United Rentals Acquires Blue-Stream Services - Expands Power and HVAC Network
Stamford, CT - May 5, 2014
United Rentals, Inc. (NYSE: URI) today announced that it has acquired the Power and HVAC assets of Blue-Stream Services, LLC, a leader in equipment rental services in the Gulf region.
The four Blue-Stream locations in New Iberia and Baton Rouge, La., and Dallas and Houston, Texas, serve diverse end markets including oil and gas, disaster recovery, industrial, construction and entertainment.
Paul McDonnell, senior vice president – operations for United Rentals, said, “The Blue-Stream acquisition expands the footprint of our Power and HVAC specialty rental operations in the Gulf, and deepens our presence in attractive end markets. This is a high-margin business with an experienced team and strong customer relationships. It offers significant cross-selling opportunities with our broader network.”
King & Spalding LLP served as legal advisor to United Rentals, and Perret Doise LLC served as legal advisor to Blue-Stream Services.
About United Rentals
United Rentals, Inc. is the largest equipment rental company in the world, with an integrated network of 876 rental locations in 49 states and 10 Canadian provinces. The company’s approximately 12,200 employees serve construction and industrial customers, utilities, municipalities, homeowners and others. The company offers approximately 3,100 classes of equipment for rent with a total original cost of $7.99 billion. United Rentals is a member of the Standard & Poor’s MidCap 400 Index, the Barron’s 400 Index, and the Russell 2000 Index® and is headquartered in Stamford, Conn. Additional information about United Rentals is available at UnitedRentals.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. Forward-looking statements involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. These statements are based on current plans, estimates and projections, and, therefore, you should not place undue reliance on them. No forward-looking statement, including the updated financial outlook set forth above and any such statement concerning the completion and anticipated benefits of the proposed transaction, can be guaranteed, and actual results may differ materially from those projected. United Rentals undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about the business and future financial results of the equipment rental industries, and other legal, regulatory and economic developments. We use words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe harbor provisions of the PSLRA. Actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including, but not limited to, those described in the SEC reports filed by United Rentals, as well as the possibility that (1) problems may arise in successfully integrating the business of Blue-Stream Services, including, without limitation, problems associated with the potential loss of key employees; (2) the acquisition of assets of Blue-Stream may involve unexpected costs, including, without limitation, the exposure to any unrecorded liabilities or unidentified issues that we may have failed to discover during the due diligence investigation or that are not subject to indemnification or reimbursement, as well as potential unfavorable accounting treatment and unexpected increases in taxes, some or all of which may nullify the anticipated benefits of having acquired the assets of Blue-Stream; (3) our business may suffer as a result of uncertainty surrounding the transaction as well as any adverse effects on our ability to maintain relationships with customers, employees and suppliers; and (4) the industry may be subject to other future risks described in the “Risk Factors” section of the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the SEC by United Rentals. United Rentals gives no assurance that it will achieve its expectations and does not assume any responsibility for the accuracy and completeness of the forward-looking statements.
The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the businesses of United Rentals described in the “Risk Factors” section of its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the SEC. All forward-looking statements included in this document are based upon information available to United Rentals on the date hereof; and United Rentals assumes no obligations to update or revise any such forward-looking statements.
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