Hertz, On Spree, Picks up Rent One
After making a play to support its car rental division, Hertz elects to also boost its equipment rental shop.
April 8, 2009
Making its second deal in as many weeks, Hertz Global Holdings’ equipment rental division bought Rent One, a power generation company providing power to event and media companies in Spain.
Terms were not disclosed; Rent One had revenues of $2.9 million last year.
The rental company said it will serve as a boost for its energy division in Spain.
Hertz operates its equipment rental business, separate from its car rental shops, in the US, Spain, Canada, France and China. Its products available include earthmoving equipment, material handling equipment, aerial and electrical equipment, compressors, pumps, generators, small tools and construction equipment, including trucks.
Juan Carlos Azcona Martinez, manager of Hertz Global Holdings in Spain, said the move comes as part of the rental company’s “strategy of diversifying its business and gives Hertz access to event customers needing power generation and climate equipment.”
Last week, Hertz bought a number of Advantage Rent-A-Car assets after the smaller auto renter filed Chapter 11 late last year.
The purchase price for its deal last week, subject to court approval, is $33 million. Hertz will take control of about 20 locations Advantage is or was operating and will continue to run the businesses while it assesses potential expansion opportunities.
The Hertz Corporation is a subsidiary of Hertz Global Holdings, Inc., and is the world's largest car rental brand, operating 8,500 locations in 141 countries.
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