United Rentals to acquire Yak Access for $1.1B in cash

United Rentals announced that it has entered into a definitive agreement to acquire Yak Access, LLC, Yak Mat, LLC and New South Access & Environmental Solutions from Platinum Equity for approximately $1.1B in cash. The transaction is expected to close in the first quarter of 2024, subject to limited contractual conditions. Yak is a leader in the North American matting industry with a fleet of approximately 600,000 hardwood, softwood, and composite mats providing surface protection across both construction and maintenance, repair and operations applications. Yak predominantly serves customers in the utility and midstream verticals. For the year ended December 31, 2023, Yak generated $171M of adjusted EBITDA on $353N of adjusted revenue across over 40 U.S. states. United Rentals expects to use a combination of new debt financing and existing capacity under its ABL facility to fund the transaction and related expenses.