Nesco Holdings Closes Acquisition of Custom Truck One Source.
MANews-(C)2009-2021
US-based specialty equipment provider Nesco Holdings, Inc. (NYSE: NSCO), which has been renamed as Custom Truck One Source, Inc, in partnership with an affiliate of Platinum Equity, LLC, has closed a transaction to acquire specialised truck and heavy equipment solutions provider Custom Truck One Source, L.P. for a purchase price of USD 1.475bn, the company said.
Nesco and CTOS are providers of specialized truck and heavy equipment solutions, including rental, sales and aftermarket parts and service.
According to Nesco, the combination will create a one-stop-shop provider of specialty rental equipment serving highly attractive and growing infrastructure end-markets, including transmission and distribution, the 5G revolution build-out and critical rail and other national infrastructure initiatives.
With complementary business lines, customer bases and capabilities, the combination is expected to yield significant benefits from increased scale, breadth of product and service offerings and expanded geographic coverage, the company said.
In connection with the transaction, an affiliate of Platinum Equity, LLC has committed to invest over USD 850m into Nesco in exchange for newly issued common stock at a price of USD 5.00 per share.
In addition, existing CTOS shareholders, including certain funds managed by The Blackstone Group, Inc., in its capacity as the current majority owner of CTOS, and certain members of the CTOS management team, are expected to invest approximately USD 100m into Nesco in exchange for newly issued common stock also at the same price as Platinum.
Energy Capital Partners and Capitol Investment, who together currently own ~70% of Nesco's outstanding common stock, will retain their entire ownership positions in Nesco and have entered into voting agreements in support of the transaction.
Subject to closing mechanics and an additional equity investment of up to USD 200m, upon closing, Platinum is expected to own approximately 57% of Nesco's common stock, with existing CTOS shareholders owning approximately 7%, ECP owning approximately 10% and Capitol owning approximately 3%.
The additional equity investment of up to USD 200m is targeted to be raised between signing and...
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