United Rentals has completed the previously announced acquisition of General Finance Corporation.
General Finance, which operates as Pac-Van and Container King in the United States and Canada, and as Royal Wolf in Australia and New Zealand, is a provider of mobile storage as well as modular office space.
Matthew Flannery, CEO of United Rentals, said, "We’re delighted to welcome our new customers and team members to United Rentals. This is an acquisition with strong strategic and financial merits, timed to serve the increasing demand in our end markets. It expands our growth capacity with the addition of leading mobile storage and modular office solutions, including over 900 employees with complementary expertise. As customers turn to us for the equipment they need, we’re giving them the industry’s most complete range of solutions to help them succeed."
The company plans to update its 2021 financial outlook to reflect the combined operations when it releases financial results for the second quarter in July. The acquisition of General Finance was structured as a merger, following the successful completion of the cash tender offer to purchase all outstanding shares of common stock of the company.
In April, United Rentals also acquired Franklin Equipment, a regional provider of equipment rentals, sales, and related services in the Midwest and southeastern United States.
Information provided by United Rentals and edited by Alexis Brumm.