United Rentals makes Florida acquisition, gives 2025 outlook

United Rentals has acquired High Reach 2, one of the largest aerial equipment rental companies in Florida, with five locations in the state.

High Reach 2’s origins go back to the founding of High Reach in 1978 and its subsequent sale in 1998 to Nations Rent. Lance Renzulli, son of the founder, then re-entered the rental market in 2003 under the High Reach 2 brand.

High Reach 2 has five depots in Florida. (Image: High Reach 2 website)

Since then it has grown steadily and now operates from depots in Sanford, Jacksonville, Tampa, Deerfield and Ocala.

Terms of the acquisition were not disclosed. Catalyst Strategic Advisors served as transaction advisor to High Reach 2.

News of the deal came as United reported its fourth quarter and full year results for 2024 and provided its outlook for 2025.

Total sales for the quarter to 31 December 2024 rose by 9.8% to US$4.09 billion, with rental revenues up 9.7% to $3.4 billion. EBITDA profit increased by 5% to $1.9 billion.

Full year revenues reached $15.3 billion, up 7% on $14.3 billion in 2023, with EBITDA profit of $7.2 billion.

The Specialty rentals segment was again the fastest growing part of the business, representing $1.08 billion of the final quarter revenues and up 30.5% year-on-year. Specialty generated sales of $4.0 billion in the full year.

The company is forecasting between 2% and 5% growth in 2025 (excluding the pending H&E acquisition), which is a lower rate of expansion. However, its expects to maintain a high level of capital expenditure at between $3.65 billion and $3.95 billion, which compares to $3.75 billion in 2024.

Matthew Flannery, chief executive officer of United Rentals, said he was very pleased with the performance of United’s team; “We are now focused on 2025 and putting our playbook to work to drive another year of profitable growth, strong free cash flow and attractive shareholder returns.

“Today’s guidance reflects our stand-alone expectations for continued growth, supported by numerous factors including both the demand we’ve carried into the new year and customer optimism.

“We look forward to the year ahead, including closing on our acquisition of H&E and welcoming those team members to United Rentals.”