HERC HOLDINGS INC false 0001364479 0001364479 2025-02-18 2025-02-18
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 18, 2025
Herc Holdings Inc.
(Exact name of Registrant as specified in its charter)
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| Delaware |
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001-33139 |
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20-3530539 |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
27500 Riverview Center Blvd.
Bonita Springs, Florida 34134
(Address of principal executive offices and zip code)
(239) 301-1000
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Exchange Act:
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Trading
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Name of each exchange
on which registered |
| Common Stock, par value $0.01 per share |
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HRI |
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New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On February 18, 2025, Herc Holdings Inc. (the “Company”) issued a press release confirming that it has submitted a definitive acquisition proposal and merger agreement (the “Acquisition Proposal”) to the board of directors of H&E Equipment Services, Inc. (“H&E”) pursuant to the “go-shop” provision as provided by H&E’s previously announced merger agreement with United Rentals, Inc. A copy of the press release is furnished as Exhibit 99.1 to this report, and is incorporated herein by reference.
On February 18, 2025, in connection with the Acquisition Proposal, the Company held a conference call available to investors and the public. Slides presented during the call (the “Investor Presentation”) are furnished as Exhibit 99.2 to this report, and is incorporated herein by reference.
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Financial Statements and Exhibits. |
(d) Exhibits.
Cautionary Note Regarding Forward Looking Statements
This communication includes “forward-looking statements,” within the meaning of Section 21E of the Securities Exchange Act, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements related to the Company, H&E and the proposed acquisition of H&E by the Company that involve substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements in this communication include, among other things, statements about the potential benefits of the proposed transaction, the Company’s plans, objectives, expectations and intentions, the financial condition, results of operations and business of each of the Company and H&E, expected valuation and re-rating opportunities for the combined company, and the anticipated timing of closing of the proposed transaction. Forward-looking statements are generally identified by the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” “looks,” and future or conditional verbs, such as “will,” “should,” “could” or “may,” as well as variations of such words or similar expressions. All forward-looking statements are based upon our current expectations and various assumptions and apply only as of the date of this communication. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that our expectations, beliefs and projections will be achieved or that the completion and anticipated benefits of the proposed transaction can be guaranteed, and actual results may differ materially from those projected. You should not place undue reliance on forward-looking statements.
There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from those suggested by our forward-looking statements, including, but not limited to, (i) the possibility that the sufficient number of H&E’s shares are not validly tendered into the tender offer to meet the minimum condition; (ii) the Company’s ability to implement its plans, forecasts and other expectations with respect to H&E’s business after the completion of the proposed transaction and realized expected synergies; (iii) the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected benefits from the proposed transaction will not be realized or will not be realized within the expected time period; (iv) the Company and H&E may be unable to obtain regulatory approvals required for the proposed transaction or may be required to accept conditions that could reduce the anticipated benefits of the proposed transaction as a condition to obtaining regulatory approvals; (v) the length of time necessary to consummate the proposed transaction may be longer than anticipated; (vi) problems may arise in successfully integrating the businesses of the Company and H&E, including, without limitation, problems associated with the potential loss of any key employees, customers, suppliers and other counterparties of H&E; (vii) the proposed transaction may involve unexpected costs, including, without limitation, the exposure to any unrecorded liabilities or unidentified issues during the due diligence investigation of H&E or that are not covered by insurance, as well as potential unfavorable accounting treatment and unexpected increases in taxes; (viii) the Company’s business may suffer as a result of uncertainty surrounding the proposed transaction, any adverse effects on our ability to maintain relationships with customers, employees and suppliers; (ix) the occurrence of any event, change to other circumstances that could give rise to the termination of the merger agreement, the failure of the closing conditions included in the merger agreement to be satisfied, or any other failure to consummate the proposed transaction; (x) any negative effects of the announcement of the proposed transaction of the financing thereof on the market price of the Company common stock or other securities; (xi) the