H&E Buying J.W. Burress

19 March 2008

J.W. Burress will be acquired by H&E Equipment Services in the US. The acquisition is subject to several conditions, including obtaining third-party agreements from equipment manufacturers and vendors.

The deal was set to close by 31 July, 2007 at a purchase price of $108.7 million.

Burress is a privately owned construction equipment distributor serving the mid-Atlantic markets with 12 branches.

The company's main business is selling new and used equipment, accounting for about 60% of revenues. Burress represents Hitachi, Manitowoc, Grove and Terex. H&E does not anticipate that Burress will continue to represent Hitachi.

“Burress is one of the premier distributors of heavy construction equipment in the US and has an outstanding reputation with the manufacturers they represent and the end users they serve,” said John Engquist, H&E president andCEO.

“This acquisition will expand our footprint contiguously throughout the mid-Atlantic region and affords us significant growth opportunities.

“Our ideal acquisition target is a distributor with strong retail sales and product support capabilities and a rental component that we can improve and grow significantly. Burress certainly fits this profile.”

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