H&E Equipment Services Inc. (“H&E” or the “Company”) (NASDAQ: HEES) today announced the completion of its acquisition of One Source Equipment Rentals Inc. (“One Source”), effective October 1, 2022. With the closing of the transaction, H&E adds 10 equipment rental locations to its branch network, including initial locations in Illinois, Indiana, and Kentucky. In addition, the Company will supplement its operating presence in the southern U.S. while adding approximately $138 million in fleet as measured by original equipment cost.
“The acquisition of One Source demonstrates our commitment to growth through expansion into highly prospective geographies and complements our successful warm start strategy. This year, we have announced eight branch additions through September, including recent openings in Hollywood, FL; New Castle, DE; and Indio, CA. Our expansion into the Midwest and further penetration into the southern U.S. positions H&E for increased participation in the non-residential construction and industrial end-markets. The Company remains committed to further growth of its pure-play rental business and other strategic initiatives.”
-Brad Barber, chief executive officer of H&E.
Following the closing of the transaction, H&E’s equipment rental operations extend across 120 branch locations in 29 states.
About H&E Equipment Services, Inc:
Founded in 1961, H&E Equipment Services Inc. is one of the largest rental equipment companies in the nation. The Company’s fleet is among the industry’s youngest and most versatile with a superior equipment mix comprised of aerial work platforms, earthmoving and material handling equipment, and other general and specialty lines. H&E serves a diverse set of end markets in many high-growth geographies including branches throughout the Pacific Northwest, West Coast, Intermountain, Southwest, Gulf Coast, Southeast, Midwest, and Mid-Atlantic regions.