Hertz Equipment Rental Corporation (HERC) has acquired Pioneer Equipment Rental and Sales, an Oklahoma-based construction and industrial equipment rental company that services the Oklahoma, Southern Kansas, and Northern Texas markets.
"Pioneer Rental is another significant step in our commitment to diversify HERC geographically as well as to expand its product and service portfolio," said Mark Frissora, Hertz chairman and CEO. "Pioneer Rental gives HERC an even larger footprint in the Oklahoma equipment rental market and access to a broader range of contractor and industrial business. The acquisition immediately increases HERC's overall market share, bringing to 12 the total number of HERC locations in Oklahoma while advancing HERC's industrial penetration strategy particularly in the attractive oil and gas market."
The Oklahoma industrial and construction markets are slated to grow more than 20 percent in 2013. Pioneer Rental will add $25 million of annual revenue to HERC, and the acquisition will be accretive to Hertz's 2012 earnings.
"I'm very excited to join the Hertz team," commented John Redwine, President, Pioneer Rental. "Hertz has been a strong player in this area and around the country for a long time. I'm convinced that both the Hertz and Pioneer customers will greatly benefit with the expanded footprint and services that will be available to meet their equipment needs."