United Rentals, Greenwich, Conn., recently acquired 12 companies with 68 rental locations. The company also announced that affiliates of Apollo Management, L.P., have signed a definitive agreement to purchase $100 million of Series B Perpetual Convertible Preferred Stock, which is convertible into 3,333,334 shares of United Rentals common stock at $30 per share.

The companies acquired are Sioux Falls, S.D.-based Elmen Enterprises, with locations in North Dakota, South Dakota, Iowa, Minnesota, Nebraska and Wisconsin; Udelson Equipment Co., with five locations in Florida, Ohio and Texas; Mango Equipment Co., one location each in Texas and Louisiana; Pilchuck Rentals, three locations in Washington; Four Star Enterprises Equipment, one location in Missouri; Vail Rentals, three locations in Colorado; Karl's Rental Center, two locations in Wisconsin; Westside Equipment & Supply Co., one location in Tennessee; Bob's Rental Center, one location in Texas; A. Carhart Rentals, one location in California; Lytle Rentals, one location in Texas; and Calvet Tool Rental & Service Center, with one location in New York.

"Since the beginning of the year, we have acquired 46 companies with combined annual revenues of approximately $345 million, and we are now on an annual revenue run rate in excess of $2 billion," said Brad Jacobs, chairman and CEO of United Rentals.

"We are pleased that Apollo has increased its equity investment in United Rentals, further strengthening our balance sheet."

United Rentals operates from 529 locations in 41 states, six Canadian provinces and Mexico.

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