Platinum Equity acquires NESCO
By Lindsey Anderson31 October 2011
Platinum Equity has acquired NESCO Sales and Rentals. Platinum is the owner of Maxim Crane Works and acquired NESCO from an investor group led by Hammond, Kennedy, Whitney & Company. NESCO founder and chief executive officer Rob Troxel will retain an ownership stake in the business going forward. Terms of the transaction were not disclosed.
Indiana-based NESCO provides fleet equipment rental with more than 1,500 aerials, having just recently purchased Terex Utilities' Western fleet.
"NESCO has one of the most comprehensive fleets in the industry, a strong national network and a true commitment to customer service," said Platinum Equity's Louis Samson, who led the team pursuing the NESCO acquisition. "We look forward to partnering with NESCO'S management team and talented employees to help the company achieve new levels of success."
In addition to the company's core rental business, NESCO also serves as a dealer for new and used equipment.
"NESCO is a premier company and a leader in its segment," said Glenn Scolnik, HKW's current and NESCO'S former Chairman of the Board. "We are proud of what we have accomplished with the NESCO team - it's a tremendous organization with a strong culture. Platinum brings additional resources that can help NESCO evolve and continue growing to better serve its customers. It is a win-win for everyone."
"Partnering with Platinum Equity is very exciting for our organization, our customers and all of our partners," said Troxel. "Platinum understands our business, and their culture and experience in the equipment rental market make them a great fit for NESCO."
Harris Williams & Co. acted as the exclusive financial advisor to NESCO.