United Rentals to acquire the Venetor Group
By United RentalsNews
April 8, 2011 - United Rentals has entered into a definitive purchase agreement providing for the acquisition of Venetor Group, a seven-location equipment rental company that has a strong presence in Ontario.
April 8, 2011 – United Rentals has announced that United Rentals of Canada, a
wholly-owned subsidiary, has entered into a definitive purchase
agreement providing for the acquisition of Venetor Group, a
seven-location equipment rental company that has a strong
presence in Ontario. Completion of the acquisition is
subject to the satisfaction or waiver of certain conditions contained in
the definitive purchase agreement.
Family-owned Venetor Group was founded in 1975 and is the largest
independently owned equipment rental provider in Ontario. Venetor rents a
wide range of fleet to industrial, commercial and maintenance
contractors, and sells equipment, parts and supplies.
Michael Kneeland, CEO of United Rentals, said, “Upon
completion, the acquisition of Venetor Group will significantly expand
our position in central Canada, a marketplace with attractive growth
dynamics. We are particularly delighted that Alvi Beraldo, Tom Beraldo
and Dennis Beraldo, will bring their decades of experience to United
Rentals, and continue to play an active role in growing the business.
Venetor’s commitment to superior service and its focus on industrial
customers complements our own strategy and customer focus.”
United Rentals stock dropped 81 cents on the news to close at $33.
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