Hertz buys industrial renter in eastern Canada
By Murray Pollok15 July 2009
IRR has been sold by J D Irving, a Canadian group involved in forestry, construction, transportation and shipbuilding. It also owns a crane rental company, Irving Equipment.
Founded in 1998 and based in Saint John, IRR supplies non-operated equipment throughout Atlantic Canada to support industrial customers in oil refining, pulp and paper, ship building, construction, manufacturing and mining. Its fleet includes aerial platforms, forklifts, compressors, welders, generators, heaters and light towers.
No information was provided by Hertz on the size of the IRR business, but Hertz said it would "significantly boost" Matthews' presence in New Brunswick.
"Matthews' acquisition of Irving Industrial Rental is instrumental in the company's continued growth in the Canadian industrial rental market," said Gary Plescia, president of Hertz Equipment Rental Corp, "Irving Industrial Rental has a solid reputation throughout Atlantic Canada and will enhance Matthews' efforts to be the first choice equipment rental provider for the industrial market in Eastern Canada.
"Irving Industrial Rental also supports the Company's strategy to continue growing worldwide revenue through key acquisitions and we're confident that the acquisition will establish Matthews as a key player in the Maritime region's industrial rental market."
The acquisition also helps boost Hertz coverage of the industrial rentals market. That is a strategy that is currently proving popular with major US rental companies who are looking to reduce their exposure to recession-hit construction. RSC is considered a leader in this area, defining around 50% of its revenues as ‘industrial', while United Rentals is currently at around 17%.