||2013 For the Record
- Sunbelt Rentals, Fort Mill, S.C., the U.S. subsidiary of the Ashtead Group in England, acquired the business and assets of JMR Industries, Odessa, Texas, on Nov. 20, for an initial consideration of $32 million with deferred consideration of up to $12 million payable over the next three years depending on future profitability. JMR is a single location energy-related business, renting and selling into the oil and gas industry. JMR rents boom lifts, reach forklifts, generators, light towers, trash trailers and pumps, as well as high return specialty items specific to the oil and gas industry. In addition to rentals, JMR also provides sales and service of oilfield equipment and supplies to its rental customers. JMR’s owners, Jimmy Roark and Jimmy Shelton will remain with Sunbelt to spearhead continued growth of the business. The Stansberry Firm, Granbury, Texas, represented JMR in the transaction.
- The shareholders of CNH Global, which manufactures Case- and New Holland-branded agriculture and construction equipment, have approved an improved merger offer by Fiat Industrial S.p.A. Fiat Industrial is the company spun off from the Fiat Group at the beginning of 20011, when that company decided to concentrate on its auto business. Fiat Industrial already owns about 89 percent of CNH as well as Iveco Trucks and Fiat Powertrain Technologies. Under the merger agreement, CNH shareholders will receive 3.82 shares in a new company and minority shareholders will receive a $10 cash dividend per share. The merger is to be completed in the second quarter of 2013.
- Kennards Hire in Australia has entered the New Zealand market by acquiring McEntee Hire, which includes nine equipment hire centers in Auckland. The deal is the first acquisition by Kennards outside of Australia.
- Rainier Industries, Seattle, completed the acquisition of The SEC Group, Wilsonville, Ore., in November. “This is a great marriage of two of the tent industry’s leading players,” said Scott Campbell, Rainier’s president. “Spencer and I have worked together for decades, so combining our strengths made perfect sense.” Rainier will continue to manufacture product in Seattle, while The SEC Group remains in its Wilsonville facility. “Rainier’s wide range of manufacturing capabilities allows us to greatly expand our products and services. The best tent product in the industry just got better,” said Spencer Etzel, owner of The SEC Group.
- Xylem, White Plains, N.Y., has acquired privately held Heartland Pump Rental & Sales, Carterville, Ill. Heartland Pump has been a Godwin business partner in dewatering pump rental, services, and systems design since 1995. Godwin is a part of the Xylem portfolio. “We’ve identified dewatering as a strategic growth market for us, building on our existing capabilities in emergency water removal, bypass, drainage and industrial applications,” said Gretchen McClaim, president and CEO of Xylem. “This acquisition supports our strategy by expanding our footprint in an important region of the United States.”
- Volvo Rents, Shippensburg, Pa., continued its expansion at the end of 2012. The company acquired FRED Rents, a two-location construction equipment rental company with stores in Madison and Neenah, Wis., in late October; opened a fourth Pennsylvania branch in Montoursville, Pa., in mid-November; and opened a branch in Turlock, Calif., in December, the company’s 14th location in California.