NES Rentals Completes $500 Million Fleet Modernization Initiative
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Aerial Equipment Rental Leader Completes Four-Year Equipment Update Ahead of Schedule
DEERFIELD, IL - NES Rentals Holdings, Inc., one of the largest aerial equipment rental providers in the country, today announced it has completed a four-year, $500 million fleet modernization plan as a part of its strategic realignment to focus on the aerial equipment rental business.
The fleet modernization effort included the addition of 16,000 pieces of new aerial rental equipment, including more than 5,000 scissor lifts, 3,000 boom lifts, 1,500 RT telescopic forks and 800 industrial forklifts. The company also implemented a rigorous maintenance and inspection program which requires all rental equipment to comply with applicable OEM standards. Overall, the fleet modernization initiative allowed NES Rentals to grow its rental fleet to more than 30,000 units with a replacement value in excess of $1 billion.
"The safety of our customers and employees is our number one priority. Purchasing and maintaining the best aerial equipment fleet in the industry is a part of assuring their safety," stated Andrew P. Studdert, NES Rentals Chairman and Chief Executive Officer. "Our research shows that safety and reliability are our customers' chief concerns when renting aerial equipment. Our modernization initiative has ensured that each piece of NES equipment meets our customers' high standards."
NES Rentals' fleet modernization effort began in June 2004 and by achieving the targeted fleet goals in early 2008, NES has completed this phase of its strategic realignment ahead of schedule.
About NES Rentals Holdings, Inc.
NES Rentals Holdings, Inc. is one of the largest companies in the $36 billion equipment rental industry. The company specializes in renting aerial equipment to industrial and construction end-users. NES Rentals also sells new and used equipment as well as complementary parts, supplies and merchandise. The company is a leading competitor in many of the geographic markets it reaches with 81 locations in 30 states.
For more information on NES Rentals, visit www.nesrentals.com.
About Diamond Castle Holdings, LLC
Diamond Castle Holdings, LLC is a private equity firm with $1.85 billion of committed capital under management. Founded in 2004 by five senior investment professionals from DLJ Merchant Banking Partners, Diamond Castle specializes in leveraged buyouts, growth capital and equity-like investments in both public and private companies. Diamond Castle targets investments in the following industry sectors: media and communications, energy and power, financial services, healthcare and diversified industries. Diamond Castle is located in New York, New York.
For more information on Diamond Castle, please visit our website at www.dchold.com.
Ronda Duncan
Public Relations Counsel
Cell: 847-254-9785
rduncan@nesrentals.com
rondajduncan@yahoo.com