industry may be subject to future risks including those set forth in the “Risk Factors” section in the Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and in the other filings with the SEC by each of the Company and H&E; (xii) United Rentals, Inc. may make a superior offer; and (xiii) Herc may not achieve its valuation or re-rating opportunities. The foregoing list of factors is not exhaustive. Investors should carefully consider the foregoing factors and the other risks and uncertainties that affect the businesses of the Company and H&E, including those described in the Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and in the other filings with the SEC by each of the Company and H&E. All forward-looking statements are expressly qualified in their entirety by such cautionary statements. We undertake no obligation to update or revise forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
Additional Information and Where to Find It
The tender offer described herein has not yet commenced, and this communication is neither an offer to purchase nor a solicitation of an offer to sell shares, nor is it a substitute for any offer materials that the Company and its acquisition subsidiary, HR Merger Sub Inc. (“Merger Sub”), will file with the U.S. Securities and Exchange Commission (the “SEC”). At the time the tender offer is commenced, the Company and Merger Sub will file a
tender offer statement on Schedule TO and the Company will file a registration statement on Form S-4. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO EXCHANGE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER MATERIALS) AND THE FORM S-4 WILL CONTAIN IMPORTANT INFORMATION. H&E STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF H&E SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING EXCHANGING THEIR SECURITIES. The tender offer materials will be made available to holders of H&E stock at no expense to them. The tender offer materials will be made available for free at the SEC’s web site (http://www.sec.gov). Additional copies may be obtained for free by contacting either the Company or H&E. Copies of the documents filed with the SEC by H&E will be available free of charge on H&E’s website at https://investor.he-equipment.com/. Copies of the documents filed with the SEC by the Company will also be available free of charge on the Company’s website at https://ir.hercrentals.com/.
In addition to the tender offer materials, the Company and H&E file annual, quarterly and current reports, proxy statements and other information with the SEC, which are available to the public at the SEC’s web site (http://www.sec.gov).
Information Regarding Non-GAAP Financial Measures
In addition to results calculated according to accounting principles generally accepted in the United States (“GAAP”), the Company has provided certain information in this communication that is not calculated according to GAAP (“non-GAAP”), such as adjusted EBITDA. Management uses these non-GAAP measures to evaluate operating performance and period-over-period performance of our core business without regard to potential distortions, and believes that investors will likewise find these non-GAAP measures useful in evaluating the Company’s performance. These measures are frequently used by security analysts, institutional investors and other interested parties in the evaluation of companies in our industry. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to similarly titled measures of other companies. For the definitions of these terms, further information about management’s use of these measures as well as a reconciliation of these non-GAAP measures to the most comparable GAAP financial measures, please see the supplemental schedules that accompany this communication.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| HERC HOLDINGS INC. |
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/s/ S. Wade Sheek |
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S. Wade Sheek |
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Senior Vice President and Chief Legal Officer |
Date: February 18, 2025
Exhibit 99.1
NOT FOR IMMEDIATE RELEASE
Herc
Holdings Confirms Superior Proposal to Acquire H&E Equipment Services
H&E Deems Herc’s $104.89 Per Share Cash and Stock
Proposal Superior to United Rentals Transaction
Herc Proposal Provides Immediate, Significant Premium for H&E and Substantial
Upside Value Creation Opportunity for Both Herc and H&E Shareholders
Herc and H&E Combination Expected to Generate
Approximately $300 Million of Run Rate EBITDA Opportunities
Acquisition Substantially Scales Herc’s Premier Platform and
Accelerates Strategy for Industry Leading Growth and Superior Value Creation
Expected to be High Single Digit Accretive to
Herc’s Cash EPS in 2026 and Ramping to Greater than 20% as Synergies are Fully Realized
Expected to Generate ROIC in Excess of
Cost of Capital Within Three Years of Closing
Herc to Hold Call and Webcast at 8:30 a.m. ET Today
BONITA SPRINGS, Fla., February 18, 2025 – Herc Holdings Inc. (NYSE: HRI) (“Herc” or “the Company”), one of
North America’s leading equipment rental suppliers, today confirmed that it has executed a binding acquisition proposal and merger agreement to the Board of Directors of H&E Equipment Services, Inc. d/b/a H&E Rentals (NASDAQ: HEES)
(“H&E”) pursuant to the “go-shop” provision as provided by H&E’s previously announced agreement with United Rentals, Inc. (NYSE: URI). H&E’s Board of Directors has
determined that Herc’s cash and stock merger is superior to the $92.00 per share cash sale to United Rentals, and H&E has notified United Rentals that it intends to terminate its merger agreement and enter into a merger agreement with Herc.
