United Rentals has announced a deal to purchase Yak Access, a leading supplier of temporary access mats, from private-equity firm Platinum Equity for approximately $1.1 billion in cash.
Financial Details
Yak Access boasts a robust fleet of around 600,000 hardwood, softwood, and composite mats. The company reported $353 million in adjusted revenue and $171 million in adjusted earnings before interest, taxes, depreciation, and amortization in the previous year.
Strategic Move
The acquisition of Yak Access by United Rentals represents a significant step in expanding its specialty business and creating new cross-selling opportunities for both existing and potential customers. With 2023 revenue exceeding $14 billion, United Rentals is poised to leverage this acquisition across various construction and maintenance sectors.
Funding the Acquisition
To facilitate the acquisition, United Rentals plans to utilize new debt financing along with its existing asset-based lending facility. The deal is expected to be finalized later this month.
Background
Platinum Equity, headquartered in Beverly Hills, Calif., had acquired a controlling interest in Yak from Jones Cos. and Beasley Forest Products back in 2018.
PREVIOUS POST
