NES Rentals Announces Review of Strategic Alternatives
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CHICAGO, IL, January 12, 2006 - Chicago based NES Rentals Holdings, Inc., one of the nation's largest equipment rental and traffic safety services providers, today announced it has retained Bear, Stearns & Co. Inc. to act as the company's financial advisor. The company is reviewing various strategic alternatives, which could include sale of the company, merger, acquisition or other transaction.
The announcement follows the company's recent financial turnaround. In February 2004, NES Rentals successfully emerged from bankruptcy with all suppliers paid in full. After bringing in new chief executive officer Andrew P. Studdert in June 2004, the company went on to increase capital expenditures, investing nearly $200 million during the past 24 months.
"The company's rapid turnaround and return to a solid financial performance has exceeded expectations," Studdert said. "We are proud of our success and looking forward to a bright future with long-term growth."
In an announcement to employees, Studdert stressed the company's current position is a
reflection of the hard work and dedication of employees and loyal customers. To further the company's commitment to customer service, NES Rentals plans to invest approximately $100 mllion in new equipment in 2006.
ABOUT NES RENTALS HOLDINGS, INC.
NES Rentals Holdings, Inc. is one of the nation's largest full-service companies in the $26 billion equipment rental industry. The company focuses on renting specialty and general equipment to industrial and construction end users. It rents more than 750 types of machinery and equipment,and distributes new equipment for nationally recognized original equipment manufacturers. NES also sells used equipment as well as complementary parts, supplies and merchandise, and provides repair and maintenance services to its customers. In addition to its equipment sales and rental businesses, NES is the second largest supplier of traffic safety services to the construction
industry. Through its nearly 2,500 employees at 125 locations in 34 states, NES Rentals is a leading competitor in each geographic market it serves. Additional information about NES. Rentals is available at www.nesrentals.com
Media Contact:
Michael Disser
Vice President, Marketing
NES Rentals Holdings, Inc.
Phone: 773.695.2715
Email: mdisser@nesrentals.com
