United Rentals, Inc. recently acquired Ahern Rentals, Inc. Valued at approximately $2 billion, the transaction was collectively funded by newly issued senior secured notes and existing capacity under the company’s ABL facility, a press release reported.
“Today we completed the Ahern acquisition on schedule and welcomed over 2,000 colleagues to Team United,” Matthew Flannery, CEO of United Rentals, said. “The integration is off to a strong start, giving us significantly more capacity to serve our expanded customer base.”
The new addition will expand United Rental’s workforce by 2,100 employees, 60,000 rental assets and 106 locations in the U.S., making way for thousands of new construction and industrial customers.
“This transaction strengthens our positioning for the robust demand we expect in 2023, while also aligning with our longer-term strategy to ‘grow the core’ to drive greater shareholder value,” Flannery said.
United Rentals will begin issuing its guide for 2023 in January, “reflecting a full year of beneficial impact from the combination,” a recent press release reads.