United Rentals notified H&E in writing that it does not intend to submit a revised proposal and has waived its four business day match period under the United Rentals merger agreement.
Under the terms of the Herc proposal, H&E shareholders would receive $78.75 in cash and 0.1287 shares of Herc common stock for each share they own, with a
total value of $104.89 per share based on Herc’s 10-day VWAP as of market close February 14, 2025. Following the close of the transaction, H&E’s shareholders would own approximately 14.1% of
the combined company.
Herc’s proposal represents a 14.0% premium to United Rentals’ $92.00 per share cash-capped consideration. Herc’s
proposal also enables H&E’s shareholders to share in the value created from the $300 million of EBITDA synergies expected to be generated by the end of year three following close, and an anticipated improved valuation multiple for the
combined company.
H&E is a leading high quality rental business that has invested strategically in its fleet and branch network consistently over the
last several years. Herc’s combination with H&E would accelerate Herc’s proven strategy to meaningfully outpace industry growth by providing a substantially expanded footprint, increased density in key regions with economies of scale,
geographic and customer diversification, and a larger, younger fleet.
Larry Silber, Herc’s president and chief executive officer, said, “Since becoming an independent,
public company in 2016, Herc has achieved tremendous success. Through greenfield development and strategic acquisitions, we have significantly increased our scale and expanded our geographic reach. Investments in our general rental and specialty
equipment solutions offering as well as technology, innovation and people, have enhanced the customer experience and made Herc a partner of choice for local and national accounts across North America. These strategies combined with our operational
excellence have fueled strong performance and growth faster than the industry. We are pursuing the proposed combination with H&E from a position of strength and view it as a path to accelerate Herc’s strategy and growth trajectory. Herc has
tremendous respect for H&E and the high quality of the platform and customer centric culture of the organization. This combination would strengthen Herc’s position as a premier rental company in North America.”
Silber continued, “Herc’s cash and stock merger consideration provides H&E shareholders with an immediate and significant premium. In addition,
by combining our companies, we would unlock substantial upside opportunity for both Herc and H&E shareholders. As our track record shows, we are a disciplined and experienced acquiror, and this transaction meets all of our value creation M&A
criteria.”
