Herc Rentals is an equipment rental company, owned by Herc Holdings. It was formerly a subsidiary of
The Hertz Corporation before being
spun-off as a separate company in 2016. The company provides rentals of
heavy equipment
Heavy equipment or heavy machinery refers to heavy-duty vehicles specially designed to execute construction tasks, most frequently involving earthwork operations or other large construction tasks. ''Heavy equipment'' usually comprises five e ...
,
tools, power generators and pumps, as well as sales of used equipment.
It primarily serves companies in the construction, manufacturing, energy, civil infrastructure, agriculture, and entertainment industries.
History
Early history
The company was founded in 1965 as a subsidiary of
The Hertz Corporation. It was originally named Hertz Equipment Rental Corporation (HERC). It was the second largest equipment rental company as of 1994.
Ford Motor Company considered acquiring HERC in 2002 but opted not to.
In 2013, HERC's headquarters were moved from
Park Ridge, New Jersey to
Estero, Florida.
The company generated over $1.5 billion in revenue in 2013, which was 14% of Hertz's total revenue. Its annual revenue had increased to $1.7 billion by 2015.
Spin-off and recent history
In 2014, it was announced that Hertz Global planned to
spin-off
Spin-off may refer to:
*Spin-off (media), a media work derived from an existing work
*Corporate spin-off, a type of corporate action that forms a new company or entity
* Government spin-off, civilian goods which are the result of military or gove ...
HERC as a separate publicly traded company. The spin-off raised $2 billion for Hertz to reduce its own debt. On July 1, 2016, Herc Rentals Inc. became an independently traded company (NYSE: $HRI). It is currently owned by Herc Holdings.
Lawrence Silber became head of the company in 2015 and led it during the transition,
becoming CEO and president after the spinoff. The company was renamed Herc Rentals, based on the acronym for its previous name.
Silber instituted a number of changes to the company and its
corporate culture, including hiring a new executive team,
opening new branches,
and increasing the company's salesforce by 50%.
He also diversified the company's revenues with the introduction of new products such as power tools, climate control,
power generators, commercial vehicles, and other specialty equipment.
Between 2016 and 2020, the company spent $1.8 billion into expanding its rental fleet.
The company invested between $525 and $575 million into its rental fleet in 2021,
and over $1 billion in 2023. During this time, the company's revenue and earnings have increased. Its yearly earnings increased by 28% in 2021,
and by 35% in 2022.
The company continued to grow in 2023, when its revenues increased by 18%.
After spinning off, Herc Rentals has acquired a number of other companies, including CBS Rentals, All-Star Rents, Dwight Crane, Reliable Equipment, All Reach, and Champion Rentals.
It is currently one of the largest equipment rental companies in the world and operates in the United States and Canada.
References
{{Reflist
Construction equipment rental companies
Companies listed on the New York Stock Exchange
American companies established in 1965
Companies based in Lee County, Florida