- Herc Holdings Inc (NYSE:HRI) agreed to acquire Toronto-based Rapid Equipment Rental Limited for undisclosed financial terms.
- Rapid Equipment, a full-service general equipment rental company founded in 2013, has ~110 employees and seven locations throughout the Greater Toronto Area.
- Herc Holdings, an equipment rental supplier operating as Herc Rentals, expects the acquisition to be accretive to earnings in the first year.
- Herc noted that the addition of Rapid Equipment supports its long-term strategy to achieve greater density and scale in select urban markets across North America.
- The transaction is expected to close in 4Q21.
- Herc held cash and equivalents of $34.6 million as of June 30, 2021.
- Price Action: HRI shares are trading higher by 1.84% at $170.97 on the last check Thursday.
Baird Upgrades A.O. Smith to Outperform, Raises Price Target to $85
Baird analyst Michael Halloran upgrades A.O. Smith (NYSE:AOS) from Neutral to Outperform and raises the price target from $82 to $85.
