H&E Equipment to acquire Precision Rentals, terms undisclosed

H&E Equipment announced the signing of a definitive agreement to acquire the business of Precision Rentals. Based in Phoenix, Arizona, the company operates a branch in Phoenix and a second location in Aurora, Colorado. Precision offers a mix of general rental assets with a total fleet size, as measured by original equipment cost, of approximately $70M and an average fleet age of 37 months. The transaction is expected to close during the first quarter of 2024, following regulatory clearance and other customary closing conditions. H&E continues to grow its branch network in 2023 through organic expansion and acquisitions, with 17 branches added through November, and an additional two branches upon this transaction.