Hertz Equipment Rental Corp. (HERC), Park Ridge, N.J., has acquired Pioneer Equipment Rental and Sales, a Ponca City, Okla.-based construction and industrial equipment rental company with 10 locations in Oklahoma and one in Denton, Texas.
Pioneer was founded in 1998 as an independent rental company specializing in the rental and sale of equipment for industrial, construction, earthmoving and material handling customers, serving Oklahoma, Southern Kansas and Northern Texas.
“The overall economy is uncertain, but business is good in Oklahoma. Capital investment is needed to take advantage of opportunities in the oilfield market and pairing up with Hertz expands opportunities for our customers and our employees,” says John Redwine, owner of Pioneer Equipment Rental and Sales, who is now regional operations manager for HERC covering the state of Oklahoma.
“The combination of the two companies expands the footprint, offering advantages to our customers, including those in the oil and gas industry as well as contractors. It is a good move for us to join with the Hertz brand,” he says.
Pioneer Rental is expected to add $25 million of annual revenue to HERC and the acquisition will be accretive to Hertz’s 2012 earnings.
Redwine says HERC’s ability to offer employees expanded benefits and a larger pool of career opportunities played into the decision to join with Hertz.
“Some of our employees already have moved into new roles. I’m proud of the team we built and Hertz did its due diligence and recognized the talent,” Redwine says. “The HERC staff members in Oklahoma City and Tulsa have welcomed our staff into the Hertz family and our staff was eager to join with them. We have the opportunity to do something special in the state of Oklahoma and it starts with both teams willing to be one.”
As a result of the deal, one Pioneer branch in Tulsa was closed, but Redwine says the other branches will remain open and continue
to operate under the same business model, which includes being open on Saturdays.
Redwine also will continue to serve as the chairman of the American Rental Association’s (ARA) Construction and Industrial Services Shared Interest Group and as a member of the ARA board of directors.
“Hertz has been very supportive of me keeping my role on the ARA board. They’ve encouraged me to stay involved and Hertz plans to bring a good number of people to The Rental Show 2013 in Las Vegas,” Redwine says.