CHARLOTTE, N.C., and FORT LAUDERDALE, Fla. (June 19, 2006) Sunbelt
Rentals Inc., a subsidiary of Ashtead Group plc, and NationsRent Companies
Inc. announced an agreement today under which NationsRent will be merged
into Sunbelt to form the third-largest equipment rental company serving the
Sunbelt Rentals, based in Charlotte, N.C., will pay approximately $1 billion in
cash, assumed debt and bond redemptions to complete the transaction,
which is expected to close in late August 2006. After the acquisition, the
combined companies will operate 477 outlets in 35 states, employ over 7,000,
with combined 2005 revenues of approximately $1.4 billion.
"We are excited to announce the proposed merger of Sunbelt Rentals and
NationsRent. This will bring together two well-known brands and two well-
respected companies that share a very strong focus on customer
satisfaction," said Cliff Miller, president and chief executive officer of Sunbelt
Rentals. "It is fitting that the primary beneficiaries of this combination will be
the customers of Sunbelt and NationsRent as well as employees who have
worked so hard to build both organizations."
Jeff Putman, NationsRent's chief executive officer, said, "This transaction
with Sunbelt represents an excellent opportunity for our employees and our
stockholders. With limited geographic overlap, this combination will allow the
NationsRent employees to continue to serve our customers and an
opportunity for career growth in one of the largest and most successful
companies in our industry. For the stockholders of NationsRent, the
transaction will allow them to realize an attractive return generated by the
growth of our company over the past three years."
The combination of NationsRent and Sunbelt Rentals creates potential
synergies that promise to benefit customers and employees of both
companies, Miller said, citing the following compelling factors:
"NationsRent's complementary footprint means very little geographic
duplication of existing stores, so the acquisition will immediately extend the
combined companies reach to eight additional states for a market presence in
35 states and the District of Columbia.
"Lack of duplication also means growth opportunities for branch network
employees of both NationsRent and Sunbelt as the combined company works
to serve a greatly expanded customer base.
"Specialty operations of the two companies also are complementary, thus
allowing the combined companies to expand the breadth and width of its
product and service offerings. These include NationsRent's alliance with
Lowe's Home Improvement Stores and an expanding dealership network, as
well as Sunbelt's scaffold services business and pump and power operations.
"NationsRent's relatively new equipment fleet bolsters Sunbelt's already
significant investment in fleet replacement and growth. The combined
companies will feature a rental fleet asset base of greater than $2 billion at
Support operations will mainly be consolidated at Sunbelt's Charlotte
headquarters and staffing will be evaluated to reduce duplication and improve
efficiency. However, the significant growth of Sunbelt's business volume
resulting from the acquisition will also create many new opportunities. We are
pleased to announce that two of the senior executives at NationsRent, Bryan
Rich and Charles Snyder, have agreed to join the Sunbelt executive
The acquisition is expected to close by late August 2006, pending approvals
from shareholders of Ashtead Group plc and appropriate regulatory agencies.
About Sunbelt Rentals
Sunbelt Rentals, a wholly-owned subsidiary of Ashtead Group plc, is the
fourth largest equipment rental company in the U.S. as listed by the Rental
Equipment Register. Sunbelt is based in Charlotte, N.C., and provides
equipment rental solutions for the industrial, construction, and municipal
markets, plus the DIY markets, from its network of 209 branches in 27 states.
Its extensive equipment fleet includes a wide range of general construction
and industrial equipment, and is further broadened by specialty businesses
serving the Pump, Power, Trench Shoring and Scaffold markets. For more
information, visit sunbeltrentals.com.
NationsRent is headquartered in Fort Lauderdale, Florida, and is one of the
largest full service equipment companies in the United States, operating 268
locations (including 100 at Lowe's Home Improvement locations) in 26 states.
NationsRent specializes in rentals and also sells new and used equipment with
related merchandise, parts and supplies, and provides maintenance and repair
services. NationsRent offers a broad range of high-quality construction
equipment with a focus on superior customer service at affordable prices with
convenient locations in major metropolitan markets throughout the United
States. More information is available at nationsrent.com.
All statements other than statements of historical fact included in this news
release regarding NationsRent's financial condition, business strategy, plans,
anticipated growth rates, and objectives of management of NationsRent for
future operations are forward-looking statements. Forward-looking
statements are intended to provide management's current expectations or
plans for the future operating and financial performance of NationsRent based
upon information currently available and assumptions currently believed to be
valid. Forward-looking statements can be identified by the use of words such
as "anticipate," "believe," "estimate," "expect," "intend," "plans," "strategy," "
outlook", "project," and other words of similar meaning in connection with a
discussion of future operating or financial performance. Actual results could
differ materially from those contemplated by the forward-looking statements
as a result of certain factors that include, but are not limited to, risks
associated with NationsRent's high degree of leverage, management's ability
to successfully execute its business strategy, competition in the equipment
rental industry, the economy in general or construction spending in particular,
and other risks and uncertainties described in NationsRent's filings with the
Securities and Exchange Commission. NationsRent has no current intention or
obligation to update these forward-looking statements, even if its situation or
expectations change in the future.
Contact: Sunbelt RentalsChuck Miller, Executive Vice President, Phone: 704-
969-0226 , Fax: 704-602-7416 email@example.com
NationsRent John Malone Executive Vice President Phone:954-759-5831
Fax: 954-759-5830 firstname.lastname@example.org