Five of the biggest equipment rental acquisitions of 2024 so far

It’s been a busy start to the year for rental companies around the world, with some big acquisitions announced in the first quarter.

Here, IRN takes a look at five of the biggest equipment rental acquisitions of 2024 so far.

WillScot mega-merger creates $3.2bn business

At the end of January, WillScot Mobile Mini announced that it had agreed to acquire its major competitor McGrath RentCorp for US3.8 billion.

The deal combined two of the largest portable accommodation and storage rental businesses in North America with annual revenues of $3.2 billion in 2023.

The deal also created a business with 475,000 rental units, with modular space representing 72% of its business, storage rental 23%, and 5% comprising McGrath’s testing equipment rental operation, TRS-RenTelco.

Sunstate expands trenching rentals with acquisition

February saw Sunstate Equipment Co strike a deal to acquire sister companies Trench Shore Rentals and Trebor Shoring Rentals, which operate in Arizona, California and Texas.

Trench Shore rents from Phoenix, Tucson and El Paso, while Trebor Shoring has sites in Los Angeles, San Diego and San Bernandino. 

TSR expands Sunstate’s existing shoring rental division, which was established in 2018 and has thirteen dedicated locations in the Gulf, Southeast and Northwest. Sunstate operates across 16 US states coast to coast.

Coates expands in Sydney

GTH telehandler being maintained. (Photo: GTH website) Telehandler maintenance at GTH’s Sydney location (Photo: GTH website)

GTH Equipment, a Sydney-based renter of telehandlers and access equipment, was acquired by Coates in February.

Founded in 1997, initially as a regional dealer for Genie telehandlers but since 2016 the company has also sold and rented aerial platforms.

The deal added 650 machines to Coates’ fleet and also a modern depot in Smithfield well positioned to serve greater Sydney.

United Rentals makes $1.1bn acquisition

United Rentals announced in March that it would acquire the Yak temporary matting business from its private equity owner for $1.1 billion.

The company had revenues of $353 million in 2023 and EBITDA profits of $171 million.

The deal includes Yak Access, Yak Mat and New South Access & Environmental Solutions, which together rent a fleet of 600,000 wood and composite protection mats to customers in construction and utilities.

Click here for analysis on why United spent $1.1bn on a temporary roadway business.

Boels to buy Riwal

Pierre Boels, left, with Doron Livnat, of ProDelta, the majority owner of Riwal. (Photo: Boels) Pierre Boels, left, with Doron Livnat, of ProDelta, the majority owner of Riwal. (Photo: Boels)

Earlier this week, Boels Rental announced that it is to buy Netherlands-based aerial platform renter Riwal, adding annual revenues of around €314 million and 65 branches across 14 countries in Europe, the Middle East and South Asia.

The purchase of Riwal, which is being sold by its majority owner ProDelta Investments, adds 20,000 machines to Boels’ fleet of aerial platforms, making it the second-largest aerials fleet in Europe and the sixth-largest in the world.

It also establishes Boels in a number of new markets, including Spain, France the Middle East and India.

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Click here for insight into the deal, provided by Rental Briefing. 

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Ollie Hodges Publisher Tel: +44 (0)1892 786253 E-mail: [email protected]
Lewis Tyler
Lewis Tyler Editor Tel: 44 (0)1892 786285 E-mail: [email protected]