H&E Completes Acquisition of Giffin Equipment
Posted on November 01, 2023
Effective November 1, 2023, H&E Equipment Services Inc. ("H&E" or the "Company") (NASDAQ: HEES) announces the completion of its acquisition of Giffin Equipment, a California-based provider of nonresidential construction and industrial equipment. The acquisition includes three branch locations and a fleet size, as measured by original equipment cost, of approximately $13.4 million. The rental branches are in the cities of Ventura, Goleta, and Santa Maria.
Chief Executive Officer Brad Barber detailed the importance of the acquisition, stating, “The addition of Giffin’s equipment rental assets and facilities increases our branch density and assists in bridging our existing locations in central and southern California. The improved density and continuity allow H&E to efficiently address the active nonresidential construction market through extended regional coverage, while providing meaningful expansion of our rental fleet within the existing branch structure. Throughout Giffin’s 93-year history in California, its employees have maintained a focus on strong customer service, reliable equipment, and equipment solutions. We look forward to growing our rental fleet in these newly acquired locations and working closely with our new teams to expand our central and southern California business.”
Following the transaction, H&E’s equipment rental operations extend across 30 states, with 15 locations in California.