H&E Completes Acquisition of CEC; Significantly Expands Presence in Colorado Market
Posted on January 04, 2018
Effective Jan. 4, 2018, H&E Equipment Services Inc. (NASDAQ: HEES) announces it has completed its acquisition of Contractors Equipment Center (CEC), a non-residential construction-focused equipment rental company located in the greater Denver, Colorado, area. The acquisition is part of H&E's ongoing strategy of acquiring rental companies to complement its existing business and footprint and will augment H&E’s capabilities and efficiencies of scale in the market areas and geographies that CEC currently serves. The assets acquired include approximately $84.0 million of fleet based on original equipment cost and three branch facilities serving end markets in the non-residential construction and other sectors.
John Engquist, H&E’s Chief Executive Officer, said, “We are very pleased to have finalized the CEC transaction, which doubles our branch count to six in Colorado, significantly expanding our presence in a strong non-residential construction market. Our collective teams have been working side-by-side since we announced the definitive agreement in late November in an effort to ensure a seamless integration process post-closing. As a result, our newly combined Colorado operations have solid momentum entering the New Year. CEC is extremely representative of the type of acquisitions we intend to actively pursue.”