15.05.2021

Private equity owner for AMECO

Texas based contractor and engineering services company Fluor has sold the North American arm of its internal rental operation Ameco, to One Equity Partners for $73 million.

This transaction is one more step in the divestiture of Ameco announced in September 2019. Fluor previously sold its Ameco Caribbean business in Jamaica in August 2020 and is still looking for a byer Ameco South America and ServiTrade Mozambique operations.
The contractor said that it will continue to work closely with Ameco in North America, especially important to the buyers, given that it represents the majority of Ameco’s revenues which also has branches within some Fluor sites and facilities.

The new owners have also brought back a previous chief executive, Gary Bernardez to run the operation and oversea its transition to a fully independent rental company, which is less dependent on Fluor. He was president of the business from 2000 until 2014. He was appointed as chief operating officer of Brundage-Bone Concrete Pumping in 2015, leaving in 2017 to set up his own consulting business, where he continued until he got the call from One Equity.
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Gary Bernardez

Ameco can trace it roots back to 1947, when it was established in Greenville, South Carolina, as the equipment and tool division of Daniel Construction Company. In 1972 it was registered as a standalone business - American Equipment Company in order to expand sales outside of Daniel Construction. The Daniel business was acquired by Fluor in 1977 and the rental operation rebranded as AMECO in 1999.