Herc Rentals buys again in Canada
07 October 2021
Herc Rentals has agreed to acquire Canadian rental company Rapid Equipment Rental Ltd, a business with seven locations and 110 employees operating in the greater Toronto area. The purchase price has not been disclosed.
Herc said the Toronto region is one of the largest rental markets in North America, with a potential market size exceeding US$1 billion, and that the deal supported its long-term strategy of seeking density and scale in selected urban markets across North America.
The acquisition is the second in Canada that Herc has made in recent months. In September it announced the deal to buy entertainment rental specialist Dwight Crane, based in Ontario.
Larry Silber, President and CEO of Herc, said Rapid was led by equipment rental veterans and has “established a strong reputation throughout the GTA 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 across [greater Toronto].”
Rapid’s CEO is Frank Heller and its President is Steve Shinoff.
Silber added that Herc was positioned to pursue growth through “acquisitions, greenfield openings, and investment in key fleet categories as we continue to seek improved scale, profitability and shareholder returns.”