H&E Equipment Services Acquired by Herc Holdings for $5.3 Billion
Deal News | Mar 14, 2025 | Oakins TM Capital
TM Capital's David Felts was featured in Mergermarket regarding the acquisition of H&E Equipment Services, which agreed to be acquired by United Rentals for $4.8 billion. However, during the 35-day go-shop period, a superior bid by Herc Holdings of $5.3 billion was submitted, ultimately leading to Herc Holdings acquiring H&E. The acquisition is set to significantly transform the strategic landscape, making Herc the third-largest rental house in North America. Mergermarket interviewed David Felts about this transaction.
Sectors
- Equipment Rental
- Mergers & Acquisitions
Geography
- North America – Both United Rentals and Herc Holdings operate extensively within North America. The acquisition positions Herc Holdings as the third-largest rental house in this region.
Industry
- Equipment Rental – Involves companies that provide heavy equipment leasing services for construction and industrial sectors.
- Mergers & Acquisitions – The article focuses on the acquisition and strategic manoeuvring between rental services companies.
Financials
- $4.8 billion – Initial acquisition deal amount by United Rentals for H&E Equipment Services.
- $5.3 billion – Superior acquisition bid amount submitted by Herc Holdings, ultimately securing the acquisition of H&E Equipment Services.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| H&E Equipment Services | Target | Company | A company involved in equipment rental services, targeted for acquisition by United Rentals and Herc Holdings. |
| United Rentals | Bidding Company | Company | Originally penned a $4.8 billion acquisition deal for H&E Equipment Services before Herc Holdings submitted a superior offer. |
| Herc Holdings | Bidding Company | Company | Submitted a superior $5.3 billion acquisition bid for H&E Equipment Services, ultimately securing the acquisition. |
| TM Capital | Advisor | Company | Advisory firm represented by David Felts, involved in the transaction discussions and analysis. |
| David Felts | Interviewed Party | Person | A representative of TM Capital, interviewed by Mergermarket regarding the transaction. |
| Mergermarket | Media | Company | A leading M&A intelligence platform that provided coverage on the acquisition and interviewed David Felts. |