H&E Equipment Services Expands Presence in Central and Southern California, Acquires Rental Assets of Giffin Equipment
H&E Equipment Services, Inc. has acquired the equipment rental assets of Giffin Equipment, a California-based provider of non-residential construction and industrial equipment. The acquisition includes three branch locations and a fleet size of approximately $13.4 million. This acquisition increases H&E's branch density in Central and Southern California and expands their rental fleet within the existing branch structure. H&E now has 135 branch locations in 30 states, including 15 locations in California.
11/01/2023 - 09:20 AM
BATON ROUGE, La. --(BUSINESS WIRE)--
H&E Equipment Services, Inc. (“H&E” or the “Company”) (NASDAQ: HEES) today announced the acquisition of the equipment rental assets of Giffin Equipment (“Giffin”), a California -based provider of non-residential construction and industrial equipment. The acquisition, which closed earlier today, includes three branch locations and a fleet size, as measured by original equipment cost, of approximately $13.4 million Ventura , Goleta and Santa Maria .
Brad Barber, chief executive officer of H&E Equipment Services, Inc., detailed the importance of the acquisition, stating, “The addition of Giffin’s equipment rental assets and facilities increases our branch density and assists in bridging our existing locations in Central and Southern California . The improved density and continuity allow H&E to efficiently address the active non-residential construction market through extended regional coverage, while providing meaningful expansion of our rental fleet within the existing branch structure. Throughout Giffin’s 93-year history in California , its employees have maintained a focus on strong customer service, reliable equipment, and equipment solutions. We look forward to growing our rental fleet in these newly acquired locations while working closely with our new teams to expand our Central and Southern California business.”
Following the transaction, H&E’s equipment rental operations extend across 135 branch locations in 30 states, including 15 locations in California .
About H&E Equipment Services, Inc.
Founded in 1961, H&E Equipment Services, Inc. is one of the largest rental equipment companies in the nation. The Company’s fleet is among the industry’s youngest and most versatile with a superior equipment mix comprised of aerial work platforms, earthmoving, material handling, and other general and specialty lines. H&E serves a diverse set of end markets in many high-growth geographies including branches throughout the Pacific Northwest, West Coast, Intermountain, Southwest, Gulf Coast, Southeast, Midwest, and Mid-Atlantic regions.
Forward-Looking Statements
Statements contained in this press release that are not historical facts, including statements about H&E’s beliefs and expectations, are “forward-looking statements” within the meaning of the federal securities laws. Statements containing the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend,” “foresee” and similar expressions constitute forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, the following: (1) risks related to a global pandemic and similar health concerns, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response to the pandemic, material delays and cancellations of construction or infrastructure projects, labor shortages, supply chain disruptions and other impacts to the business; (2) general economic and geopolitical conditions and construction and industrial activity in the markets where we operate in North America ; (3) our ability to forecast trends in our business accurately, and the impact of economic downturns and economic uncertainty on the markets we serve (including as a result of current uncertainty due to inflation and increasing interest rates); (4) the impact of conditions in the global credit and commodity markets and their effect on construction spending and the economy in general; (5) trends in oil and natural gas which could adversely affect the demand for our services and products; (6) our inability to obtain equipment and other supplies for our business from our key suppliers on acceptable terms or at all, as a result of supply chain disruptions, insolvency, financial difficulties, supplier relationships or other factors; (7) increased maintenance and repair costs as we age our fleet and decreases in our equipment’s residual value; (8) our indebtedness; (9) risks associated with the expansion of our business and any potential acquisitions we may make, including any related capital expenditures, or our ability to consummate such acquisitions; (10) our possible inability to integrate any businesses we acquire; (11) competitive pressures; (12) security breaches, cybersecurity attacks, failure to protect personal information, compliance with data protection laws and other disruptions in our information technology systems; (13) adverse weather events or natural disasters; (14) risks related to climate change and climate change regulation; (15) compliance with laws and regulations, including those relating to environmental matters, corporate governance matters and tax matters, as well as any future changes to such laws and regulations; and (16) other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the SEC, we are under no obligation to publicly update or revise any forward-looking statements after the date of this release, whether as a result of any new information, future events or otherwise. These statements are based on the current beliefs and assumptions of H&E’s management, which in turn are based on currently available information and important, underlying assumptions. Investors, potential investors, security holders and other readers are urged to consider the above-mentioned factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231031838176/en/
Leslie S. Magee
lmagee@he-equipment.com
Jeffrey L. Chastain
jchastain@he-equipment.com
Source: H&E Equipment Services, Inc.
What company has acquired the equipment rental assets of Giffin Equipment?
H&E Equipment Services, Inc.
Where is Giffin Equipment based?
How many branch locations and what is the fleet size of Giffin Equipment?
Three branch locations and a fleet size of approximately $13.4 million.
How does the acquisition benefit H&E Equipment Services?
The acquisition increases H&E's branch density in Central and Southern California, expands their rental fleet, and allows for extended regional coverage in the non-residential construction market.
How many branch locations does H&E Equipment Services have now?
H&E now has 135 branch locations in 30 states, including 15 locations in California.
