Hertz Global Holdings, Inc. announced that Hertz Equipment Rental Corporation (HERC) has acquired Pioneer Equipment Rental and Sales, a leading Oklahoma-based construction and industrial equipment rental company, focused primarily on rentals to the industrial and construction markets, that services the Oklahoma, Southern Kansas and Northern Texas markets.
"Pioneer Rental is another significant step in our commitment to diversify HERC geographically as well as to expand its product and service portfolio," commented Mark P. Frissora, Hertz Chairman and Chief Executive Officer. "Pioneer Rental gives HERC an even larger footprint in the Oklahoma equipment rental market and access to a broader range of contractor and industrial business. The acquisition immediately increases HERC's overall market share, bringing to 12 the total number of HERC locations in Oklahoma, while advancing HERC's industrial penetration strategy particularly in the attractive oil and gas market."
The Oklahoma industrial and construction markets are slated to grow more than 20% in 2013. Pioneer Rental will add $25 million of annual revenue to HERC, and the acquisition will be accretive to Hertz's 2012 earnings.
"I'm very excited to join the Hertz team," commented John Redwine, President, Pioneer Rental. "Hertz has been a strong player in this area and around the country for a long time. I'm convinced that both the Hertz and Pioneer customers will greatly benefit with the expanded footprint and services that will be available to meet their equipment needs."
Established in 1998, Pioneer Equipment Rental and Sales is a leading, independent rental company specializing in the rental and sale of equipment for industrial, construction, earthmoving, and material handling customers. In addition, Pioneer offers extensive repair and maintenance programs with comprehensive parts, inventories, mobile service, planned maintenance, and fleet management.
Hertz Equipment Rental Corporation, a wholly owned subsidiary of The Hertz Corporation since 1965, operates one of the world's largest equipment rental businesses, offering a diverse line of equipment and tools for rent and sale. Products include aerial manlifts, air compressors and tools, earthmoving equipment and power generators, forklifts and material handling equipment, pumps, and trucks and trailers. Hertz Equipment also offers custom programs and equipment through its specialty service groups; Industrial Plant Services, Pump and Power Services, Aerial Services and Government Services. With approximately 325 locations in the United States, Canada, China and Europe, Hertz Equipment Rental offers daily, weekly, monthly and long-term rentals, tools and supplies, as well as new and used equipment for sale.
