United Rentals Earnings Reconciliation and Strategic Vision
Record of value creation through M&A
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RSC
(2012)
Size: $4.2B
transaction value
(cash and stock)
Type: 'Grow-the-
core' gen rent
acquisition
Rationale:
Positions URI as
leader in North
American rental
industry
Value: Targeted
$200M cost
savings from
branch
consolidation and
overhead
rationalization
Exceeded
initial cost
savings
estimates -
Raised target
to $230M -
National Pump
(2014)
Size: $780M
transaction value
(cash)
Type: Specialty
adjacency in the
pump rental sector
Rationale: Expand
offerings in higher
margin return
assets
Value: Delivered
on growth thesis
by capitalizing on
cross-selling
opportunity
Secured
foothold in
energy-related
end markets
Diversified
into core
construction
and industrial
markets
NES
(2017)
Neff Rentals
(2017)
Size: $965M
transaction value
(cash)
Type: 'Grow-the-
core' gen rent
acquisition
Rationale:
Strengthened aerial
capabilities and
added two-way
cross-selling
opportunities
Value: Targeted
$40M cost savings
and $35M of
revenue cross-sell
opportunity, as well
as $125M NPV of
tax benefits
Size: $1.3B
transaction value
(cash)
Type: 'Grow-the-
core' gen rent
acquisition
Rationale:
Introduced new dirt
capabilities and
expertise in
infrastructure;
provided two-way
cross-selling
opportunities
Value: Targeted
$35M cost savings
and $15M of
revenue cross-sell
opportunity, as well
as $220M NPV of
tax benefits
BakerCorp
(2018)
Size: $720M
transaction value
(cash)
Type: Specialty
adjacency in the
fluid control
sector
Rationale:
Expand offerings
in higher return
and lower
volatility assets
Value: Targeted
$19M cost
savings and
$60M of cross-
sell revenue
opportunity
BlueLine
(2018)
Size: $2.1B
transaction value
(cash)
Type: 'Grow-the-
core' gen rent
acquisition
Rationale:
Bolstered URI'S
position as a
leader in the
North American
rental industry
while also adding
to presence with
local and mid-
sized customer
segment
Value: Targeted
$45M cost savings
and $35M of cross-
sell revenue
opportunity, as well
as $169M NPV of
tax benefits
General
Finance (2021)
Size: $1.0B
transaction value
(cash)
Type: Specialty
adjacency in the
mobile storage and
portable office
sector
Rationale:
Expanded product
and solution
offering via higher
return and lower
volatility assets
while further
differentiating
URI's ability to
provide one-stop
shopping
Value: Targeted
$17M cost savings
and $65M of
revenue synergies
Ahern
(2022)
Size: $2.0B
transaction value
(cash)
Type: 'Grow-the-
core' gen rent
acquisition
Rationale:
Bolstered URI'S
position as a leader
in the North
American rental
industry while also
augmenting our
presence with local
and mid-sized
customer segment
in select markets
Value: Targeted
$40M cost savings
and $60M of cross-
sell revenue
opportunity, as well
as $426M NPV of
tax benefits
$250M
With 25+ years of execution experience for ~300 transactions, team has successfully integrated
assets in different environments and across the spectrum from bolt-ons to transformational
United Rentals®
Work United®
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