Herc acquires Cloverdale Equipment
17 March 2022
Herc Rentals has entered an agreement to acquire Cloverdale Equipment, a full-service general equipment rental company with 120 employees.
Cloverdale supplies mobile elevating work platforms, telehandlers, forklifts, rough terrain and industrial cranes, boom trucks, portable air compressors and other related construction equipment. Its inventory and rental fleet consists of new and recent low-hour machines.
The company’s corporate headquarters is located in Oak Park, Michigan (metro-Detroit), along with branches located in Norton Shores, Michigan (west Michigan), Berea, Ohio (greater Cleveland) and Bridgeville, Pennsylvania (Pittsburgh).
Herc said the addition of Cloverdale would expand its presence in the area to 14 physical locations, which collectively provide general and specialty equipment rental solutions and related services.
Larry Silber, president/CEO, said in a statement. “With nearly 60 years of history, Cloverdale’s team brings substantial equipment rental experience and a strong reputation for exceptional customer service, top-quality equipment and operational excellence.
“Our combined teams and resources position Herc Rentals to be a preeminent equipment rental partner in the Great Lakes region and nearby markets, serving a diverse mix of construction, industrial and government customers.
“With three of its locations in major metropolitan markets, the addition of Cloverdale supports our long-term strategy to achieve greater density and scale in select urban markets across North America to better serve both our local and national customers.
“In addition, Cloverdale has deep relationships with key industrial customers whose unique construction and maintenance needs continue to grow, which Cloverdale serves through self-perform work and a suited-to-purpose rental fleet, including specialty aerial and material handling equipment.
“We expect the acquisition to be accretive to earnings in the first year. We remain well positioned to pursue growth through a variety of initiatives, including investment in key fleet categories, greenfield branches and acquired operations, while maintaining our commitment to a sound financial footing.”
Herc has made a number of acquisitions in recent times, totalling 12 last year.