21.10.2007

NES realignment completed

NES Rentals Holdings, the US rental company that operates the world’s fourth largest aerial lift fleet has completed its strategic realignment which will focus its efforts on the powered access rental business.

The company came out of chapter 11 bankruptcy to be acquired in May 2006 by Diamond Castle, a New York based private equity firm. Since then its strategy has been to divest all non-core businesses including its tank, manned crane, traffic safety and studio equipment.

Andrew P. Studdert, NES Rentals chairman and chief executive officer said: "Following our acquisition by Diamond Castle Holdings, the NES management team was driven to make the company a leader in the aerial equipment rental business."

"Our strategy was to simultaneously grow our aerial business through investments and expansion and divest business units that didn't complement our new strategy. Within 14 months of the acquisition we achieved this significant business goal and consider ourselves to be the leader in the aerial equipment rental space."

NES has also been expanding its aerial equipment rental business by investing $100 million annually in new equipment since 2004. It has also opened new branches in key markets. The most recent include Panama City, Florida, Glendale, and Tucson, Arizona and Gulfport, Mississippi.