SCOTTSDALE, Ariz., and PROVIDENCE – North American equipment rental giant RSC Holdings Inc. (NYSE: RRR), parent of RSC Equipment Rental Inc., today announced it has agreed to purchase the operations and certain assets of Rhode Island-based American Equipment Rentals. Terms were not disclosed.
American – based in Providence, with branches in Woburn, Mass., and New Britain, Conn. – is being sold by FST Equipment Rentals LLC and AER Holding LLC.
The company is a provider of aerial equipment, forklifts and other rental equipment to construction contractors and industrial customers across New England. It has annual revenue of about $19 million, with rental fees accounting for nearly 90 percent of the total, RSC said.
“The addition of American is a key initial step in building a solid presence in New England,” Erik Olsson, RSC’s president and CEO, said in a statement.
“American – as an established business with solid, long-standing customer relationships, a tenured sales force and excellent leadership – represents an ideal platform for expanding RSC’s best-in-class customer service capabilities into this market. We look forward to continuing to deliver outstanding value to customers in New England.”
The transaction is expected to close early in the 2008 third quarter, RSC said. “The acquisition is expected to be neutral to RSC’s earnings per share in 2008 and modestly accretive in 2009,” the company added.
American Equipment Rentals, based in Providence, is a provider of equipment rentals, parts and 24-hour service to the New England construction and industrial markets. For more information, visit www.AErentals.com.
RSC Holdings Inc. (NYSE: RRR), the parent of RSC Equipment Rental Inc., is a leader in the North American equipment rental market. For more information, visit www.RSCrental.com.
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