January 25, 2017

The firm represents NES Rentals in its acquisition by United Rentals for $965 million in cash.  Announced on January 25, 2017, the transaction is expected to close early in the second quarter of 2017, subject to Hart-Scott-Rodino clearance and customary conditions. 

NES is one of the largest general equipment rental companies in the United States, providing aerial equipment to approximately 18,000 customers across the industrial and non-residential construction sectors. Based in Chicago, NES has 74 branches and approximately 1,100 employees, with a concentration in the eastern half of the United States.  As of December 31, 2016, NES had approximately $900 million of fleet at original equipment cost.

Michael Kneeland, president and chief executive officer of United Rentals, said in a statement that the agreement with NES “satisfies the rigorous strategic, financial and cultural standards we set for acquisitions. This exciting transaction will augment our revenue, earnings, EBITDA, free cash flow and overall scale, and expand our base of local and strategic accounts at a key point in the demand cycle.”

News of the acquisition was reported by multiple outlets, including Morning Star, The Street, The Wall Street Transcript and Yahoo Finance.

The team representing NES is being led by Partner H. Kurt von Moltke. Members of the multi-disciplinary team include Partners Kristen M. Boike, Geoffrey M. Davis, Brian S. Hart, S. Tony Ling, Adam Petravicius, Anna Barreiro Sutti, Allison A. Torrence and Lee Van K. Voorhis and Associates Michael F. Bolos, Andrew S. Carlins, Young Woo (Ariel) Cho, Rita L. Feikema and Amy Inagaki.