Strategic and Financial Benefits
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Increased scale with complementary footprint and fleet mix: This transaction would accelerate both
companies’ growth strategies and create a platform of scale that would enhance the combined company’s competitive differentiators in the equipment rental industry and enable it to serve more high-value projects from large national
accounts. The acquisition would strengthen Herc’s position as the 3rd largest rental company in North America. The combined company would have a leading presence in 11 of the top 20 rental
regions and increased urban density in 7 of the top 10 rental regions. In addition, it would have a larger, younger fleet, offering a variety of specialty equipment solutions and a broad range of general rental products. The combined company’s
customer base will also have more diversity than either company on a standalone basis, positioning it for long-term, sustainable growth through market cycles. The combined company will have more than 600 locations with a fleet original equipment
cost of approximately $10 billion at the time of closing. |
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Stronger competitor with enhanced customer offering: Like for H&E, superior customer service
and support is a key priority for Herc. By joining both H&E’s and Herc’s capabilities, the combined company can leverage Herc’s industry-leading customer facing technology and an expanded fleet to better capitalize on the
accelerating secular shift towards rental. |
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Substantial identified synergies: Based on detailed analysis, Herc is confident that it can achieve
approximately $300 million of annual EBITDA synergies by the end of year three following the close of the transaction, including approximately $125 million of cost synergies and approximately $175 million EBITDA impact from revenue
synergies. Identified synergies have high free cash flow conversion characteristics given lower capital required to achieve. |
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Attractive financial profile: The combination creates a company with revenue and EBITDA of
approximately $5.2 billion and $2.5 billion, respectively, with an expectation for continued revenue growth in excess of the market and improved adjusted EBITDA margins. The transaction is expected to be high single digit accretive to
Herc’s cash earnings per share in 2026 and ramping to greater than 20% as synergies are fully realized. In addition, the transaction is expected to generate ROIC in excess of Herc’s cost of capital within three years of closing. The
combined company will be prudently capitalized, with net leverage of 3.8x at close, prior to synergy realization, and projected to be below 3.0x and in Herc’s targeted range within 24 months of closing. |
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Valuation multiple re-rating: As a leading equipment rental
solutions provider with a powerful value creation platform that outpaces market growth, increased liquidity, and greater investor interest that comes with a scaled company, Herc believes that the combined company should trade at a higher multiple
that is more consistent with comparable company valuation multiples in our sector. |
Additional Transaction Details
Upon termination of H&E’s existing agreement with United Rentals and the execution of a definitive merger agreement between Herc and H&E, Herc
intends to commence a tender offer to acquire all of the outstanding shares of H&E common stock for a per share value of $78.75 in cash and 0.1287 shares of Herc common stock.
The transaction is expected to close mid-year 2025, subject to the majority of H&E’s shares being tendered
into the offer, the receipt of customary regulatory approvals and closing conditions.
The proposed transaction is not subject to a financing condition.
Herc has received an executed debt commitment letter from Credit Agricole Corporate and Investment Bank with respect to the financing of the proposed transaction.
Herc Advisors
Guggenheim Securities, LLC is serving as
lead financial advisor. Credit Agricole Securities (USA) Inc is serving as co-financial advisor, with Credit Agricole Corporate and Investment Bank serving as lead financing bank. Simpson Thacher &
Bartlett LLP is serving as legal advisor. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor.
Call and Webcast
Information
Herc Holdings will host a call and webcast today at 8:30 a.m. U.S. Eastern Time. Interested U.S. parties may call +1-800-715-9871 and international participants should call the country specific dial in numbers listed at
https://registrations.events/directory/international/itfs.html, using the access code: 5212555. Please dial in at least 10 minutes before the call start time to ensure that you are connected to the call and to register your name and company.
Those who wish to listen to the live conference call and view the accompanying presentation slides should visit the Events and Presentations tab of the
Investor Relations section of the Company’s website at https://IR.HercRentals.com. The press release and presentation slides for the call will be posted to this section of the website prior to the call.
About Herc Holdings Inc.
Founded in 1965, Herc Holdings Inc., which operates through its Herc Rentals Inc. subsidiary, is a full-line rental supplier with 453 locations across North
America, and 2024 total revenues were approximately $3.6 billion. We offer products and services aimed at helping customers work more efficiently, effectively, and safely. Our classic fleet includes aerial, earthmoving, material handling,
trucks and trailers, air compressors, compaction, and lighting equipment. Our ProSolutions® offering includes industry-specific, solutions-based services in tandem with power generation,
climate control, remediation and restoration, pumps, and trench shorting equipment as well as our ProContractor professional grade tools. We employ approximately 7,600 employees, who equip our customers and communities to build a brighter future.
Learn more at www.HercRentals.com and follow us on Instagram, Facebook and LinkedIn.
