H&E Equipment Services : Completes Acquisition of Giffin Equipment
November 01, 2023 at 11:47 am EDT
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Effective November 1, 2023, H&E Equipment Services Inc. ("H&E" or the "Company") (NASDAQ: HEES) announces the completion of its acquisition of Giffin Equipment, a California-based provider of nonresidential construction and industrial equipment. The acquisition includes three branch locations and a fleet size, as measured by original equipment cost, of approximately $13.4 million. The rental branches are in the cities of Ventura, Goleta, and Santa Maria.
Chief Executive Officer Brad Barber detailed the importance of the acquisition, stating, "The addition of Giffin's equipment rental assets and facilities increases our branch density and assists in bridging our existing locations in central and southern California. The improved density and continuity allow H&E to efficiently address the active nonresidential construction market through extended regional coverage, while providing meaningful expansion of our rental fleet within the existing branch structure. Throughout Giffin's 93-year history in California, its employees have maintained a focus on strong customer service, reliable equipment, and equipment solutions. We look forward to growing our rental fleet in these newly acquired locations and working closely with our new teams to expand our central and southern California business."
Following the transaction, H&E's equipment rental operations extend across 30 states, with 15 locations in California.
H&E Equipment Services Inc. published this content on 01 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2023 15:46:44 UTC.
H&E Equipment Services, Inc. is a rental equipment company. The Companyâs segments include Equipment Rentals, Sales of Rental Equipment, Sales of New Equipment, Parts Sales and Repair and Maintenance Services. Equipment rentals segment includes rental operations and primarily rents core types of construction and industrial equipment. Sales of Rental Equipment segment used sales are generated primarily from sales from its rental fleet. Sales of New Equipment segment sells equipment through a professional sales force. Parts Sales segment provides parts for its own rental fleet and sells parts for the equipment it sells. Services segment includes maintenance and repair services for its own rental fleet and for its customersâ equipment at its facilities as well as at its customersâ locations. It operates 145 branch locations across 30 states. It serves branches throughout the Pacific Northwest, West Coast, Intermountain, Southwest, Gulf Coast, Southeast, Midwest and Mid-Atlantic regions.