Herc Holdings completes H&E Equipment acquisition

Herc Holdings, a leading North American equipment rental supplier, has completed its acquisition of H&E Equipment Services, significantly expanding its fleet, footprint and market reach.

The transaction gives the company a leading presence in 11 of the top 20 U.S. rental markets and increases its locations to 613 across North America, according to a June 2 Herc press release. Under the terms of the agreement, Herc acquired all outstanding shares of H&E for $78.75 in cash and 0.1287 shares of Herc stock per share.

The combined companies bring together more than 120 years of industry experience and complementary service cultures, expanding access to general and specialty rental equipment valued at roughly $10 billion, according to the release. Customers will benefit from a broader geographic reach, enhanced fleet offerings and improved access to ProControl by Herc Rentals, the company’s real-time fleet management platform.

Herc’s headcount is about 10,500, and the company anticipates expanded career development and sales opportunities for staff, according to the release. The company projects pro forma 2024 revenue of $5.1 billion.

The acquisition aligns with Herc’s ongoing growth strategy and follows over 50 successful integrations in recent years, according to the release. Strategic advisers on the transaction included Guggenheim Securities, Credit Agricole, Simpson Thacher & Bartlett LLP and Joele Frank.