H&E Equipment Services, Inc. (NASDAQ: HEES) has just announced its definitive agreement to acquire Lewistown Rental, a Montana-based equipment rental business, along with three affiliated rental operations in Havre, Glasgow, and Great Falls. This move is part of H&E's strategic expansion plans, with the total estimated fleet value of the acquired companies standing at $28.5 million.
The acquisition is expected to strengthen H&E's presence in underserved markets in northern and central Montana, catering to a unique customer base across various industries, including non-residential, industrial, and agriculture. H&E's CEO, Brad Barber, highlighted the impressive growth demonstrated by Lewistown Rental and its affiliates in recent years, driven by the increasing demand in non-residential construction, industrial activities, and agricultural production in the region.
Post-acquisition, H&E's equipment rental operations will span across 145 locations in 30 states, consolidating its position as one of the largest rental equipment companies in the nation. The company's fleet, known for its youthfulness and versatility, comprises aerial work platforms, earthmoving, material handling, and other general and specialty lines. H&E's branches are strategically located throughout various high-growth geographies, including the Pacific Northwest, West Coast, Intermountain, Southwest, Gulf Coast, Southeast, Midwest, and Mid-Atlantic regions.
This acquisition reflects H&E's commitment to expanding its market footprint, diversifying its equipment portfolio, and capitalizing on the growth opportunities presented by evolving industry demands. Today the company's shares have moved -0.7% to a price of $62.64. For more information, read the company's full 8-K submission here.
