H&E Equipment Services Completes Acquisition of One Source Equipment Rentals Inc.
October 03 2022 - 4:15PM
Business Wire
H&E Equipment Services Inc. (“H&E” or the “Company”)
(NASDAQ: HEES) today announced the completion of its acquisition of
One Source Equipment Rentals Inc. (“One Source”), effective October
1, 2022. With the closing of the transaction, H&E adds 10
equipment rental locations to its branch network, including initial
locations in Illinois, Indiana, and Kentucky. In addition, the
Company will supplement its operating presence in the southern U.S.
while adding approximately $138 million in fleet as measured by
original equipment cost.
Brad Barber, chief executive officer of H&E, stated, “The
acquisition of One Source demonstrates our commitment to growth
through expansion into highly prospective geographies and
complements our successful warm start strategy. This year, we have
announced eight branch additions through September, including
recent openings in Hollywood, FL; New Castle, DE; and Indio, CA.
Our expansion into the Midwest and further penetration into the
southern U.S. positions H&E for increased participation in the
non-residential construction and industrial end-markets. The
Company remains committed to further growth of its pure-play rental
business and other strategic initiatives.”
Following the closing of the transaction, H&E’s equipment
rental operations extend across 120 branch locations in 29
states.
About H&E Equipment Services, Inc.
Founded in 1961, H&E Equipment Services Inc. is one of the
largest rental equipment companies in the nation. The Company’s
fleet is among the industry’s youngest and most versatile with a
superior equipment mix comprised of aerial work platforms,
earthmoving and material handling equipment, and other general and
specialty lines. H&E serves a diverse set of end markets in
many high-growth geographies including branches throughout the
Pacific Northwest, West Coast, Intermountain, Southwest, Gulf
Coast, Southeast, Midwest, and Mid-Atlantic regions.
Forward-Looking Statements
Statements contained in this press release that are not
historical facts, including statements regarding increased business
opportunities and further growth and expansion , and H&E’s
beliefs and expectations, are “forward-looking statements” within
the meaning of the federal securities laws. 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)
risks related to the impact of the COVID-19 global pandemic, such
as the scope and duration of the outbreak, government actions and
restrictive measures implemented in response to the pandemic,
material delays and cancellations of construction or infrastructure
projects, labor shortages, supply chain disruptions and other
impacts to the business; (2) general economic conditions and
construction and industrial activity in the markets where we
operate in North America; (3) our ability to forecast trends in our
business accurately, and the impact of economic downturns and
economic uncertainty in the markets we serve (including as a result
of current uncertainty due to COVID-19); (4) the impact of
conditions in the global credit and commodity markets (including as
a result of current volatility and uncertainty in credit and
commodity markets due to COVID-19) and their effect on construction
spending and the economy in general; (5) trends in oil and natural
gas that could adversely affect the demand for our services and
products; (6) relationships with equipment suppliers; (7) increased
maintenance and repair costs as we age our fleet and decreases in
our equipment’s residual value; (8) our indebtedness; (9) risks
associated with the expansion of our business and any potential
acquisitions we may make, including any related capital
expenditures, or our inability to consummate such acquisitions;
(10) our possible inability to integrate any businesses we acquire;
(11) competitive pressures; (12) security breaches and other
disruptions in our information technology systems; (13) adverse
weather events or natural disasters; (14) compliance with laws and
regulations, including those relating to environmental matters,
corporate governance matters and tax matters, as well as any future
changes to such laws and regulations; and (15) other factors
discussed in our public filings, including the risk factors
included in the Company’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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220929005943/en/
Leslie S. Magee Chief Financial Officer 225-298-5261
lmagee@he-equipment.com
Jeffrey L. Chastain Vice President of Investor Relations
225-952-2308 jchastain@he-equipment.com
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