June 13, 2024
Stephenson’s Rental Services CEO Guy Manuel
In 2024, Stephenson’s Rental Services celebrates its 70th anniversary of serving customers in Canada. The company, based just outside Toronto in Mississauga, Ontario, operates from 25 locations with a combined team of nearly 750 employees.
Last year, Stephenson’s experienced another year of significant revenue growth — 21 percent over 2022 following 56 percent growth over 2021. With new, large facilities recently opened in Montreal, Toronto and Ottawa, and more expansion planned to support its aggressive growth strategies, the company is poised to enter its eighth decade on a strong note.
Rental Management spoke with Stephenson’s Rental Services CEO Guy Manuel to learn about the company’s garage-born origins, how it has thrived over time and what he feels the next few years in the equipment rental space looks like.
Rental Management: Who launched your company back in 1954, and how did they get involved in the equipment rental business?
Guy Manuel: Elgin Stephenson began Stephenson’s Rental Services with a passion for small engine repair in his residential garage in Welland, Ontario. Initially focusing on repairing and reselling small engine equipment, Elgin’s technical skills became well known, leading customers to bring their own equipment for repair. Customers began renting equipment while waiting for repairs to be completed, inspiring Elgin to expand into equipment rentals. This entrepreneurial vision laid the foundation for Stephenson’s growth over the past 70 years.
Rental Management: What has been constant about your organization’s culture and service that has enabled you to endure for all these decades?
Manuel: Our organization’s enduring strength lies in our commitment to a family-like culture and exceptional service. Over the decades, we’ve maintained a strong sense of integrity, collaboration and customer focus. This dedication, coupled with our ability to adapt to market changes while staying true to our core values, has enabled us to build lasting relationships and earn the trust of our customers. Our Proudly Canadian identity and relentless pursuit of excellence have defined our enduring success over the decades.
Elgin Stephenson in his garage in the 1950s
Rental Management: What types of equipment in your fleet would you say best illustrates the rental specialty you deliver for your customers?
Manuel: Our rental specialty is rooted in our expertise, unwavering customer focus and commitment to building strong relationships. This is what truly sets us apart at Stephenson’s. We prioritize understanding our customers’ needs and providing tailored solutions.
In terms of equipment, our offerings include innovative and exclusive heating products we have designed specifically for Canada’s climate, ensuring optimal performance in challenging conditions. We also helped develop an industry-leading edge protection system that has become a staple on multi-level projects across our markets.
Additionally, we are strongly emphasizing eco-friendly products to support green initiatives and help customers achieve their emission control goals. We’re dedicated to delivering the support and solutions our customers need to succeed.
Rental Management: What factors have driven your rapid revenue growth over the past few years?
Manuel: We’ve been successful due to our ability to attract and retain the best people and develop a clear focus on our market share gain strategy supported by a robust financial structure. Since management took control of the company in 2017, we’ve been able to accelerate our investments in people, technology and equipment, which has allowed us to get closer to our target of reaching 20 percent market share in advance of our set calendar plans. We are also operating in a healthy marketplace with a long runway ahead.
1970s vintage company trucks and the current model
Rental Management: In a tight labor market, what steps do you take to attract and retain the kind of talent you rely on to grow and evolve?
Manuel: We aim to be a career destination in our industry by fostering a family-focused environment with a strong customer-focused culture. Our offerings — including robust PPE [personal protective equipment] coverage, fully paid benefits and pension matching — support our employees’ careers and personal lives. We invest in evolving training and certification programs to build skills and pride, attracting team-oriented individuals who want to grow with us and contribute to Stephenson’s’ continuous evolution.
Rental Management: Looking ahead, what does the equipment rental industry look like to you in five years’ time?
Manuel: We operate in a healthy market, and as a premier Canadian company, the future looks promising. The country is growing rapidly with an aggressive immigration policy that supports our need for specialized workers to handle our growing market needs in civil, non-residential and residential construction. Our customers are also moving quickly from owning their equipment to more of a rental model. This allows them to reduce their service costs and release CapEx [capital expenditures] that can support greater returns in their core business. With these tailwinds, we are excited about the future and see a healthy five to 10 years ahead.
Stephenson’s equipment on the job site today
Rental Management: Stephenson’s has been an American Rental Association (ARA) member for the past 50 years. Can you comment on how affiliation with ARA has benefited your organization?
Manuel: Our affiliation with the ARA has provided valuable industry insights, networking opportunities and access to best practices. Engaging with ARA events has enhanced our operational strategies and competitiveness while offering access to valuable training courses that benefit our team. This partnership has been key to our organization’s growth and success.
Rental Management: How do you plan to commemorate your company’s 70th anniversary among staff or customers?
Manuel: Our 70th anniversary is dedicated to celebrating our incredible team members. We’re strengthening Stephenson’s family bonds and showing gratitude to our staff through various activities and initiatives. This includes catered branch-specific celebrations, employee gifts and initiatives that highlight who our employees are outside of work. We’re honouring our team’s contributions and looking forward to continued success as a united Stephenson’s family.
