US-based Herc Rentals has agreed on the acquisition of Detroit-based rental company Cloverdale Equipment.
Details of the transaction have not been disclosed but the deal is expected to close by midyear. Cloverdale operates from four locations – Oak Park /Detroit and Norton Shores in Michigan, Berea/greater Cleveland in Ohio and Bridgeville/ Pittsburgh in Pennsylvania – with around 120 employees. It offers a wide range of equipment, including aerial work platforms, telehandlers, carry deck cranes and boom trucks representing a number of key brands such as JLG, National Crane, Broderson, Magni, SkyTrak, MEC, Skyjack and Genie.
The addition of Cloverdale will take Herc Rentals’ presence in the Great Lakes region to 14 physical locations.
Herc president Larry Silber said: “I look forward to welcoming Cloverdale Equipment to Team Herc. With nearly 60 years of history, Cloverdale’s team brings substantial equipment rental experience and a strong reputation for exceptional customer service, top-quality equipment and operational excellence.”
“Our combined teams and resources position Herc Rentals to be a pre-eminent equipment rental partner in the Great Lakes region and nearby markets, serving a diverse mix of construction, industrial and government customers. With three of its locations in major metropolitan markets, the addition of Cloverdale supports our long term strategy to achieve greater density and scale in select urban markets across North America to better serve both our local and national customers.”
“In addition, Cloverdale has deep relationships with key industrial customers whose unique construction and maintenance needs continue to grow, which Cloverdale serves through self-perform work and a suited-to-purpose rental fleet, including speciality aerial and material handling equipment. We expect the acquisition to be accretive to earnings in the first year. We remain well-positioned to pursue growth through a variety of initiatives, including investment in key fleet categories, greenfield branches and acquired operations while maintaining our commitment to a sound financial footing.”
