BATON ROUGE, La.--(BUSINESS WIRE)--Apr. 3, 2018--
H&E Equipment Services, Inc. (NASDAQ: HEES) today announced it has
completed its acquisition of Rental Inc., a non-residential
construction-focused equipment rental company with five branches located
throughout Alabama and Florida and assets including approximately $35
million of fleet based on original equipment cost.
John Engquist, H&E’s Chief Executive Officer, said, “We are quickly
executing on our stated strategy of expanding our business through the
acquisition of rental companies. Since January, we have acquired two
well-run businesses that complement our existing operations and broaden
our geographic footprint. With the acquisitions of CEC and Rental Inc.,
we have added eight branches and increased our total branch count to 88.
We are continuing to evaluate additional acquisitions in addition to
expanding through Greenfield and warm start growth.”
About H&E Equipment Services, Inc.
The Company is one of the largest integrated equipment services
companies in the United States with 88 full-service facilities
throughout the West Coast, Intermountain, Southwest, Gulf Coast,
Mid-Atlantic and Southeast regions. The Company is focused on heavy
construction and 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)
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, and an effective distribution channel for
fleet disposal and provides cross-selling opportunities among its new
and used equipment sales, rental, sales, parts and service 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
Rental Inc.’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 Rental Inc.'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: https://www.businesswire.com/news/home/20180403005163/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