] Zeppelin to expand Cat partnership in Europe

Zeppelin Group will acquire Caterpillar’s sales and service operations in Norway and the Netherlands, adding €1.1 billion in revenue and 2,000 employees. The acquisition encompasses rental solutions and energy systems, enhancing Zeppelin’s global footprint.

Pon Holdings, the current operator, expressed confidence in Zeppelin’s ability to sustain and grow the business. The deal is subject to regulatory approval and consultation processes.