H&E Equipment Services Completes Acquisition of Lewistown Rental and Affiliated Companies
01 Mayo 2024 - 3:05PM
H&E Equipment Services, Inc. (“H&E” or the “Company”)
(NASDAQ: HEES) today announced the completion of its acquisition of
Montana-based Lewistown Rental and three of its affiliated
companies located in Havre, Glasgow and Great Falls, Montana. The
acquisition adds a comprehensive mix of equipment with an original
equipment cost of approximately $28.5 million.
Brad Barber, chief executive officer of H&E,
stated, “With the addition of these four locations, H&E now has
six locations in the state of Montana, addressing customer needs
across the state. The acquisition is our third in the last six
months and is indicative of our continued focus on expanding our
geographic reach in the U.S. We are encouraged by the growing
prospects for non-residential, industrial, infrastructure and
agricultural projects in Montana and look forward to establishing a
strong presence in this vibrant state.”
With the close of the transaction, H&E now
operates 145 branch locations across 30 states.
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 and has 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)
general economic and geopolitical conditions in North America and
elsewhere throughout the globe and construction and industrial
activity in the markets where we operate in North America; (2) 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); (3) the impact of
conditions in the global credit and commodity markets and their
effect on construction spending and the economy in general; (4)
trends in oil and natural gas which could adversely affect the
demand for our services and products; (5) 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; (6) increased maintenance and
repair costs as our fleet ages and decreases in our equipment’s
residual value; (7) 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; (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 ability to integrate any businesses or
assets we acquire; (11) competitive pressures; (12) security
breaches, cybersecurity attacks, increased adoption of artificial
intelligence technologies, 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.
Contacts:
Leslie S. MageeChief Financial
Officer225-298-5261lmagee@he-equipment.com
Jeffrey L. ChastainVice President of Investor
Relations225-952-2308jchastain@he-equipment.com
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