United Rentals to Acquire the Venetor Group in Canada
Greenwich, CT - Apr 6, 2011
United Rentals, Inc. (NYSE:URI) today announced 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 unitedrentals.com.
This press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding completion and anticipated benefits of the transaction and other statements identified by words such as “may,” “will,” “intend,” “estimate,” “should,” “expect” or similar expressions. These statements are based on the current expectations and beliefs of management, and are subject to uncertainty and changes in circumstances, including, but not limited to, the satisfaction of closing conditions, our ability to timely and successfully integrate Venetor’s operations into our operations, and the parties' performance of their obligations under the purchase agreement. Any forward-looking information is not a guarantee of future performance and actual results may vary materially from those expressed or implied by the statements herein, due to changes in economic, business, competitive, technological, strategic and/or regulatory factors, as well as factors affecting our combined operations and businesses.
For a more complete description of these and other possible risks and uncertainties as such risks and uncertainties relate to United Rentals, please refer to our Annual Report on Form 10-K for the year ended December 31, 2010, as well as to our subsequent filings with the SEC. Our forward-looking statements contained herein speak only as of the date hereof, and we make no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations.
Cell: (917) 847-4507