Platinum Equity has closed a deal for the rental equipment business of Volvo Group.
The target, Volvo Rents, provides small-to-medium sized rental equipment for the construction, oil and gas, industrial manufacturing, infrastructure, power and metals markets. The Shippensburg, Pa.-based company has 130 rental stores in North America.
The PE firm already owns Maxim Crane, which provides crane rental and lifting services. In September, the firm closed a $3.75 billion fund. The firm sold a provider of electrical-utility equipment to Energy Capital Partners LLC in December.
Volvo announced it was selling the unit for about $1.1 billion in December to focus on manufacturing.
Morgan Stanley and Harris Williams & Co. serviced as financial advisers to Platinum Equity, while Latham & Watkins provided legal advice. Bank of America Merrill Lynch provided financing for the deal, with Morgan Stanley, Goldman Sachs and Barclays serving as joint bookrunners.