H&E Equipment acquires in Midwest

H&E Equipment Services is to acquire One Source Equipment Rentals for US$130 million in cash.

H&E Equipment headquarters H&E’s corporate headquarters in Baton Rouge, Louisiana.

Founded in 2001, One Source is an employee-owned business based in Plainfield, Illinois with revenues of $59 million for the year to 31 July 2022. It has 10 branches in the Midwest and southern US; three in each of Illinois and Indiana, two in Tennessee and one each in Kentucky and Alabama.

The deal is expected to close during the fourth quarter of 2022.

Brad Barber, CEO of H&E, said One Source had strong consumer loyalty throughout its network; “These important attributes, which are underscored by a dedicated base of employee owners, offer an exceptional cultural fit with H&E.

“Also, the transaction will expand our geographic footprint into the Midwest with operations in Illinois and Indiana, as well as operations in Kentucky.”

One source Equipment Rentals acquired

He added that the H&E was expanding through “warm start” – meaning acquisitions - and greenfield branch openings, with 15 new branches established since early 2021.

Following the closing of the transaction, H&E’s equipment rental operations will extend across 117 locations in 28 states.

Latest News
First Scottish crane operator apprenticeship announced
Scottish Plant Owners Association and CITB announce first ever Scottish crane operator apprenticeship
Two new additions to AEMs Hall of Fame
Two leading figures from the construction industry have been added to listing
Fifth IAPA judge announced
Pedro Torres, CEO of Riwal, takes the final judging place ahead of the March 2024 event