Fort Wayne, IN — NESCO, LLC ("NESCO") today announced that it has acquired Utility Equipment Leasing Corporation ("UELC") from Utility Equipment Holding Company ("UEHC"), pursuant to a stock purchase agreement.
"This is an accretive and deleveraging transaction that also further strengthens NESCO's national presence in the utility equipment rental market."
NESCO, acquired by Platinum Equity in October 2011, is a leading North American provider of specialty rental equipment for the electric power transmission and distribution industry. UELC provides lease and rental solutions for utility trucks and related equipment, and was founded in 1967 as a sister company of DUECO Inc. ("DUECO"), the largest distributor of Terex Utilities products in the United States.
The acquisition of UELC adds over 500 units to NESCO's existing fleet and will expand NESCO's branch footprint into CA and TX. Financial terms of the transaction were not disclosed.
"Acquiring UELC further broadens NESCO's fleet offering and expands our customer base and ability to service our customers' equipment needs nationwide," said Lee Jacobson, NESCO's Chief Executive Officer. "The acquisition solidifies our position as one of the premier service and equipment providers in the utility and telecommunications rental markets and demonstrates NESCO and Platinum Equity's commitment to strategic consolidation."
Louis Samson, the Platinum Equity partner who led the firm's acquisition of NESCO, said today's announcement represents another step forward in Platinum Equity's efforts to support NESCO's overall growth strategy.
"This is an accretive and deleveraging transaction that also further strengthens NESCO's national presence in the utility equipment rental market," said Mr. Samson. "NESCO and UELC are complementary businesses with compelling synergies and we are excited about the prospect of bringing them together."
We are one of the largest North American providers of specialty rental equipment for the electric power transmission and distribution ("T&D") industry serving contractors and utilities that perform critical installation, maintenance, upgrade and repair services on T&D infrastructure. We also provide equipment services to customers in a variety of other end markets including the telecommunications sector. We have one of the most modern and extensive fleets of bucket trucks, digger derricks, line equipment, cranes, pressure diggers and underground equipment in the industry. The breadth of our equipment fleet and broad geographic presence across the United States and Canada positions us to serve as a first call, one-stop provider for our customers. To learn more about NESCO offerings, visit www.nescosales.com or call 1-855-637-2693.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition, and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metal services, rental services, manufacturing, and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed over 145 acquisitions.
Utility Equipment Leasing Corporation, founded in 1967 offers rental and leasing units ranging from bucket trucks and digger derricks to cable pullers and track vehicles. UELC is a strong business partner to contractors, utilities, municipalities and other industries across the nation. With headquarters in the Greater Milwaukee area, UELC's nationwide network of dealers and service centers are ready to fulfill any utility equipment needs.
DUECO is the largest provider of Terex bucket trucks, digger derricks, and cranes for the utility market in the nation. DUECO also manufactures hybrid utility trucks and custom utility truck bodies and distributes mini derricks, aerial lifts, stringing equipment and trailers. Family owned and operated since 1955, DUECO's philosophy of teamwork, integrity, and open communication with customers and employees ensures high quality equipment at the best value. With headquarters in the Metro Milwaukee area, DUECO services customers 24/7 in fifteen states. To learn more about DUECO and what the company can offer, please call us at 800-558-4004 or visit us on the web at www.dueco.com.
Bob Smith, 260-824-9519