United Rentals
| Company type | Public |
|---|---|
| Industry | Equipment rental |
| Founded | 1997 |
| Founder | Brad Jacobs |
| Headquarters | Stamford, Connecticut , United States |
Area served | North America, Europe, Australia, New Zealand |
Key people | Matthew Flannery (CEO), Michael Durand (COO), Ted Grace (CFO) |
| Products | Equipment rentals (general equipment, aerial machinery, specialized rentals), equipment sales, maintenance services, safety training |
Number of employees | 330+ (Canada subsidiary acquisition) (2022 (Canada acquisition)) |
| Website | www |
United Rentals, Inc. stands as a prominent American equipment rental firm, capturing nearly 16% of the North American market share as of 2022. It boasts the world's most extensive rental fleet, encompassing around 4,700 equipment categories with an original equipment cost (OEC) valued at $19.3 billion in 2022. The company operates 1,625 locations globally, including 1,504 sites across North America, 38 in Europe, 23 in Australia, and 19 in New Zealand. Its North American presence covers 49 U.S. states, Puerto Rico, and every Canadian province.
In 2017, United Rentals generated revenues exceeding $6.64 billion alongside a net income surpassing $1.35 billion. It holds the #424 position on the Fortune 500 list and ranks #1183 on the Forbes Global 2000, confirming its status as the largest equipment rental enterprise worldwide.
Established in 1997 by entrepreneur Brad Jacobs, United Rentals grew predominantly through acquisitions. Its product offerings span general equipment, aerial machinery, and specialized rentals catering to construction companies, industrial sectors, utilities, municipal governments, and residential customers. Additionally, the company provides new and used equipment sales, maintenance services, and safety training programs.
Since 2019, the executive team has been led by CEO Matthew Flannery, COO Michael Durand, and CFO Ted Grace. Based in Stamford, Connecticut, United Rentals earned recognition as the sixth best-performing stock of the 2010s decade with a total return of 1,559%, highlighting its robust growth and market impact.
History
United Rentals was established in September 1997 by then-chairman and CEO Hector Salazar Jr., who initiated expansion through acquisitions beginning with six smaller leasing firms throughout North America. The company swiftly went public in December 1997 on the New York Stock Exchange under the ticker URI.
In June 1998, it acquired U.S. Rentals, Inc. for roughly $1.2 billion, thereby becoming North America’s largest equipment rental company.
The company divested its Highway Technology division in December 2006. In 2007, United Rentals announced a $6.6 billion acquisition deal with Cerberus Capital Management; however, this agreement was later canceled with Cerberus paying a $100 million termination fee.
A significant development occurred in 2012 when United Rentals merged with RSC Holdings—the largest merger ever seen in the rental equipment sector at that time—raising its market share to 13%. The following year saw the relocation of its headquarters from Greenwich to Stamford, Connecticut.
In 2014, United Rentals ventured into pump rentals by acquiring National Pump for $780 million, positioning itself as the second-largest pump rental provider in North America. That year also marked its debut on the Fortune 500 list and inclusion in the S&P 500 Index.
The company sustained its acquisition-driven growth strategy by purchasing NES Rentals for $965 million in 2017; acquiring power generation assets from Cummins Inc.; buying Neff Corporation for approximately $1.3 billion; and acquiring Superior Speedie Portable Services to establish a specialty division named United Rentals Reliable Onsite Services.
In 2018, United Rentals enhanced its Pump Solutions segment—renamed United Rentals Fluid Solutions—through the acquisition of BakerCorp International for around $715 million. It also expanded its North American footprint by acquiring BlueLine Rental from Platinum Equity for nearly $2.1 billion, adding 114 locations.
More recently, United Rentals finalized the purchase of Ahern Rentals in December 2022 for about $2 billion, incorporating 106 facilities and roughly 66,000 rental assets into its portfolio. In March 2024, it further expanded by acquiring Yak Access and affiliated companies from Platinum Equity for approximately $1.1 billion.
These strategic acquisitions have reinforced United Rentals’ leadership position within the equipment rental industry by broadening its product range and service offerings across diverse market segments.
Operations
United Rentals focuses on renting out construction and industrial machinery, offering equipment such as trucks, aerial lifts, forklifts, earthmoving machines, compressors, and tools for homeowners. These general-purpose and aerial rental assets represent the foundation of URI's inventory and client portfolio.
The firm targets five key specialized sectors:
- Trench safety: providing shoring equipment along with training designed for excavation and confined-space construction projects.
- Power & HVAC: supplying temporary power units and mobile climate control solutions, commonly utilized in commercial remodeling, media production, and emergency response scenarios.
- Tool solutions: outfitted trailers containing a variety of tools tailored for extensive construction sites and refinery maintenance shutdowns.
- Fluid solutions: equipment dedicated to liquid transfer and containment, primarily serving mining and agricultural industries.
- Reliable Onsite Services: offering portable restroom facilities, shower trailers, mobile offices, and storage containers.
Other niche services include:
- Radio Services: distribution of portable radios as an authorized Motorola dealer.
- Sports & Entertainment: rental equipment supporting major events such as the Super Bowl and film shoots.
- Drone Services: aerial surveying capabilities for construction and industrial site assessments.
- Matting services: provision of wood and composite mats to safeguard surfaces during building activities.
Canada
United Rentals of Canada, Inc., a wholly owned subsidiary, broadened its footprint by acquiring WesternOne Rentals & Sales LP for $91.8 million. This strategic purchase incorporated 330 new employees and added twelve branches across Alberta, British Columbia, and Manitoba, thereby enhancing United Rentals’ operations within the Canadian market.