Herc To Acquire Toronto-Based Rapid Equipment Rental For Undisclosed Sum

Herc Holdings Inc HRI agreed to acquire Toronto-based Rapid Equipment Rental Limited for undisclosed financial terms.
Rapid Equipment, a full-service general equipment rental company founded in 2013, has ~110 employees and seven locations throughout the Greater Toronto Area.
Herc Holdings, an equipment rental supplier operating as Herc Rentals, expects the acquisition to be accretive to earnings in the first year.
Herc noted that the addition of Rapid Equipment supports its long-term strategy to achieve greater density and scale in select urban markets across North America.
The transaction is expected to close in 4Q21.
Herc held cash and equivalents of $34.6 million as of June 30, 2021.
Price Action: HRI shares are trading higher by 1.84% at $170.97 on the last check Thursday.

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