Cautionary Note Regarding Forward Looking Statements
This communication includes “forward-looking statements,” within the meaning of Section 21E of the Securities Exchange Act, as amended, and the
Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements related to the Company, H&E and the proposed acquisition of H&E by the Company that involve substantial risks, uncertainties and assumptions that
could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements in this communication include, among other things, statements about the potential benefits of the proposed transaction,
the Company’s plans, objectives, expectations and intentions, the financial condition, results of operations and business of each of the Company and H&E, expected valuation and re-rating opportunities
for the combined company, and the anticipated timing of closing of the proposed transaction. Forward-looking statements are generally identified by the words “estimates,” “expects,” “anticipates,” “projects,”
“plans,” “intends,” “believes,” “forecasts,” “looks,” and future or conditional verbs, such as “will,” “should,” “could” or “may,” as well as variations of
such words or similar expressions. All forward-looking statements are based upon our current expectations and various assumptions and apply only as of the date of this communication. Our expectations, beliefs and projections are expressed in good
faith and we believe there is a reasonable basis for them. However, there can be no assurance that our expectations, beliefs and projections will be achieved or that the completion and anticipated benefits of the proposed transaction can be
guaranteed, and actual results may differ materially from those projected. You should not place undue reliance on forward-looking statements.
There are a
number of risks, uncertainties and other important factors that could cause our actual results to differ materially from those suggested by our forward-looking statements, including, but not limited to, (i) the possibility that the sufficient number
of H&E’s shares are not validly tendered into the tender offer to meet the minimum condition; (ii) the Company’s ability to implement its plans, forecasts and other expectations with respect to H&E’s business after the
completion of the proposed transaction and realized expected synergies; (iii) the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected benefits from the proposed transaction will
not be realized or will not be realized within the expected time period; (iv) the Company and H&E may be unable to obtain regulatory approvals required for the proposed transaction or may be required to accept conditions that could reduce
the anticipated benefits of the proposed transaction as a condition to obtaining regulatory approvals; (v) the length of time necessary to consummate the proposed transaction may be longer than anticipated; (vi) problems
may arise in successfully integrating the businesses of the Company and H&E, including, without
limitation, problems associated with the potential loss of any key employees, customers, suppliers and other counterparties of H&E; (vii) the proposed transaction may involve unexpected costs, including, without limitation, the exposure to
any unrecorded liabilities or unidentified issues during the due diligence investigation of H&E or that are not covered by insurance, as well as potential unfavorable accounting treatment and unexpected increases in taxes; (viii) the
Company’s business may suffer as a result of uncertainty surrounding the proposed transaction, any adverse effects on our ability to maintain relationships with customers, employees and suppliers; (ix) the occurrence of any event, change
to other circumstances that could give rise to the termination of the merger agreement, the failure of the closing conditions included in the merger agreement to be satisfied, or any other failure to consummate the proposed transaction; (x) any
negative effects of the announcement of the proposed transaction of the financing thereof on the market price of the Company common stock or other securities; (xi) the industry may be subject to future risks including those set forth in the
“Risk Factors” section in the Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and in the other filings with the SEC by each of the Company and
H&E; (xii) United Rentals, Inc. may make a superior offer; and (xiii) Herc may not achieve its valuation or re-rating opportunities. The foregoing list of factors is not exhaustive. Investors
should carefully consider the foregoing factors and the other risks and uncertainties that affect the businesses of the Company and H&E, including those described in the Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q and in the other filings with the SEC by each of the Company and H&E. All forward-looking statements are expressly qualified in their entirety by such cautionary statements.
