05.09.2007

H&E completes acquisition

North American crane, access and general equipment company H&E Equipment, formerly Head and Engquist, has completed its acquisition of JW Burress the fellow Grove/Manitowoc and Terex distributor.

The deal was amended in August on the basis that H&E expects Hitachi to pull its distribution rights from Burress thus affecting its performance. The price paid was $96.0 million plus assumed indebtedness of around $2.4 million.

Should Hitachi retain Burress as its distributor, a further payment of up to $15.1 million will be payable over a three year period.

John M. Engquist, president and chief executive officer of H&E said: “Burress is one of the premier distributors of heavy equipment in the U.S. today and has an outstanding reputation with the manufacturers they represent and the customers they serve. Their 70-year history of excellence in earthmoving equipment and cranes is well recognized in the construction industry.”

“We are extremely pleased to bring our companies together to provide even better equipment services to the mid-Atlantic region. In addition to the strong dealership services J.W. Burress currently provides, plans are underway to significantly expand the rental side of their business,” said.