Herc acquires East Coast rental business

Rental Works of Maryland, an independent equipment rental company serving the Maryland, Washington D.C., and Northern Virginia markets in the US, has been acquired by Herc Rentals.

Herc Rentals reported in April it has added 15 locations since the start of the year.

“We are excited to join forces with Herc,” said David Graham, managing partner of Rental Works of Maryland, a four-branch firm founded in 2007. “We are confident that our shared cultures, built on integrity, respect, teamwork, and accountability, will make this a great business combination. My partners and I would like to thank our customers and our team for making Rental Works of Maryland successful, and we look forward to great things to come as part of the Herc team.”

Herc reported in April that it completed four acquisitions in Q1, adding 11 locations while additionally opening four greenfield locations for a total of 15 new locations.

As of March 31, the company’s total fleet was approximately $6.4 billion at OEC, an increase of 10% over 2023 Q1, and its average fleet age was 47 months.

“We are making progress against each of our key 2024 priorities — enhancing our customer experience through our E3 business operating system, managing fleet efficiency and expenses with discipline, and scaling our network through greenfield locations and acquisitions in top 100 metropolitan markets,” said Larry Silber, president and CEO, Herc Rentals.

Herc Rentals is ranked third on the RER 100 with over 400 locations across North America and total revenues of approximately $3.3 billion in 2023.

Catalyst Strategic Advisors served as the exclusive transaction advisor to Rental Works of Maryland.