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Herc’s acquisition of Otay Mesa Sales its largest buy ever
24 July 2024
Herc Holdings Inc. acquired the assets of Otay Mesa Sales from Otay Mesa Sales Inc. for approximately $260 million in July 2024, it was reported by Market Screener.
Herc Rentals equipment.
Herc hinted at the sale in its earnings call on July 23, calling the deal its largest acquisition to date. The addition of Otay targets the construction and industrial customer segments with four locations serving Phoenix and Yuma, Arizona and San Diego, California.
According to the company’s website, Otay Mesa Sales has been a family-owned business for more than 100 years, claiming to be one of the largest independent equipment companies.
A cash consideration of $264 million will be paid by Herc Holdings Inc. Otay Mesa has 135 employees.
Herc has added 21 new locations so far in 2024, with 10 of those coming in the second quarter (a 48% increase in locations year-to-date).
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