February 18, 2024
Herc Rentals, Bonita Springs, Fla., recently acquired California-based Quality Equipment Rentals and Wisconsin-based Aerial Work Platforms through separate transactions.
Quality Equipment Rentals acquisition. Quality Equipment Rentals was an independent equipment rental company with more than 50 years in business in Los Angeles. Fred Hageman of Rental Business Advisors represented Quality Equipment Rentals in the transaction. Terms of the deal were not disclosed.
“Fred brought several potential buyers to the table and Herc was the best fit for the business, our customers and our employees,” said Quality Equipment Rentals majority owner Dennis Wells, who founded the business with his wife, Diann Wells, in 1969. “We feel that the company is in good hands going forward.”
Quality Equipment Rentals general manager and minority owner John Lyons said, “I’ve been doing this most of my adult life, and with Dennis and Diann Wells retiring, the time was right for all of us to sell. We are very, very pleased with the outcome.”
Dennis and Diann Wells, as well as Lyons, will consult with Herc for a transition period.
Aerial Work Platforms (AWP) acquisition. Founded in 1979, AWP specializes in the rental, service and sale of aerial lift equipment including scissor lifts, boom lifts, telehandlers and forklifts. The company has locations in Sussex, Janesville, Neenah and Kenosha, Wis.
AWP is a portfolio company of Borgman Capital, a lower middle market private equity firm, which acquired AWP in December 2020 from the company’s founder, Pat Barney. Terms of the transaction with Herc Rentals were not disclosed.
During the three-year investment period, AWP’s growth was driven by strategic equipment purchases, fleet diversification, operational improvements, geographic expansion to Kenosha and increasing market share. Following Barney’s planned retirement, Borgman Capital hired rental equipment industry veteran Robert Rivera as president.
“We executed many new growth initiatives during the investment period. At the end of the day, AWP’s success comes down to Robert’s leadership and the strong customer service culture he built,” said Sequoya Borgman, founder and CEO of Borgman Capital. “AWP is an example of what’s possible when the right leader is put in place to build on a founder’s legacy after an ownership transition. It was a pleasure to partner with Robert and the team over the last three years and we will be cheering everyone on in their next phase of growth.”
“The outstanding success we achieved is a direct result of the incredible talent at AWP. The team’s dedication to customer service will remain our focus as part of Herc Rentals. I am appreciative of Borgman Capital’s support and the latitude I was given to lead, set ambitious goals and make the pivotal decisions needed to grow the business,” Rivera said.
Reinhart Boerner van Deuren served as Borgman Capital’s legal counsel on the transaction.
