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Herc Rentals

From Wikipedia, the free encyclopedia

Herc Rentals
Company typePublic
NYSE: HRI
IndustryEquipment rental
PredecessorThe Hertz Corporation
Founded1965; 59 years ago (1965)
HeadquartersBonita Springs, Florida
Key people
Lawrence H. Silber (CEO and president)
Revenue$3.2 billion (2023)
Number of employees
7,200 (2023)
ParentHerc Holdings
Websitewww.hercrentals.com
Footnotes / references
[1][2]

Herc Rentals is an equipment rental company, owned by Herc Holdings. It was formerly a subsidiary of The Hertz Corporation before being spun-off as a separate company in 2016. The company provides rentals of heavy equipment,[3] tools, power generators and pumps,[4] as well as sales of used equipment.[5]

It primarily serves companies in the construction, manufacturing, energy, civil infrastructure, agriculture, and entertainment industries.[6][7][8]

History

Early history

The company was founded in 1965 as a subsidiary of The Hertz Corporation.[9] It was originally named Hertz Equipment Rental Corporation (HERC). It was the second largest equipment rental company as of 1994.[10] Ford Motor Company considered acquiring HERC in 2002 but opted not to.[11]

In 2013, HERC's headquarters were moved from Park Ridge, New Jersey to Estero, Florida.[12][13] The company generated over $1.5 billion in revenue in 2013, which was 14% of Hertz's total revenue.[14] Its annual revenue had increased to $1.7 billion by 2015.[6]

Spin-off and recent history

In 2014, it was announced that Hertz Global planned to spin-off HERC as a separate publicly traded company.[15][16][17] The spin-off raised $2 billion for Hertz to reduce its own debt.[18] On July 1, 2016, Herc Rentals Inc. became an independently traded company (NYSE: $HRI).[19] It is currently owned by Herc Holdings.[8]

Lawrence Silber became head of the company in 2015 and led it during the transition,[12] becoming CEO and president after the spinoff.[20] The company was renamed Herc Rentals, based on the acronym for its previous name.[21]

Silber instituted a number of changes to the company and its corporate culture,[22] including hiring a new executive team,[13] opening new branches,[23] and increasing the company's salesforce by 50%.[12] He also diversified the company's revenues with the introduction of new products such as power tools, climate control,[13] power generators,[24] commercial vehicles, and other specialty equipment.[25]

Between 2016 and 2020, the company spent $1.8 billion into expanding its rental fleet.[23] The company invested between $525 and $575 million into its rental fleet in 2021,[26] and over $1 billion in 2023.[27] During this time, the company's revenue and earnings have increased. Its yearly earnings increased by 28% in 2021,[23] and by 35% in 2022.[26] The company continued to grow in 2023, when its revenues increased by 18%.[28]

After spinning off, Herc Rentals has acquired a number of other companies,[29] including CBS Rentals,[30] All-Star Rents,[31] Dwight Crane,[32] Reliable Equipment,[33] All Reach,[34] and Champion Rentals.[35]

It is currently one of the largest equipment rental companies in the world and operates in the United States and Canada.[3][36]

