BlueLine Rental, a full-service equipment rental company, announced the signing of a definitive agreement to acquire Trico Equipment Inc., a rental company specialized in aerial lift equipment with locations in New Jersey, Pennsylvania, Maryland and Texas. Terms of the transaction were not disclosed.
"Trico is a very complementary business for BlueLine that will strengthen our aerial fleet mix and capabilities, provide access to a valuable new customer base in key regions, and position us well for future growth," said BlueLine Rental CEO Phil Hobson. "Our businesses are a good fit culturally as well, with a shared commitment to quality service and a determination to deliver on behalf of our customers. The combination brings many talented people together on the BlueLine team."
Hobson said the Trico senior management team is expected to stay on with BlueLine in management roles following the closing of the transaction.
BlueLine is owned by Platinum Equity, which acquired the business in January 2014. In September 2014 BlueLine acquired JustRuss Rental Inc., a full-service equipment rental company with three locations in Alabama, which expanded BlueLine's footprint in the Southeast United States.
"We continue delivering on our promise to help BlueLine grow in a smart and strategic way," said Platinum Equity Partner Louis Samson. "We are pursuing complementary, accretive add-on acquisitions that bring immediate synergies and strengthen our mix of equipment and customers. Trico is a great fit on all accounts."