United Rentals to acquire BakerCorp
11 July 2018
United Rentals Inc. has entered into a definitive agreement to acquire BakerCorp International Holdings Inc. for approximately USD $715 million in cash.
BakerCorp is a multinational provider of tank, pump, filtration and trench shoring rental solutions for a range of industrial and construction applications. The BakerCorp rental fleet consists of more than 24, 000 units, including steel tanks, polyethylene tanks, roll-off boxes, pumps, pipes, hoses and fittings, filtration units, tank trailers, berms and trench shoring equipment.
The company has around 950 employees serving more than 4,800 customers in North America and Europe. BakerCorp’s operations are primarily located in the United States and Canada, where it has 46 locations, with another 11 in France, Germany, the United Kingdom and the Netherlands.
“We’re very pleased to announce an agreement to acquire BakerCorp, an expert in fluid solutions and a highly regarded, customer-focused operation,” said Michael Kneeland, CEO of United Rentals. “We’re gaining a terrific team that shares our strong commitment to safety and customer service, and operations that complement our North American pump and trench offerings. This transaction will also be our company’s first experience in Europe, where BakerCorp has established an attractive, fast-growing business with significant future opportunity.”
The transaction is expected to close in the third quarter of 2018.