Herc Completes Purchase of H&E Rentals

Herc Holdings Inc. has announced that the acquisition of H&E Equipment Services Inc. (known as H&E Rentals) has been completed. 

“The acquisition of H&E accelerates Herc’s proven strategy and strengthens our position as a premier rental company in North America,” said Larry Silber, Herc Rentals’ president and chief executive officer. 

Silber continues:

The addition of H&E’s network and capabilities provides Herc with a leading presence in 11 of the top 20 rental regions, a larger fleet that provides our customers with a range of specialty and general rental products, and a talented team who shares our focus on excellence in customer service and safety. We are excited to realize the substantial upside ahead for industry-leading growth and superior value creation.

Under the terms of the merger agreement, Herc Rentals acquired all of the issued and outstanding shares of H&E’s common stock for, on a per share basis, $78.75 in cash and 0.1287 shares of Herc Rentals common stock. With the completion of the transaction, shares of H&E common stock have ceased trading and will no longer be listed on the NASDAQ.

Herc was advised by Guggenheim Securities, LLC, lead financial advisor. Additional advising companies included: Credit Agricole Securities (USA) Inc., co-financial advisor; Credit Agricole Corporate and Investment Bank, lead financing bank; Simpson Thacher & Bartlett LLP, legal advisor; and Joele Frank, Wilkinson Brimmer Katcher served as strategic communications advisor.