Herc Holdings, based in Bonita Springs, continues to spread its wings.
On Friday, Herc Rentals’ parent company announced the acquisition of Canada-based Dwight Crane Ltd. and its subsidiary LRX LLC in the USA.
The deal gives Herc a greater presence in the entertainment business.
Herc did not disclose the terms of sale.
Dwight Crane has supported Ontario’s film, event and advertising production companies for more than 40 years, supplying work teams with everything from trucks and lighting to cranes and lifting platforms.
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In addition to Canada, the specialty equipment rental business had branches in Los Angeles – often referred to as the entertainment capital of the world. The sale to Herc also included these US businesses.
“With the acquisition of Dwight Crane, we are expanding our entertainment rental portfolio,” said Larry Silber, President and CEO of Herc, in a statement.
According to its website, Dwight Crane was founded in 1978. It is headquartered in Ajax, a city in southern Ontario.
“Dwight Cane has built an unmatched reputation for quality and expertise while serving one of the largest entertainment markets in North America,” said Silver.
In addition, he said, the company will bring its industry-leading technologies, which Herc plans to bring to its dedicated entertainment rental network.
“Dwight Crane’s longstanding relationships with Ontario’s entertainment customers and its industry-leading LRX branded lighting technologies strengthen our team and reinforce our long-term commitment to the growing entertainment segment,” said Silber.
Herc has other acquisitions in mind.
Less than two weeks ago, the company announced plans to purchase Texas-based CBS Rentals. The closure is scheduled for the end of this year.
Herc also did not publicly disclose the terms of this deal.
The company has performed better than expected in light of the coronavirus pandemic and is financially strong to pursue further acquisitions as part of its growth strategy.
In December, Herc completed the purchase of Houston-based Champion Rentals – the first multi-location acquisition since converting to an independent public company in 2016 after separating from Hertz’s rental car business, headquartered in nearby Estero.
It rents a wide range of heavy and specialty machinery, from earthmoving machinery to generators. The company has benefited from an increase in construction activity and the diversification of its business.
Since separating from Hertz, Herc has made four separate strategic acquisitions. CBS Rentals would be its fifth.
Two of Herc’s acquisitions, completed in April, were in single-location companies in the San Francisco Bay Area.
The addition of CBS, a full-service general equipment rental company, will further expand Herc’s Texas presence, one of the largest equipment rental markets in North America.
Herc Rentals – in operation for more than 55 years – is already one of the nation’s leading providers of equipment rentals with around 280 locations across North America. The company had sales of around $ 1.8 billion last year.
Herc Holdings employs 4,800 people nationwide, around 400 of whom work at the local corporate headquarters.