Herc buys in Florida
By Belinda Smart14 October 2022
Herc Rentals has acquired Florida-based All-Star Rents (All-Star) from Hunter Street, a Minneapolis-based investment firm. Terms of the transaction have not been disclosed.
All-Star is headquartered in Fort Myers, Florida, and rents, sells, and services equipment including forklifts, boom lifts, mini-excavators, skid steers, scissor lifts, and small equipment.
It serves end-markets including construction, renovation, landscaping, energy, milling, and agriculture companies in the Southwest Florida region.
The firm has grown from a single-site operator to three locations in central and south Florida: Sarasota, Orlando, and Naples since it was acquired by Hunter Street in September 2020.
Herc’s recent growth - it posted record US$578 million revenues in the final three months of 2021 - is due in part to its active pursuit of acquisition opportunities in recent years. Earlier this year it acquired Michigan based Cloverdale Equipment and the Chicago area’s SkyKing Lift Rentals.
During 2021, Herc completed 12 acquisitions.
Neal Johnson, CEO and CIO at Hunter Street, commented that Herc’s commitment “to growing their business globally” was a key factor in the sale of All-Star to Herc.
“All-Star benefited from strong tailwinds related to the economic recovery, and the sale reflects strong performance and growth of the platform over the last two years, which ultimately benefits the company’s customers and employees,” Johnson said.
Hunter Street is described as an “alternative investment management firm that provides creative capital solutions to operating partner teams and small to mid-sized companies for special situations, asset-based financings, and secondary purchases.”