Herc Holdings is a Bonita Springs-based company that continues to buy.
The parent company of Herc Rentals (an equipment rental company) announced on Thursday plans to purchase Rapid Equipment Rental Limited in Toronto.
It was not known what the terms of this contract would be.
Herc anticipates that the acquisition will be completed by the end the year.
Rapid Equipment, a rental company that offers full service in seven locations and employs 110 people, was established in 2013. Rapid Equipment serves the Toronto region, which is one of North America’s largest rental markets for equipment.
Larry Silber, the President and CEO at Herc stated in a press release, that his company will be “an outstanding equipment renting partner” in Canada’s capital city and the surrounding regions.
Rapid Equipment is a team of industry veterans who have extensive experience in equipment rentals. They are able to provide exceptional customer service and quality equipment, as well as operational excellence, for the Greater Toronto Area,” he stated.
Previous:Herc, which is based in Bonita Springs sees better than expected results for the third quarter
You can read more about it here:Herc Holdings weathers the economic storm, and has better-than expected Q2 results
For those who missed it, here’s a link:Herc unveils ambitious plan of growth over three years
The proposed acquisition supports Herc’s long-term strategy of “becoming more densely populated and sized in select urban markets across North America” in order to better serve its local and national customers, Silber said.
Greater Toronto is a market that has potential to generate over $1 billion of equipment rental income, said he.
Herc anticipates that the acquisition will be financially profitable or increase its revenue within the first year.
Herc is committed to enhancing shareholder returns and sales through acquisitions.
New strategic initiatives were unveiled by executives at Herc on the first Investor Day, September 20, in New York City. These new strategies will help accelerate earnings and sales growth until 2024.
This three-year plan offers:
- The core should grow by expanding and adding the fleet of core vehicles at current locations, as well as the network of branches in select markets.
- Specialty Stores Expanding – By investing in their line of specialty equipment, and expanding its network across North America of specialty shops
- Advancement Technology – Enhancing customer experience via mobile solutions, improved fleet usage tracking, and logistic management capabilities
- Integrating Sustainability-Reaching new targets for environmental sustainability in 2030
- Allocation of Capital: By investing in internal growth, strategic acquisitions and mergers, and by paying dividends
Herc’s improved financial performance led to the announcement of a $ 2 annual dividend on Investor Day.
On November 4, the company will distribute its first quarterly dividend at 50c per share.
Herc has everything you need, from backhoe loadsers to aerial platforms in its core fleet. Air conditioning, electricity pumps, and entertainment equipment like production lighting are the company’s specialties.
The specialty shop accounts for around 30% of all the company’s revenue. This is largely due to the use of tools and equipment purchased from other companies. You can find drills, screwdrivers ladders and paint spraying tools.
Herc has approximately 5,100 employees at 295 places in North America. The headquarters is located in Bonita Springs, and employs approximately 400 people.
Herc took over five businesses since Herc was an independent company listed in 2016, after it separated from Hertz’s rental car business in Estero.
Paul Dickard (Vice President of Communications at Herc) stated that all acquisitions have been made within the last 10 months with the exception of Rapid Equipment.
He stated that they are looking at additional strategic acquisitions.
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