In 2024, the equipment rental industry experienced a series of pivotal mergers and acquisitions that redefined the competitive landscape. As companies sought strategic expansion, market consolidation, and advancements in technology, the sector witnessed a remarkable transformation. Among the industry’s key players, numerous high-profile deals reshaped market positions, enhanced service capabilities, and accelerated entry into new geographic markets. From significant acquisitions in Spain and the United States to strategic moves in Europe and beyond, the industry’s evolution reflected a trend of aggressive growth and competitive repositioning. The following exposition provides a detailed overview of these major transactions and their implications for the equipment rental landscape.
Kiloutou’s Expansion in Spain
France-headquartered Kiloutou made significant strides in the Spanish market in the latter part of 2024 with three critical acquisitions. The first notable acquisition came in October when Kiloutou took over ToolQuick Alquiler, a Spanish rental firm, which added 30 branches to their rapidly expanding network. This acquisition marked a significant milestone, extending Kiloutou’s footprint across major Spanish cities, including Barcelona, Alicante, Valencia, Madrid, Malaga, and Seville. This expansion not only broadened their geographical presence but also bolstered their market position and capabilities in Spain.
Later in the year, Kiloutou enhanced its presence in the Spanish market further by acquiring Liftisa S.L. and Gloobal Movingrent S.A., two companies with strong market positions in specialized rental services. Liftisa S.L., known for its expertise in low-height rental services, and Gloobal Movingrent S.A., a company specializing in truck-mounted platforms, were previously under the ownership of Ivan Papell, a veteran in Spain’s access rental business. These strategic acquisitions allowed Kiloutou to diversify its offerings, catering to specialized rental demands and reinforcing its competitive edge in the Spanish equipment rental market.
United Rentals’ $1.1 Billion Acquisition
United Rentals made headlines in 2024 with its monumental $1.1 billion acquisition of Yak’s temporary matting business, including Yak Access, Yak Mat, and New South Access & Environmental Solutions. This deal brought in 600,000 wood and composite protection mats primarily rented out to construction and utility sectors. This major acquisition significantly enhanced United Rentals’ specialty segment, which had already demonstrated strong performance with reported revenues of $3.26 billion in 2023 out of its total $14.3 billion revenue. By absorbing Yak’s assets, United Rentals fortified its capabilities and broadened its service spectrum within the specialty market.
The company also strengthened its European presence by acquiring Dutch company EQIN, known for its robust service offerings in the equipment rental sector. This strategic acquisition not only expanded United Rentals’ geographical footprint but also introduced new service offerings to its European clientele. By merging EQIN’s resources with its existing operations, United Rentals improved its competitive positioning within the European market, enabling it to serve a wider customer base across diverse industries.
Sunbelt Rentals’ Diversification
2024 was a year of strategic diversification for Sunbelt Rentals as it pursued acquisitions to enhance its service portfolio and geographical presence. In December, Sunbelt Rentals UK & Ireland made a significant acquisition by purchasing JLL Group, a UK-based production and equipment rental business. This acquisition aligned perfectly with Sunbelt’s growth-focused Sunbelt 4.0 strategy, emphasizing customer service enrichment and market expansion. The acquisition of JLL Group enabled Sunbelt to offer a broader range of equipment and specialized knowledge, particularly within the film, TV, broadcast, and events industries.
Across the Atlantic, in North America, Sunbelt Rentals focused on strengthening its trench safety operations by acquiring Falcon Shoring in April. Through this acquisition, Sunbelt extended its trench safety rental operations to 39 locations throughout the United States, including important market additions in Oregon. These strategic moves not only diversified Sunbelt’s service offerings but also positioned the company as a stronger competitor within both the UK and North American markets, emphasizing its commitment to growth in specialized rental segments.
Synergy and Opifex Merger
The merger between Synergy Equipment and Opifex Enterprises, two prominent U.S.-based rental companies, marked a crucial development in 2024. Announced in August, this merger catalyzed growth in the southeastern U.S., creating the largest independent equipment rental company in Florida and Texas. This strategic alignment between Synergy Equipment and Opifex Enterprises was the most significant acquisition undertaken by Synergy under the ownership of Avance, highlighting their expanded dominance in these key regions. Through this merger, the combined entity became better positioned to serve a broader customer base with enhanced resources and increased geographical coverage.
This deal facilitated the integration of Synergy’s and Opifex’s collective expertise, resources, and customer bases, generating substantial benefits in scale and service capacity. The merger enabled the resulting company to provide more extensive service offerings, backed by a bolstered rental fleet and an expanded network of branches, thereby redefining the equipment rental landscape in the southeastern U.S. and solidifying its competitive market position.
Boels’ Acquisition of Riwal
Scheduled among 2024’s standout deals was Boels’ acquisition of Riwal, first publicized in March. This acquisition augmented Boels with annual revenues close to €314 million and an additional 65 branches spread across 14 countries, including Europe, the Middle East, and South Asia. With this acquisition, Boels strengthened its position as the operator of Europe’s second-largest aerial fleet and the sixth largest globally. The acquisition involved integrating 55,000 aerial platforms into Boels’ operations, significantly enhancing its market influence and service capabilities.
The merger provided Boels with a deeper penetration into new geographic territories while boosting its expertise in managing extensive aerial fleets. This expanded reach and integration of specialized assets offered Boels the advantage of scale and improved service depth, positioning the company as a formidable player in the global equipment rental industry. The acquisition underscored Boels’ strategic commitment to growth and consolidation in diverse markets, enhancing its ability to deliver comprehensive rental solutions globally.
