The 10 Biggest Equipment Rental Acquisitions of 2024 So Far

As we enter the second half of 2024 IRN takes a look at the 10 biggest acquisitions in the equipment rental industry to make news.

Consolidation is often the watchword among the biggest players in the equipment rental industry. If the first half of the year is any indication, we can expect some big deals in 2024.

When we reflect on the past year, it’s easy to point out a few purchases that immediately catch the eye.

With this in mind, IRN took a look at the 10 best acquisitions of the year. Here they are, in no particular order.

10: Coates makes big purchase in Sydney

In February, the Australian company Coates has acquired Sydney-based GTH Equipmenta company that rents telescopic handlers and access equipment.

In addition to its main Sydney depot, the deal adds 650 machines to its fleet. Jeff Proctor, chief financial officer at Coates, said the deal shows “a commitment to building our national network of assets.”

9: Sunstate Expands Excavation Equipment Rentals

Also in February in the USA Sunstate Equipment Acquires Sister Companies Trench Shore Rentals and Trebor Shoring Rentals.

The agreement adds new locations in Phoenix, Tucson, El Paso, Los Angeles, San Diego and San Bernadino. TSR will expand Sunstate’s existing prop rental business, which was founded in 2018 and has 13 dedicated locations in the Gulf, Southeast and Northwest. Sunstate operates in 16 U.S. states from coast to coast.

8: Sunbelt Rentals investigates excavation safety

Sunbelt Rentals has expanded its portfolio excavation safety equipment in June for excavation and structural support projects with the acquisition of independent U.S. excavation safety systems rental company Falcon Shoring.

With the move, the company now has 39 locations offering trench protection equipment across the U.S., including two in Oregon, where Falcon Shoring is headquartered.

7: WillScot Mobile Mini takes over competitor

Earlier this year, WillScot Mobile Mini created a $3.2 billion company when it acquired its main competitor McGrath RentCorp for $3.8 billion.

The transaction will also create a 475,000-unit rental business, with 72% of the company’s business being modular space, 23% warehouse leasing and 5% McGrath’s test equipment rental business, TRS-RenTelco.

WillScot said around 90% of total revenue will come from rentals.

6: Boels takes over Riwal

Boels Rental In March, it acquired the Dutch boom lift rental company Riwal, which enabled it to increase its annual revenue by around EUR 314 million and open 65 branches in 14 countries in Europe, the Middle East and South Asia.

The deal also created a fleet of 55,000 aerial work platforms—35,000 from Boels and 20,000 from Riwal. The combined companies would have combined revenue of $1.784 million in 2023.

Boels will now have the second largest aircraft fleet in Europe and the sixth largest in the world. The combined fleet value of the individual companies is around €3.6 billion.

5: United Rentals Makes $1.1 Billion Acquisition

You can choose from a range of United Rentals offers (see notable moves in Europe AND Australia), but this is his purchase A company that produces temporary mats for Yaks from a private equity owner for $1.1 billion, which stands out from others.

The agreement covers Yak Access, Yak Mat and New South Access & Environmental Solutions, which collectively lease a fleet of 600,000 wood and composite safety mats to customers in the construction and utilities industries.

United said the deal would create a new component of its specialty rental business “with scale in a large and growing segment.”

4: CES Power Expands to Europe

US rental company CES Power expanded its European operations in January by acquiring temporary power specialist Fourth generation in UK.

The acquisition of Fourth Generation marked another step for CES into the European market, which it first entered last year when it bought Irish electrical and air conditioning rental company Euro Touring Power (ETP) in September.

Greg Landa, CEO of CES Power and CES Global, said the deal “creates a true, global, full-service energy provider.”

3: Avesco invests in Finnish rental company

Swiss group Avesco Group has added five locations to its existing three-store rental business in Finland by acquiring Avesco Group Vatupassi Törmälä Oy.

The deal adds 70 Vatupassi employees to Avesco Rent’s 15 in Finland. Vincent Albasini, CEO of Avesco Rent Group, said the merger is “a huge competitive advantage for both parties,” adding that the goal is to “jointly become the strongest and most significant operator in the industry in Finland.”

2: REIC takes over in Montana

Just a few weeks after the takeover Indian Peaks Rentals, Miami-based Rental Equipment Investment Corp (REIC) has entered into an agreement to acquire a U.S. general rental company Bigfork Rentals.

Bigfork (formerly United Rentals and Bigfork Tool Rental) rents a wide range of equipment, including earthmoving equipment, aerial work platforms and hand tools.

Greg Gallagher, REIC CEO, said the acquisition “strengthens REIC’s presence in Flathead and Lake counties in Montana” and enables it to “better serve customers in the region.”

1: Oshkosh acquires Spanish company Ausa

Although this is not a purchase as part of equipment rental, Ausa based in Spain by Oshkosh Corp. for a sum of 115 million euros certainly deserves a place on this list.

Under the agreement, the manufacturer will become part of Oshkosh’s Access segment, alongside boom lift supplier JLG, which is also owned by Oshkosh.

Oshkosh said the Ausa products will expand JLG’s telehandler offerings, as well as Hinowa tracked dump trucks and forklifts.