Nesco Holdings Inc. To Acquire Custom Truck One Source

Custom Truck One Source entered into an agreement Dec. 3, to combine with Nesco (Fort Wayne, Ind.), another leading provider of specialized truck and heavy equipment solutions including rental, sales, and aftermarket parts and services.

The combination will create a one-stop-shop provider of specialty rental equipment serving highly attractive and growing infrastructure end-markets, including transmission and distribution, the 5G revolution build-out, and critical rail and other national infrastructure initiatives. Together, the combined company will operate on a national scale with more than 1800 employees, 46 company-operated locations, and a rental fleet that will be nearly double in size with almost 9000 units and more than $1.3 billion in combined original equipment cost (OEC). More than 400 service technicians and 120 mobile service technicians will be available to support customers.

The combined companies will be able to offer a better suite of solutions across the specialty rental equipment value chain, including equipment rental, new sales, used sales, aftermarket parts and service, and retail parts, tools, and accessories. In addition, it will create a unique business model that should drive a better customer experience and a significant increase in the number and breadth of rental assets available.

Following the close of the transaction, which is expected in the first quarter of 2021, Fred Ross will serve as CEO of the combined business. Headquarters will be at the Custom Truck One Source campus in Kansas City, Mo., with significant operations maintained in Indiana, where Nesco is based.
Until that time, Custom Truck One Source and Nesco will continue to operate as separate companies and will conduct business as usual.

SOURCE: The Weekly Propane Newsletter, December 10, 2020. Weekly Propane Newsletter subscribers receive all the latest posted and spot prices from major terminals and refineries around the U.S. delivered to inboxes every week. Receive a center spread of posted prices with hundreds of postings updated each week, along with market analysis, insightful commentary, and much more not found elsewhere.