H&E Completes Acquisition of Precision Rentals

Effective January 2, 2024, H&E Equipment Services Inc. (“H&E”) (NASDAQ: HEES) announces the completion of its acquisition of the business of Precision Rentals (“Precision”). The acquisition improves H&E’s branch density in the Phoenix and Denver metropolitan areas and adds a young and attractive mix of equipment totaling approximately $70 million in original equipment cost.

Chief Executive Officer Brad Barber noted, “Over the last 12 months, our focus on strategic expansion has led to a 16% increase in H&E’s branch network. This strong growth has been accomplished through our successful warm start program and the acquisition of attractive and well-managed companies, such as Precision, with its excellent operations in Phoenix and Denver and the surrounding areas. These two promising geographic regions are identified among the 20 largest metropolitan statistical areas in the U.S. and represent excellent nonresidential construction potential. We look forward to expanding our presence in these growing areas as we combine our collective strengths in the equipment rental business.”

Following the closing of the transaction, H&E operates 139 branch locations across 30 states.