is in acquisition mode, adding a handful of companies over the past few months, including most recently Van's Equipment Co. in Denver but also MSP Equipment Rentals, based in New Castle, DE, as well as Los Angeles-based Noble Rents, among others.
Van’s Equipment Co. includes two Colorado-based locations, which Sunbelt purchased for an undisclosed amount. SDR Ventures served as the exclusive sell-side advisor to Van’s Equipment.
Sunbelt bought MSP Equipment Rentals for a cash consideration of $23 million. Founded in 1995 by Mike Cassidy, MSP is based in New Castle, DE and has another branch in Laurel. The company, which serves the Philadelphia metro area, the entire state of Delaware and southern New Jersey and northern Maryland, primarily rents reach forklifts, boom lifts and scissor lifts. The MSP operations team will join Sunbelt, although Cassidy will focus on other business interests.
MSP Rental industry transaction advisor The Stansberry Firm LLC represented MSP in the transaction.
“The Stansberry Firm immediately got my attention at our initial meeting and tour of my facilities,” Cassidy said. “The Stansberry Firm’s blend of industry, operational, financial and equipment expertise greatly streamlined the process and resulted in multiple bona fide offers.”
Earlier this year, Sunbelt acquired the business and assets of Arsenal Equipment Rentals for a cash consideration of $39 million. Arsenal is a general equipment rental business in California. In April, the company acquired Pride Equipment Corp., a lift equipment and aerial platform rental company in Islip, NY, for an undisclosed amount, and in May, purchased the assets of Noble Iron’s Los Angeles-based equipment rental operations. The purchase price was approximately $46.34 million, to be paid in cash. The company also acquired RGR Equipment, an aerial work platform rental business based in St. Louis, for a cash consideration of $58 million.