United Rentals to buy Canada's Venetor Group

United Rentals' Canadian subsidiary is to acquire Venetor Group, a seven-location equipment rental company in Canada, for an undisclosed price.

Family-owned Venetor was founded in 1975 and is the largest independent equipment rental company in Ontario. It rents a wide range of equipment to industrial, commercial and maintenance contractors, and sells equipment, parts and supplies.

Michael Kneeland, chief executive officer of United Rentals, said, "Upon completion, the acquisition of Venetor Group will significantly expand our position in central Canada, a marketplace with attractive growth dynamics.

"We are particularly delighted that Alvi Beraldo, Tom Beraldo and Dennis Beraldo, will bring their decades of experience to United Rentals, and continue to play an active role in growing the business. Venetor's commitment to superior service and its focus on industrial customers complements our own strategy and customer focus."

Completion of the acquisition is subject to the satisfaction or waiver of certain conditions contained in the definitive purchase agreement.