Dive Brief:
- BigRentz, the largest equipment rental company in the U.S., acquired Illinois-based Lizzy Lift and plans for continued expansion and an eventual IPO, BigRentz CEO Scott Cannon told Construction Dive.
- The acquisition is just one step among many to becoming a publicly traded company, which the company hopes to do by next year, Cannon said. BigRentz also plans to expand into the international equipment rental market. The company rents construction equipment such as forklifts, earthmovers and cranes via its 8,500 suppliers nationwide.
- BigRentz acquired Lizzy Lift for an undisclosed amount and has also been in talks to acquire another smaller rental company, though the deal has not been finalized.
Dive Insight:
BigRentz began its journey on the road to expansion in 2018, Cannon said, looking for competitors with similar customer bases to their own that could aid with profitability. A second acquisition, the CEO said, is nearing a conclusion, however, the impact of the coronavirus pandemic may put a slight delay on the deal. The Lizzy Lift acquisition was finalized before the virus became a national emergency.
Based on the current uncertainty in the construction sector, Cannon said BigRentz has been in touch with clients and that it has an emergency plan in place, though company leaders expected to use it for a hurricane or earthquake as opposed to a pandemic.
Cannon said all 20 Lizzy Lift employees will remain on, bringing the total number of BigRentz employees to 95. BigRentz will be acquiring hundreds of pieces of new forklifts, scissor lifts, boom lifts which will continue to be owned and operated by Lizzy Lift.
Lizzy Lift, as the name suggests, specializes in lift services, and offers equipment rentals in the U.S., Puerto Rico, Mexico and Canada.
