Los Angeles (February 3, 2014) – Platinum
Equity today announced it has completed the acquisition of Volvo Rents from the
Volvo Group. Volvo Rents is a leading North American provider of small-to-medium
sized rental equipment serving a diverse customer
base across multiple industries, including construction, oil and gas,
industrial manufacturing, infrastructure, power, and metals and minerals.
Partner Louis Samson, who led the transaction team at Platinum Equity, said he
is excited about Volvo Rents’ prospects under new ownership.
“We believe Volvo Rents has a tremendous
opportunity to reach new heights as a standalone company,” said Mr. Samson. “We have a lot of experience owning and
operating equipment rental businesses and will work with the management team to
help the business grow both organically and through prospective complementary
Platinum Equity also
currently owns Maxim Crane, a full-service provider
of crane rental and lifting services.
A team that includes Platinum Equity
in-house operations specialists is focused on transitioning the newly acquired
business. A rebranding initiative is underway, and a new company name and image
is expected to be announced soon.
Morgan Stanley and Harris Williams served
as financial advisors to Platinum Equity on the Volvo Rents acquisition and
Latham and Watkins served as legal advisors. Debt financing for the acquisition was led by Bank of America
Merrill Lynch with Morgan Stanley, Goldman Sachs and Barclays serving as joint bookrunners.
About Platinum Equity
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, metals services,
manufacturing and distribution. Since its founding in 1995 by Tom Gores,
Platinum Equity has completed more than 150 acquisitions.
About Volvo Rents
Rents operates 130 rental stores in North America. The
company operates a network of company-owned rental stores in North America.
Each of the North American rental centers offers a comprehensive line of
essential equipment for the construction, commercial and industrial markets, as
well as an extensive line of Volvo compact excavators, compactors, wheel
loaders, backhoe loaders, compaction equipment, and skid steer loaders. For
more information, visit www.volvorents.com.
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