References

  1. ^ "Herc Holdings". Fortune.
  2. ^ "Herc Holdings Reports Strong Full Year 2023". hercrentals.com.
  3. ^ a b McManus, John; Winroth, Mats; Angelis, Jannis (2019-10-12). Service Operations Management: A Strategic Perspective. Bloomsbury Publishing. pp. 242–244. ISBN 978-1-137-60923-6.
  4. ^ "Hertz spinning off its equipment rental business - CBS News". www.cbsnews.com. 2014-03-18. Retrieved 2024-04-11.
  5. ^ Hoover's Handbook of American Business 2005. Hoover's, Incorporated. December 2004. p. 2. ISBN 978-1-57311-101-0.
  6. ^ a b Bomey, Nathan. "Hertz split official: Equipment, car rental parting". USA TODAY. Retrieved 2024-04-11.
  7. ^ "Hertz announces equipment hire spin-off". www.ft.com. Retrieved 2024-04-11.
  8. ^ a b "The other Hertz". Business Observer. 2017-01-06. Retrieved 2024-04-11.
  9. ^ Pasiuk, Laurie; Vault (Firm) (2006). Vault Guide to the Top Transportation Industry Employers. Vault Inc. p. 70. ISBN 978-1-58131-385-7.
  10. ^ Encyclopedia of American Industries. Gale Research. 1994. p. 1145. ISBN 978-0-7876-9062-5.
  11. ^ Reidy, R. (2002-12-13). Profile of the International Pump Industry - Market Prospects to 2007. Elsevier. p. 7. ISBN 978-0-08-094924-6.
  12. ^ a b c Pizzutillo, Rich (2018-03-20). "New name, new vision, new products are getting Herc Rentals back on track". ROI-NJ. Retrieved 2024-04-11.
  13. ^ a b c Layden, Laura. "Herc finds its own way as a stand-alone company". Naples Daily News. Retrieved 2024-04-11.
  14. ^ "Hertz to spin off equipment rental business for $2.5 billion". CNBC. 2014-03-18. Retrieved 2024-04-11.
  15. ^ "Hertz to spin off gear-rental arm". arkansasonline. 2014-03-19. Retrieved 2024-04-11.
  16. ^ "Hertz close to $4.5bn equipment rentals spin-off". www.ft.com. Retrieved 2024-04-11.
  17. ^ Raghavan, Mridula (March 18, 2014). "Hertz to raise $2.5 billion through equipment business spinoff". Reuters. pp. 2024–03–06.
  18. ^ "Hertz spins off equipment rental as Herc". www.naplesnews.com. Retrieved 2024-04-11.
  19. ^ "Hertz spins off equipment arm". Business Observer. 2016-07-01. Retrieved 2024-04-11.
  20. ^ Hufford, Austen. "Hertz Details Equipment Company Spinoff". WSJ. Retrieved 2024-04-11.
  21. ^ "Larry Silber, CEO of Herc Rentals, Sees New Opportunities". ENR. Retrieved 2024-04-11.
  22. ^ Pizzutillo, Rich (2018-03-20). "Herc Rentals has no fear of promoting union workers to management roles". ROI-NJ. Retrieved 2024-04-11.
  23. ^ a b c Layden, Laura (September 22, 2021). "Bonita-based Herc announces ambitious three-year plan for growth". The News-Press. Retrieved 2024-04-11.
  24. ^ Layden, Laura. "Bonita-based rental company Herc Holdings posts record results". The News-Press. Retrieved 2024-04-11.
  25. ^ "Hertz Equipment Rental Spin-off Creates Herc Rentals". UI. Retrieved 2024-04-11.
  26. ^ a b Layden, Laura. "Herc narrows losses, completes last step in separation from Hertz". Naples Daily News. Retrieved 2024-04-11.
  27. ^ "Top 10 US-based equipment rental companies". IRN. 2023-09-07. Retrieved 2024-04-11.
  28. ^ "U.S. rental giants seeing record-breaking growth". RN. 2023-10-30. Retrieved 2024-04-11.
  29. ^ Layden, Laura. "Bonita Springs-based Herc reports record revenues, profits for 2021".
  30. ^ Layden, Laura. "Bonita-based Herc Holdings eyes growth with acquisition of Texas company".
  31. ^ Layden, Laura. "No end in sight: Herc's growth story continues with record revenue, profits in second quarter".
  32. ^ Layden, Laura. "Bonita Springs-based Herc Holdings announces the completion of another acquisition".
  33. ^ "Equipment giant makes acquisition, expands in New England". 2021-11-02.
  34. ^ "Hertz Buys All Reach".
  35. ^ Layden, Laura. "Herc Holdings acquires Houston-based rental equipment business".
  36. ^ "Hertz to spin-off rental business in $2.5bn deal". Financier Worldwide. Retrieved 2024-04-11.
This page was last edited on 12 May 2024, at 14:52
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