United Rentals to Acquire Yak Access for $1.1 Billion - Seite 2
Matthew Flannery, president and chief executive officer of United Rentals, said, “Our acquisition of Yak further diversifies and differentiates United Rentals’ Specialty business offerings while also driving shareholder returns. This newly created “Matting Solutions” business will create another adjacency for our company with scale in a large and growing market segment. In addition to its attractive profile across growth, margins and returns, this combination builds upon our Power vertical strategy, where significant investment in generation, transmission and distribution is expected over the next several decades.”
Flannery continued, “Yak meets the strategic, financial and cultural criteria we aim for in acquisitions. We expect this new line of business to augment our Specialty offerings as we continue to execute on our strategy of further differentiating ourselves by providing one-stop shop capabilities for our customers. We look forward to welcoming our new team members to the United Rentals family.”
Frank Bardonaro, CEO of Yak, said, “Yak is excited to accelerate its business potential as part of United Rentals. This combination will benefit both our customers and existing employees as our established expertise in access solutions complements the broader value proposition United Rentals offers. I’m proud of the leading company we built and am happy we found a great partner for the next chapter.”
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Jacob Kotzubei, co-president of Platinum Equity and Matthew Louie, Managing Director, Platinum Equity, said in a joint statement: “Over the past six years we worked with the Yak team to transform the business and are proud that it is now a stronger and more resilient company ready for the next chapter. United Rentals is an outstanding partner and a great long-term fit for Yak going forward.”
Key Acquisition and Transaction Statistics | ||
Financial information in $ millions |
||
Base Purchase Price |
$ |
1,100 |
Present Value of Acquired Tax Assets |
$ |
166 |
Adjusted Revenue for Yak (calendar year 2023) |
$ |
353 |
Adjusted EBITDA for Yak (calendar year 2023) |
$ |