H&E makes Phoenix acquisition

H&E Equipment Services has agreed to buy Precision Rentals, a two-location rental business based in El Mirage in Phoenix, Arizona.

Precision, which has a second depot in Denver, Colorado, has a mixed general rentals fleet with an original cost of approximately $70 million. The transaction is expected to close during the first quarter of 2024.

The average age of Precision’s rental fleet is 37 months. (Photo: Precision)

Brad Barber, chief executive officer of H&E, said there were “compelling” benefits to the deal; “Since 2006, Precision Rentals has successfully grown its equipment rental business through a focus on reliability, fleet diversity and exceptional customer service.

“The company’s branch operations are in cities with strong construction activity and excellent future opportunities, including several mega projects.

“The acquisition is expected to expand the H&E customer base as branch density is increased across the Phoenix and Denver metropolitan areas.”

H&E has added 17 branches to its business – excluding Precision -since November 2022 through a combination of acquisitions and greenfield openings. It now has more than 125 rental locations.