United Rentals buys Ahern Rentals
15 November 2022
US giant United Rentals is buying the assets of family-owned Ahern Rentals, Inc. for approximately $2.0 billion (£1.7 billion) in cash. The transaction is expected to be completed before the end of this year.
Founded in 1953, Ahern Rentals is the eighth largest equipment rental company in North America, with approximately 2,100 employees and 106 locations in 30 states, serving approximately 44,000 customers in the construction and industrial sectors.
Approximately 75 per cent of the Ahern Rentals fleet comprises aerial machinery and material handling equipment. In the 12 months ended September 30, 2022, Ahern generated $310 million (£264 million) of adjusted EBITDA on $887 million (£756 million) of total revenue.
Combining the businesses will increase capacity for United Rentals in key locations, with concentrations on both US coasts and in the Gulf region. It will expand the fleet by over 60,000 hire assets.
Matthew Flannery, chief executive officer of United Rentals, said, “Our acquisition of Ahern Rentals supports our strategy to deploy capital to grow the core business and drive shareholder value. Our integration playbook is underway so we can prepare the acquired branches to take full advantage of our systems and operational capabilities, and gain from our employee and customer-centric culture. I look forward to welcoming our new team members upon the closing of the acquisition.”
Don Ahern, chief executive officer of Ahern Rentals, said, “I’m proud of what we’ve built at Ahern Rentals over nearly seven decades, and I’m extremely pleased that the combination with United Rentals will take the business forward in this next chapter of growth.”
Ahern Rentals is part of the Ahern group of companies that includes the access platform manufacturer, Snorkel, which is not part of the United Rentals deal.
