BLUFFTON, Ind.--(BUSINESS WIRE)--NESCO, LLC (“NESCO”) today announced that it has acquired the utility equipment fleet and related assets of Penske’s utility rental division (“PUR”) from Penske Truck Leasing Co., L.P. pursuant to an asset purchase agreement. The acquisition adds approximately 250 units to NESCO’s existing fleet and expands NESCO’s presence in the East Coast and mid-Atlantic regions. Financial terms of the transaction were not disclosed. NESCO was acquired by Platinum Equity in October 2011.
“Acquiring these assets further broadens NESCO’s fleet offering and expands our ability to service our customer’s equipment needs nationwide,” said Lee Jacobson, NESCO‘s Chief Executive Officer. “The acquisition solidifies our position as one of the premier service and equipment providers in the utility and telecommunications rental markets, and demonstrates NESCO and Platinum Equity's commitment to growth. We will continue investing in the breadth and quality of our fleet.”
Louis Samson, the Platinum Equity partner who led the firm’s acquisition of NESCO and has been working with NESCO on its mergers and acquisitions strategy, said today’s announcement “represents another step forward in Platinum Equity's efforts to support NESCO's overall growth strategy.”
We are one of the largest North American providers of specialty rental equipment for the electric power transmission and distribution (“T&D”) industry serving contractors and utilities that perform critical installation, maintenance, upgrade and repair services on T&D infrastructure. We also provide equipment services to customers in a variety of other end markets including the telecommunications sector. We have one of the most modern and extensive fleets of bucket trucks, digger derricks, line equipment, cranes, pressure diggers and underground equipment in the industry. The breadth of our equipment fleet and broad geographic presence across the United States and Canada positions us to serve as a first call, one-stop provider for our customers.
About Penske Truck Leasing, Co., L.P.
Penske Truck Leasing Co., L.P., headquartered in Reading, Pa., is a joint venture of Penske Corporation, Penske Automotive Group and General Electric Capital Corporation. A leading global transportation services provider, PTL operates more than 200,000 vehicles and serves customers from more than 1,000 locations in North America, South America, Europe and Asia. Product lines include full-service truck leasing, contract maintenance, commercial and consumer truck rentals, used truck sales, transportation and warehousing management and supply chain management solutions. Visit www.GoPenske.com to learn more.
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, metal services, rental services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed over 140 acquisitions.