United Rentals to Acquire the Venetor Group in Canada
Seven-store rental company has a strong presence in Ontario.
United Rentals, Inc. (NYSE:URI) announces that United Rentals of Canada, Inc., a wholly-owned subsidiary, has entered into a definitive purchase agreement providing for the acquisition of Venetor Group, a seven-location equipment rental company in Canada that has a strong presence in the province of 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, chief executive officer 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."
About United Rentals
United Rentals, Inc. is the largest equipment rental company in the world, with an integrated network of 531 rental locations in 48 states and 10 Canadian provinces. The company's approximately 7,300 employees serve construction and industrial customers, utilities, municipalities, homeowners and others. The company offers for rent approximately 2,900 classes of equipment with a total original cost of $3.79 billion. United Rentals is a member of the Standard & Poor's MidCap 400 Index and the Russell 2000 Index and is headquartered in Greenwich, Conn. Additional information is available at www.unitedrentals.com.
