RSC Holdings Inc. (NYSE: RRR), one of the largest equipment rental providers in North America, today announced it has completed the purchase of the operations and certain operating assets of Independent Aerial Equipment (IAE) of Elizabeth, N.J. Financial terms of the transaction were not disclosed.
"The IAE acquisition aligns with our strategy of growth in geographic areas of opportunity, broadening our customer base in New Jersey, New York City and Long Island -- the largest metro market in the U.S.," said Erik Olsson, RSC President and Chief Executive Officer. "The expansion of our footprint in the Northeast provides attractive opportunities for growth by increasing access and availability for new and existing customers in the region."
Privately held IAE is a leading provider of aerial rental equipment, including articulated and telescopic boom lifts, scissor lifts, forklifts and similar equipment. IAE serves industrial and non-residential construction customers located in New York, New Jersey, Connecticut, Maryland, Virginia, Delaware and Pennsylvania with approximately $50 million in fleet at original cost.
"IAE has established itself throughout the Northeast by delivering exceptional service to customers who have come to trust the company with their aerial equipment needs," said Phil Hobson, RSC Senior Vice President of Operations. "We are excited to welcome IAE's dedicated employees and loyal customers to RSC, where our focus is on operational excellence that benefits our customers and shareholders."
About RSC Holdings Inc. (NYSE: RRR) and RSC Equipment Rental, Inc.
Based in Scottsdale, Ariz., RSC Holdings Inc. is the holding company for the operating entity, RSC Equipment Rental, Inc. ("RSC"), which is a premier provider of rental equipment in North America, servicing the industrial, maintenance and non-residential construction markets with $2.4 billion of equipment at original cost. RSC offers superior equipment availability, reliability and 24x7 service to customers through an integrated network of 446 rental locations across 41 states in the United States and three provinces in Western Canada. Customer solutions to improve efficiency and reduce cost include the proprietary Total Control® rental management system, Mobile Tool RoomsTM and on-site rental locations. With over 4,300 employees committed to safety and sustainability, RSC delivers the best value and industry-leading customer service. All information is as of March 31, 2011. Additional information about RSC is available at www.RSCrental.com.
Forward Looking Statements
This press release contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on current information and expectations, which involve a number of risks and uncertainties that could cause actual results to differ materially. The forward-looking statements herein include statements regarding the company's ability to consummate the proposed transaction and the company's plans and expectations regarding expanding its footprint, future results, end-market outlook, business strategy, and objectives of management for future operations. In particular, these risks and uncertainties include the inability to consummate the proposed transaction, difficulties in integrating the acquired operations; the possibility that expected synergies will not be realized; and the uncertainty of business/economic conditions and growth trends in the equipment rental industry. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "will," "expand," "establish," "expect," "intend," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology and expressions to identify forward-looking statements. Therefore the company cautions you to not unduly rely on these forward-looking statements and encourages you to understand the risks and uncertainties described herein and as stated in the "Risk Factors" and elsewhere in the company's Annual Report on Form 10-K as filed with the United States Securities and Exchange Commission.
Contacts:
Investor/Analyst Contact:
RSC Equipment Rental
Scott Huckins,
480-281-6928
VP – Treasurer
Scott.Huckins@RSCRental.com
or
Media
Contact:
Rooney & Associates
Chenoa Taitt, 212-223-0682
ctaitt@rooneyco.com