Herc Rentals
| Company type | Public |
|---|---|
| Industry | Equipment rental |
| Predecessor | Hertz Equipment Rental Corporation (HERC) |
| Founded | 1965 |
| Founder | The Hertz Corporation (as subsidiary) |
| Headquarters | Bonita Springs, Florida , United States |
Key people | Lawrence H. Silber (CEO) |
| Products | Heavy machinery, tools, power generators, pumps, pre-owned equipment sales |
Number of employees | 7,600 (2024) |
| Parent | Herc Holdings |
Herc Rentals operates as a publicly traded equipment rental enterprise under the ownership of Herc Holdings, with its main office located in Bonita Springs, Florida. Originally part of The Hertz Corporation, it became an independent entity through a spin-off in 2016. The company provides rental services for heavy machinery, tools, power generators, and pumps, alongside the sale of pre-owned equipment. Its core clientele includes sectors such as construction, manufacturing, energy, civil infrastructure, agriculture, and entertainment.
Led by CEO Lawrence H. Silber, Herc Rentals reported revenues reaching $3.6 billion in 2024 and employs roughly 7,600 staff members. The company’s strategy centers on catering to a wide array of industrial markets by offering an extensive range of products and services, thereby facilitating business expansion and increasing its share within the equipment rental sector.
Early history
Established in 1965 as Hertz Equipment Rental Corporation (HERC), a subsidiary of The Hertz Corporation, the firm ranked as the second largest equipment rental provider by 1994. Although Ford Motor Company explored acquiring HERC in 2002, the transaction ultimately did not materialize.
In 2013, the company moved its headquarters from Park Ridge, New Jersey to Estero, Florida. That year, HERC generated revenues exceeding $1.5 billion, representing 14% of Hertz’s overall revenue, which grew to $1.7 billion by 2015.
Spin-off and recent history
Hertz Global announced intentions in 2014 to spin off HERC into a standalone publicly listed company to raise $2 billion aimed at debt reduction. On July 1, 2016, Herc Rentals Inc. commenced trading on the NYSE under the ticker symbol $HRI and is held by Herc Holdings.
After overseeing the transition beginning in 2015, Lawrence Silber assumed the roles of CEO and president. His leadership ushered in a rebranding effort moving away from the original acronym and introduced major organizational changes including a refreshed executive team, an expanded branch network, and a salesforce growth of 50%. Silber also broadened the product lineup to encompass power tools, climate control equipment, power generators, commercial vehicles, and specialized machinery.
Between 2016 and 2020, Herc Rentals committed $1.8 billion toward enlarging its rental fleet. This was followed by investments ranging from $525 million to $575 million in 2021 and over $1 billion in 2023. These capital expenditures supported steady growth with earnings increasing by 28% in 2021 and 35% in 2022; revenue climbed an additional 18% during 2023.
Acquisitions have played a pivotal role post-spin-off to drive expansion. Notable acquisitions include CBS Rentals, All-Star Rents, Dwight Crane, Reliable Equipment, All Reach, and Champion Rentals. These transactions have bolstered Herc Rentals’ footprint across both the United States and Canada.
Currently, Herc Rentals ranks among the world’s largest equipment rental companies with a solid business approach emphasizing diverse product offerings, strategic acquisitions for growth, and strong financial results.