Workdry International’s Expansion
In 2024, Workdry International, known for owning the UK-based Selwood, made a substantial move into the North American market by acquiring Holland Pump. This acquisition, including 15 branches along the East and Gulf Coast regions, significantly expanded Workdry’s geographical footprint and service offerings. Incorporating over 1,000 pump assets into its fleet, Workdry positioned Holland Pump as its North American division, leveraging this acquisition to enhance its competitive market presence in the U.S.
Additionally, Workdry broadened its European operations through the acquisition of the Netherlands-based Vanderkamp Group. This strategic move enriched Workdry’s operational depth and capabilities in London and various regions across the Netherlands. These acquisitions collectively contributed to Workdry’s geographic expansion and diversification, enabling the company to tap into new markets and strengthen its service portfolio.
Tesya Group’s Modular Building Deal
Reflecting on the year, the Tesya Group, which owns Cat Rental Store CGTE, pursued expansion through its acquisition of Strutture Srl in November. Specializing in modular building sales and rentals, Strutture’s acquisition was instrumental in reinforcing Tesya’s Rental Service division. By incorporating Strutture’s expertise and assets, Tesya aimed to enhance its role as a comprehensive supplier capable of providing integrated solutions across various sectors.
This strategic acquisition aligned with Tesya’s broader goals of expanding its service capabilities and penetrating further into the modular building market. The addition of Strutture allowed Tesya to offer more versatile and specialized rental solutions, positioning itself at the forefront of the industry’s evolving demands for flexible and customized rental options. The acquisition highlighted Tesya’s commitment to innovation and expansion in response to the changing needs of the market.
VP plc’s Acquisition in Ireland
Another notable transaction in 2024 saw the UK-based rental company VP plc acquire a major share in Charleville Hire and Platform (CPH), an Irish company specializing in powered access equipment. Operating from its headquarters in Cork, Ireland, CPH boasted a staff of 30 and generated revenues of €9.5 million in 2023. VP’s initial investment of €12.1 million secured 90% of CPH’s shares, with plans to acquire the remaining 10% over the next three years.
This strategic move by VP plc aimed at consolidating its market position in Ireland and expanding its service capabilities in the powered access segment. The addition of CPH provided VP with a stronger foothold in the Irish market, enabling the company to offer a more comprehensive range of rental solutions and expand its reach to a broader customer base. This acquisition underscored VP’s commitment to growth and its strategic focus on enhancing market presence through well-targeted acquisitions.
Sunstate Equipment’s Expansion
In early 2024, Sunstate Equipment embarked on expanding its trench rental and training services by acquiring U.S.-based Trench Shore Rentals (TSR) and Trebor Shoring Rentals. This acquisition in February targeted key markets in Southern California, Arizona, and Texas. Under the orchestration of Sumitomo Corporation, this deal was set to double Sunstate’s trench safety rental revenues and amplify its market penetration efforts in these strategically vital states.
Adding TSR and Trebor Shoring Rentals to its portfolio allowed Sunstate to enhance its service offerings and address a higher volume of rental demands, particularly in the trench safety segment. This expansion underscored Sunstate’s strategy of targeted growth through acquisitions, leveraging enhanced capabilities and expanded service offerings to cater to a diversified customer base. The move also emphasized Sunstate’s commitment to regional market growth, ensuring a broader geographic presence and a robust service portfolio.
Coates’ Acquisition in Australia
Down under in Australia, Coates made a significant acquisition by absorbing GTH Equipment, a company specializing in telehandler and access equipment rentals based in Sydney. This strategic move added 650 machines to Coates’ equipment rental fleet and provided a modern depot in Smithfield, further enhancing Coates’ capability to serve the greater Sydney area comprehensively.
The inclusion of GTH Equipment allowed Coates to broaden its service offerings and enhance its market standing in the region. By integrating GTH’s specialized equipment and operational strengths, Coates fortified its competitive edge and reinforced its ability to meet diverse rental demands in Sydney’s dynamic market. This acquisition highlighted Coates’ strategic focus on growth and regional market dominance in the Australian equipment rental sector.
Uncompleted Deals of Note
Among the unaccomplished deals, the McGrath/WillScot merger stood out. Initially announced in January 2024, this transaction, valued at $3.8 billion, aimed to combine WillScot Mobile Mini with McGrath RentCorp, potentially creating a powerful entity with 475,000 rental units. However, due to regulatory hurdles and the inability to meet clearance requirements, the deal was called off in September.
On a positive note, one significant deal that did materialize was Oshkosh Corp’s acquisition of Spain-based OEM Ausa. Completed in September 2024, this acquisition marked Oshkosh’s strategic entry into the European market, bolstering its market presence and expanding its product offerings. While some deals faced challenges, others like the Oshkosh/Ausa acquisition demonstrated successful strategic implementation, contributing to the industry’s evolving landscape.
Conclusion
In 2024, the equipment rental industry witnessed a series of significant mergers and acquisitions that altered the competitive landscape. Pursuing strategic expansion, market consolidation, and technological advancements, companies redefined the sector. High-profile deals among key industry players reshaped market positions, improved service capabilities, and fueled entry into new geographic markets. Notable acquisitions in Spain and the United States, along with strategic moves across Europe and other regions, underscored the trend of aggressive growth and competitive realignment. This transformation was marked by companies’ efforts to enhance their market influence and technological edge. The industry’s evolution now reflects a pattern of robust expansion and strategic positioning. The following review provides a detailed analysis of these substantial transactions and their implications for the equipment rental market, highlighting the shifts and trends that are shaping its future.
