NES Sells Tank Business for $196 Million

To further focus on its aerial equipment rental business, NES Rentals Holdings, Chicago, Ill., announced it has completed the sale of its products and waste storage tank business to private equipment firm Odyssey Investment Partners. Proceeds from the sale will be used to reduce company debt.

In addition to the tank business sale, NES has made a number of investments to strengthen its aerial equipment rental business. According to Andrew Studdert, chairman and chief executive officer, NES has spent $300 million in new equipment since 2004. The company also has increased its emphasis on equipment maintenance, reliability, and customer service.

Odyssey Investment Partners made other news last week for selling rental company Neff Corp. to Lightyear Capital LLC.