Sunbelt Rentals Makes 26 Acquisitions in FY24, Adds Rentalmax in Chicago in May

Sunbelt Rentals and its parent company Ashtead plc acquired 26 rental companies in fiscal year 2024 for a total consideration of $845.6 million. Total acquisition investment was less than in fiscal 2023, when the company acquired more than 30 rental companies for $1.061 billion.

During Sunbelt Rentals’ fiscal first quarter ended July 31, 2023, the company completed nine acquisitions for $315 million in cash. The acquisitions began on May 17, when Sunbelt US acquired the operations and assets of Beattie Construction Services LLC, a specialty company operating in Michigan.

On May 24, Sunbelt US acquired the business and assets of Jones & Hollands Inc., a general utility and construction company also operating in Michigan, known as Jones Equipment Rental.

Also on May 24, Sunbelt US acquired the business and assets of West Coast Equipment LLC, a California-based utility and general construction company based in Corona, California. Craft Partners LLC served as financial advisor to West Coast Equipment.

On June 1, Sunbelt Canada acquired the entire capital stock of Loue Froid Inc., a specialty company operating in Quebec, Ontario, Alberta and British Columbia. The company specializes in electricity generation and air conditioning rental.

On June 14, Sunbelt US acquired the business and assets of American Covers Inc., a specialty company operating in Louisiana. American Covers Inc. specializes in the design, manufacture and installation of high-quality fabric shelters for a variety of applications including temporary storage, large capacity lunch tents, shipping container covers, boat maintenance and storage and more. Two days later, Sunbelt US acquired the operations and assets of AGF Machinery, an Alabama-based general and construction tool rental company.

On June 23, Sunbelt US acquired the business and assets of Miele Central Equipment, a general tools company operating in Pennsylvania.

On June 28, Sunbelt US acquired the business and assets of J&J Equipment Rentals, a Virginia-based general tools and equipment company. Craft Partners LLC served as financial advisor to J&J.

Completing acquisitions this quarter, on July 31, Sunbelt US acquired Runyon Equipment Rental Co., an Indiana-based general tools company.

Acquisitions in the second quarter

In the second quarter, the company made seven more acquisitions. On August 9, Sunbelt US acquired the operations and assets of A-One Rental and Homes A-One Inc., a general utility company operating in Wyoming.

On August 25, Sunbelt US acquired the operations and assets of Caribbean Rentals & Sales Ltd and International Rental Services. CRS is a general tools company operating in the Bahamas.

On August 30, Sunbelt US acquired the business and assets of Timp Rental Center, a general utility company operating in Utah. Also on August 30, Sunbelt Canada acquired the business and assets of Modu-Loc Maritimes Fence Rentals, a specialty company operating in Nova Scotia and New Brunswick.

On September 25, Sunbelt US acquired the business and assets of 2-C Equipment LLC, a Texas-based general tools company. Craft Partners served as financial advisor to 2-C Equipment in the transaction.

On September 22, Sunbelt US acquired the business and assets of Casale Rent-All, a general utility company based in New York.

On October 25, Sunbelt Canada acquired the business and assets of Sudbury, Ontario-based Able Rental & Supply. Able is a general tool rental company.

Third quarter acquisitions

Sunbelt continued its acquisition activity in the third quarter, purchasing 10 more rental companies, adding to the 16 companies it acquired in the first half of the fiscal year. On November 3, Sunbelt US acquired the business and assets of EFFEM Corp., doing business as A to Z Equipment Rentals & Sales, an Arizona general tools company based in the Phoenix area. A to Z was RER 100 companies for many years. Also on November 3, Sunbelt US acquired the business and assets of specialist Acorn Film & Video Ltd..

On November 8, Sunbelt US acquired the operations and assets of Farmers Rental & Power Equipment, a general utility company operating in North Carolina.

On November 14, Sunbelt US acquired the operations and assets of Southwest Ohio Temporary Heat LLC, a specialty company operating in Ohio, as Temporary Heating Solutions Cincinnati.

And on December 1, Sunbelt Canada acquired the entire share capital of Nor-Val Rentals Ltd., a general utility company operating in British Columbia.

On December 13, Sunbelt US acquired the business and assets of Freedom Scaffold LLC. Freedom is a specialty company operating in Oklahoma.

As we enter 2024, on January 10, Sunbelt US acquired the operations and assets of Falcon Shoring Co. LLC. Falcon is a specialty company operating in Oregon.

On January 17, Sunbelt US acquired the business and assets of Root Rents Inc., a general utility company operating in Idaho.

On January 19, Sunbelt US acquired the operations and assets of ABC Equipment Rental Inc. ABC is a general utility company operating in Maryland.

On January 31, Sunbelt US acquired the business and assets of Bosk Equipment Rental Inc., a Michigan-based general tools company.

Although the number of transactions declined after the end of the fiscal year, Sunbelt made one major acquisition after the end of the fiscal year, purchasing Chicago-based RentalMax.n May 21, 2024, multi-location general leasing company. Stansberry represented RentalMax in the transaction.

Headquartered in Fort Mills, South Carolina, USA, with international headquarters in London, Sunbelt Rentals continues to rank second on the list RER 100.