Hertz Equipment Rental Corp., a subsidiary of Hertz Global Holdings (NYSE: HTZ), has acquired Rent One, a provider of power to event and media companies in Spain. No financial terms were disclosed, except that Rent One had 2008 revenue of $2.9 million. Hertz shareholders include The Carlyle Group and Clayton, Dubilier & Rice.
Hertz Global Holdings, Inc. (NYSE:HTZ – News) announced that Hertz Equipment Rental Corporation (HERC) has acquired Rent One, one of the top power generation companies that provides power to event and media companies throughout Spain. Located in Cheste, Valencia, Rent One is a strong player in power generation, where they have a strategic focus and will significantly boost HERC’s established Energy Division in Spain.
Founded in 2004, Rent One is a best-in-class power generation rental company that services customers in the event and media business, specifically those companies that support racing events, including the F1 and Moto GP, such as Valmor and Dorna Sports. The acquired business had 2008 revenues of US$2.9 million (EUR 2.1M). The acquisition was made by HERC’s Spanish unit for an undisclosed sum and will be integrated into HERC’s Spanish operations.
Juan Carlos Azcona Martinez, General Manager, HERC Spain, said, “Rent One has a solid reputation in the events industry and Hertz’s acquisition of Rent One is a great fit with our current power generation rental operations in Spain. Rent One also supports the Company’s strategy of diversifying its business and gives Hertz access to event customers needing power generation and climate equipment. With strong synergies in fleet and employees, Rent One will be merged into HERC’s Energy Division and will enable HERC to expand throughout Spain and beyond.”
Hertz Equipment Rental Corporation — a wholly owned subsidiary of The Hertz Corporation — operates one of the world’s largest equipment rental businesses, offering a diverse line of equipment, including tools and supplies, as well as new and used equipment for sale, to customers ranging from major industrial companies to local contractors and consumers through approximately 350 branches in the United States, Canada, China, France and Spain. The Hertz Corporation is the world’s largest general use car rental brand, operating from approximately 8,500 locations in 141 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 42 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Australia and New Zealand. In addition, the Company has licensee locations in cities and airports in Africa, Asia, and the Middle East. Product and service initiatives such as Hertz #1 Club Gold®, NeverLost® customized, onboard navigation systems, SIRIUS Satellite Radio, and unique cars and SUVs offered through the company’s Prestige, Fun and Green Collections, set Hertz apart from the competition.