H&E Completes Acquisition of One Source Equipment Rentals

Effective October 1, 2022, H&E Equipment Services Inc. ("H&E" or the "Company") (NASDAQ: HEES) announces the completion of its acquisition of One Source Equipment Rentals Inc. (“One Source”). With the closing of the transaction, H&E adds 10 equipment rental locations to its branch network, including initial locations in Illinois, Indiana, and Kentucky. In addition, the Company will supplement its operating presence in the southern U.S. while adding approximately $138 million in fleet as measured by original equipment cost.

Brad Barber, chief executive officer of H&E, stated, “The acquisition of One Source demonstrates our commitment to growth through expansion into highly prospective geographies and complements our successful warm start strategy. This year, we have announced eight branch additions through September, including recent openings in Hollywood, FL; New Castle, DE; and Indio, CA. Our expansion into the Midwest and further penetration into the southern U.S. positions H&E for increased participation in the non-residential construction and industrial end-markets. The Company remains committed to further growth of its pure-play rental business and other strategic initiatives.”

Following the closing of the transaction, H&E’s equipment rental operations extend across 120 branch locations in 29 states.