Platinum Equity, Los Angeles, has acquired Nesco Sales & Rentals, Bluffton, Ind., from an investor group led by New York-based private equity firm Hammond, Kennedy, Whitney & Company, Inc. As part of the agreement, Nesco Founder and CEO Rob Troxel will retain an ownership stake in the business. Terms of the transaction were not disclosed.
“Partnering with Platinum Equity is very exciting for our organization, our customers and all of our partners,” said Troxel. “Platinum understands our business, and their culture and experience in the equipment rental market make them a great fit for Nesco.”
A team of Platinum operations professionals has will work to ensure a seamless transition. In addition to providing operations support, Platinum Equity’s M&A team will continue working closely with Nesco to identify acquisition opportunities.
“Platinum will provide us with the financial wherewithal and the operational support we need to continue on our growth trajectory,” added Nesco President Brad Todd.
Nesco’s fleet serves critical electrical transmission and distribution infrastructures and projects. In addition to its core rental business, Nesco serves as a dealer of new and used equipment.
Harris Williams & Co. acted as Nesco's exclusive financial advisor.
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