Herc Buys Cloverdale

March 31, 2022 - Herc Holdings Inc., a leading North American equipment rental company operating through Herc Rentals Inc., has entered into a purchase agreement to acquire Cloverdale Equipment Company.

The transaction is expected to close in the second quarter of 2022, subject to customary closing conditions and regulatory approvals. Terms were not disclosed.

Cloverdale is a full-service general equipment rental company serving construction and industrial customers.

It has about 120 employees and operates four locations in the metropolitan areas of Detroit and Grand Rapids, MI; Cleveland, OH; and Pittsburgh, PA.

Adding Cloverdale expands Herc Rentals’ presence in this coverage area to 14 locations, which collectively provide general and specialty equipment rental solutions and related services.

“I look forward to welcoming Cloverdale Equipment to Team Herc,” said Larry Silber, president and chief executive officer. “With nearly 60 years of history, Cloverdale’s team brings substantial equipment rental experience and a strong reputation for exceptional customer service, top-quality equipment and operational excellence.”

Silber added, “Our combined teams and resources position Herc Rentals to be a preeminent equipment rental partner in the Great Lakes region and nearby markets, serving a diverse mix of construction, industrial and government customers. With three of its locations in major metropolitan markets, the addition of Cloverdale supports our long-term strategy to achieve greater density and scale in select urban markets across North America to better serve both our local and national customers.”

Silber noted that Cloverdale has deep relationships with key industrial customers whose unique construction and maintenance needs continue to grow, which Cloverdale serves through self-perform work and a suited-to-purpose rental fleet, including specialty aerial and material handling equipment.