Hertz Acquires AA Rentals
11 February 2000
Hertz Acquires AA Rentals- Adding 21 New Locations to the Hertz Equipment Rental Network in Seattle, Washington - PARK RIDGE, N.J., Feb. 10 -- The Hertz Equipment Rental Corporation (HERC), a wholly owned subsidiary of The Hertz Corporation , the world's largest car rental company and a leading construction and industrial equipment rental business, announced the acquisition of AA Rentals, an equipment rental and sales business in the Seattle, Washington area, with 21 locations. Net revenues for the fiscal year ending October 31, 1999 were $25 million. No price was disclosed for the cash-for-stock transaction. The 21 locations will operate under the name Hertz AA Rentals. "This acquisition strategically positions HERC in a new business segment, light commercial contract and homeowner market in the Seattle/Puget Sound area. Furthermore, it provides the opportunity to service a new base of customers by providing HERC's traditional line of equipment with a new geographic reach. And AA's outstanding 40-year history complements HERC's commitment to service and quality," commented Gerald A. Plescia, President of Hertz Equipment Rental Corporation. "In addition, we're excited that Mark Jaeger and Kevin Ushler will remain with the company as Area Managers," stated Plescia. Also, HERC recently acquired A1 Rentals with two locations in southern California. Hertz' equipment rental unit operates from over 325 locations in North America and Europe.