H&E Equipment Services has reached an agreement to acquire We-Rent-It for approximately $100 million in cash.
The acquisition of the central Texas-based company is expected to close this quarter, subject to customary closing conditions, H&E says in an announcement this morning.
“We believe (WRI) is similar in terms of solid operational and financial performance to our two previous acquisitions in 2018,” says Brad Barber, who recently became H&E president and CEO after John Engquist stepped down to serve as executive chairman of the company’s board.
Barber says the addition of WRI’s six branches will expand H&E’s Texas presence to the Austin, Bryan/College Station, and San Antonio metro areas.
As of November 30, 2018, WRI generated revenues of approximately $35.6 million for the last twelve months and its fleet size was $75.9 million, based on original equipment cost.