Equipment-rental giant RSC Holdings Inc., Scottsdale, Ariz., has entered into an agreement to purchase the operations and certain operating assets of Independent Aerial Equipment ("IAE") of Elizabeth, N.J. The transaction's financial terms of the transaction were not disclosed. The purchase is expected to close in July, subject to customary closing conditions.
IAE, a privately held company, is a leading provider of aerial equipment including articulated and telescopic boom lifts, scissor lifts, forklifts and other rental equipment. IAE has approximately $50 million in fleet at original cost, serving industrial and non-residential construction customers located in New York, New Jersey, Connecticut, Maryland, Virginia, Delaware, and Pennsylvania.
"The acquisition of Independent Aerial Equipment expands RSC's footprint in a major market, consistent with our commitment to strategic growth in attractive geographic areas," said Erik Olsson, RSC president and chief executive officer. "The IAE locations in the Northeast complement our existing national footprint, and the addition of their dedicated employees and customers provides us tremendous opportunity for growth. We are very excited to have this quality company and team join the RSC ranks."
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