Sunbelt Rentals, the U.S. subsidiary of UK-based Ashtead Group, has acquired the business and assets of JMR Industries of Odessa, TX for an initial consideration of $32 million with deferred consideration of up to $12 million payable over the next three years depending on future profitability. JMR is a single-location energy-related business, renting and selling into the oil and gas industry.
JMR rents boom lifts, reach forklifts, generators, light towers, trash trailers and pumps, as well as high-return specialty items specific to the oil and gas industry. In addition to rentals, JMR also provides sales and service of oilfield equipment and supplies to its rental customers. JMR’s owners, Jimmy Roark and Jimmy Shelton will remain with Sunbelt to spearhead continued growth of the business.
The Stansberry Firm, Granbury, TX, represented JMR in the transaction.