Jeff Eisenberg on United and Aggreko acquisitions

Jeff Eisenberg

17 January 2023

In November 2022 United Rentals announced it would acquire Ahern Rentals for US$2 billion. Aggreko followed that with two deals of its own - UK-based Crestchic for £122 million and Resolute Industrial in the US for $440 million. What were the EBITDA multiples for the deals, asks rental consultant Jeff Eisenberg, and what does it mean for rental company mergers and acquisitions today?

Last year saw a high level of merger and acquisition (M&A) activity in major rental markets, particularly the US. Most private equity deals do not release the detailed information that United Rentals does for its shareholders. Aggreko, meanwhile, is a private company having been taken off the London stock exchange…

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