Herc makes Colorado acquisition
By Lewis Tyler03 August 2023
Herc Rentals has purchased US-based Rental Equipment Center. No financial details have been disclosed.
Founded in 2020 by CEO Jerry Morin and CFO Troy Miller, Colorado-headquartered REC is a general renter with two branches in Denver and Loveland.
The company has a diverse fleet of equipment that includes lighting towers, compressors, scissor lifts and loaders and generators.
Co-founders Morin and Miller said, “We are thrilled about the future of Rental Equipment Center as part of the Herc Rentals family. Herc’s culture, fleet resources, and expertise will undoubtedly propel the company to new heights, delivering great service for customers and exciting opportunities for REC’s employees for years to come.
“The combination of REC and Herc marks the beginnings of an incredible journey, and we could not be more excited to see where it will go.”
Herc, which recently announced an 18% increase in rental revenue to $702 million in Q2 of 2023, has already made six acquisitions, at a total cost of $271 million, in 2023.
Financial planning firm Catalyst Strategic Advisors acted as an exclusive transaction advisor to Rental Equipment Center.