BATON ROUGE, La.--(BUSINESS WIRE)--Jan. 4, 2018--
H&E Equipment Services, Inc. (NASDAQ: HEES) today announced it has
completed its acquisition of Contractors Equipment Center (CEC), a
non-residential construction focused equipment rental company located in
the greater Denver, Colorado area. The acquisition is part of H&E's
ongoing strategy of acquiring rental companies to complement its
existing business and footprint, and will augment H&E’s capabilities and
efficiencies of scale in the market areas and geographies that CEC
currently serves. The assets acquired include approximately $84.0
million of fleet based on original equipment cost and three branch
facilities serving end markets in the non-residential construction and
other sectors.
John Engquist, H&E’s Chief Executive Officer, said, “We are very pleased
to have finalized the CEC transaction, which doubles our branch count to
six in Colorado, significantly expanding our presence in a strong
non-residential construction market. Our collective teams have been
working side-by-side since we announced the definitive agreement in late
November in an effort to ensure a seamless integration process
post-closing. As a result, our newly combined Colorado operations have
solid momentum entering the New Year. CEC is extremely representative of
the type of acquisitions we intend to actively pursue.”
About H&E Equipment Services, Inc.
The Company is one of the largest integrated equipment services
companies in the United States with 80 full-service facilities
throughout the West Coast, Intermountain, Southwest, Gulf Coast,
Mid-Atlantic and Southeast regions. The Company is focused on heavy
construction and H&E Equipment Services Completes Acquisition of
Contractors Equipment Center industrial equipment and rents, sells and
provides parts and services support for four core categories of
specialized equipment: (1) hi-lift or aerial platform equipment; (2)
cranes; (3) H&E Equipment Services Completes Acquisition of Contractors
Equipment Center earthmoving equipment; and (4) industrial lift trucks.
By providing equipment rental, sales, on-site parts, repair and
maintenance functions under one roof, the Company is a one-stop provider
for its customers' varied equipment needs. This full service approach
provides the Company with multiple points of customer contact, enabling
it to maintain a high quality rental fleet, as well as an effective
distribution channel for fleet disposal and provides cross-selling
opportunities among its new and used equipment sales, rental, parts
sales and services operations.
Forward-Looking Statements
Statements contained in this press release that are not historical
facts, including statements about H&E’s beliefs and expectations, are
“forward-looking statements” within the meaning of the federal
securities laws. Statements that are not historical facts, including
statements about our beliefs and expectations are forward-looking
statements. Statements containing the words “may,” “could,” “would,”
“should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,”
“target,” “project,” “intend,” “foresee” and similar expressions
constitute forward-looking statements. Forward-looking statements
involve known and unknown risks and uncertainties, which could cause
actual results to differ materially from those contained in any
forward-looking statement. Such factors include, but are not limited to,
the following: (1) the risk that any savings and synergies anticipated
from the acquisition are not realized or take longer than anticipated to
be realized; (2) the risk of unsuccessful integration of H&E’s and CEC’s
businesses, or that such integration will be materially delayed or will
be more costly or difficult than anticipated; (3) the amount of the
costs, fees, expenses and charges related to the acquisition; (4) any
additional costs related to the acquisition or the other transactions
contemplated thereby as a result of unexpected factors or events; (5)
any negative effects of this announcement or the consummation of the
acquisition on H&E's or CEC's supplier, customer or other business
relationships or the market price of H&E’s common stock or other
securities; (6) the diversion of management time on transaction-related
issues; (7) other business effects, including the effects of general
industry, market, economic, political or regulatory conditions, future
exchange or interest rates or changes in tax laws, regulations, rates
and policies, including the uncertainty regarding rules and regulations
with respect to the foregoing that may be affected by the United States
Congress and Trump administration; (8) the expected business outlook,
anticipated financial and operating results of H&E generally; and (10)
other factors discussed in our public filings, including the risk
factors included in the H&E’s most recent Annual Report on Form 10-K.
Investors, potential investors and other readers are urged to consider
these factors carefully in evaluating the forward-looking statements and
are cautioned not to place undue reliance on such forward-looking
statements. Except as required by applicable law, including the
securities laws of the United States and the rules and regulations of
the Securities and Exchange Commission, we are under no obligation to
publicly update or revise any forward-looking statements after the date
of this release. These statements are based on the current beliefs and
assumptions of H&E’s management, which in turn are based on currently
available information and important, underlying assumptions. H&E is
under no obligation to publicly update or revise any forward-looking
statements after this press release, whether as a result of any new
information, future events or otherwise. Investors, potential investors,
security holders and other readers are urged to consider the above
mentioned factors carefully in evaluating the forward-looking statements
and are cautioned not to place undue reliance on such forward-looking
statements. Although H&E believes that the expectations reflected in the
forward-looking statements are reasonable, they cannot guarantee future
results or performance, including any anticipated effects of the
acquisition.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180104005220/en/
Source: H&E Equipment Services, Inc.
H&E Equipment Services, Inc.
Leslie S. Magee, 225-298-5261
Chief
Financial Officer
lmagee@he-equipment.com
or
Kevin
S. Inda, 225-298-5318
Vice President of Investor Relations
kinda@he-equipment.com
