|By Marketwired .||
|February 3, 2014 02:34 AM EST||
LOS ANGELES, CA -- (Marketwired) -- 02/03/14 -- Platinum Equity today announced it has completed the acquisition of Volvo Rents from the Volvo Group. Volvo Rents is a leading North American provider of small-to-medium sized rental equipment serving a diverse customer base across multiple industries, including construction, oil and gas, industrial manufacturing, infrastructure, power, and metals and minerals.
Platinum Equity Partner Louis Samson, who led the transaction team at Platinum Equity, said he is excited about Volvo Rents' prospects under new ownership.
"We believe Volvo Rents has a tremendous opportunity to reach new heights as a standalone company," said Mr. Samson. "We have a lot of experience owning and operating equipment rental businesses and will work with the management team to help the business grow both organically and through prospective complementary add-on acquisitions."
Platinum Equity also currently owns Maxim Crane, a full-service provider of crane rental and lifting services.
A team that includes Platinum Equity in-house operations specialists is focused on transitioning the newly acquired business. A rebranding initiative is underway, and a new company name and image is expected to be announced soon.
Morgan Stanley and Harris Williams served as financial advisors to Platinum Equity on the Volvo Rents acquisition and Latham & Watkins served as legal advisors. Debt financing for the acquisition was led by Bank of America Merrill Lynch with Morgan Stanley, Goldman Sachs and Barclays serving as joint bookrunners.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 150 acquisitions.
About Volvo Rents
Volvo Rents operates 130 rental stores in North America. The company operates a network of company-owned rental stores in North America. Each of the North American rental centers offers a comprehensive line of essential equipment for the construction, commercial and industrial markets, as well as an extensive line of Volvo compact excavators, compactors, wheel loaders, backhoe loaders, compaction equipment, and skid steer loaders. For more information, visit www.volvorents.com.