We undertake no obligation to update or revise forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
Additional Information and Where to Find It
The tender
offer described herein has not yet commenced, and this communication is neither an offer to purchase nor a solicitation of an offer to sell shares, nor is it a substitute for any offer materials that the Company and its acquisition subsidiary, HR
Merger Sub Inc. (“Merger Sub”), will file with the U.S. Securities and Exchange Commission (the “SEC”). At the time the tender offer is commenced, the Company and Merger Sub will file a tender offer statement on
Schedule TO and the Company will file a registration statement on Form S-4. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO EXCHANGE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER MATERIALS)
AND THE FORM S-4 WILL CONTAIN IMPORTANT INFORMATION. H&E STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION THAT HOLDERS OF H&E SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING EXCHANGING THEIR SECURITIES. The tender offer materials will be made available to holders of H&E stock at no expense to them. The tender offer
materials will be made available for free at the SEC’s web site (http://www.sec.gov). Additional copies may be obtained for free by contacting either the Company or H&E. Copies of the documents filed with the SEC by H&E will be
available free of charge on H&E’s website at https://investor.he-equipment.com/. Copies of the documents filed with the SEC by the Company will also be available free of charge on the Company’s
website at https://ir.hercrentals.com/.
In addition to the tender offer materials, the Company and H&E file annual, quarterly and current
reports, proxy statements and other information with the SEC, which are available to the public at the SEC’s web site (http://www.sec.gov).
Information Regarding Non-GAAP Financial Measures
In addition to results calculated according to accounting principles generally accepted in the United States (“GAAP”), the Company has provided
certain information in this communication that is not calculated according to GAAP (“non-GAAP”), such as adjusted EBITDA. Management uses these non-GAAP
measures to evaluate operating performance and period-over-period performance of our core business without regard to potential distortions, and believes that investors will likewise find these non-GAAP
measures useful in evaluating the Company’s performance. These measures are frequently used by security analysts, institutional investors and other interested parties in the evaluation of companies in our industry. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to similarly titled measures of other
companies. For the definitions of these terms, further information about management’s use of these measures as well as a reconciliation of these non-GAAP measures to the most comparable GAAP financial
measures, please see the supplemental schedules that accompany this communication.
Contacts
Leslie Hunziker
Senior Vice President
Investor Relations, Communications & Sustainability
leslie.hunziker@hercrentals.com
239-301-1675
Joele Frank, Wilkinson Brimmer Katcher
HRI-media@joelefrank.com
Sam Kahane / 631-413-2426
Tarik Garvey / 609-738-5809
Exhibit 99.2 Herc Rentals Acquisition of H&E Equipment Services
Scaling Herc’s Premier Platform and Accelerating Strategy for Industry Leading Growth and Superior Value Creation 1 February 18, 2025
Forward-Looking Statements Cautionary Note Regarding Forward Looking
Statements This communication includes “forward-looking statements,” within the meaning of Section 21E of the Securities Exchange Form 10-K, Quarterly Reports on Form 10-Q and in the other filings with the SEC by each of the Company and
H&E. All Act, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements include forward-looking statements are expressly qualified in their entirety by such cautionary statements. We undertake no statements
related to the Company, H&E and the proposed acquisition of H&E by the Company that involve substantial obligation to update or revise forward-looking statements that have been made to reflect events or circumstances that risks,
uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by arise after the date made or to reflect the occurrence of unanticipated events. such statements. Forward-looking statements in this
communication include, among other things, statements about the Additional Information and Where to Find It potential benefits of the proposed transaction, the Company’s plans, objectives, expectations and intentions, the financial condition,
results of operations and business of each of the Company and H&E, expected valuation and re-rating The tender offer described herein has not yet commenced, and this communication is neither an offer to purchase nor a opportunities for the
combined company, and the anticipated timing of closing of the proposed transaction. Forward- solicitation of an offer to sell shares, nor is it a substitute for any offer materials that the Company and its acquisition looking statements are
generally identified by the words estimates, expects, anticipates, projects, plans, intends, subsidiary, HR Merger Sub Inc. (“Merger Sub”), will file with the U.S. Securities and Exchange Commission (the “SEC”). At believes,
forecasts, looks, and future or conditional verbs, such as will, should, could or may, as well as the time the tender offer is commenced, the Company and Merger Sub will file a tender offer statement on Schedule TO variations of such words or
similar expressions. All forward-looking statements are based upon our current expectations and the Company will file a registration statement on Form S-4. THE TENDER OFFER MATERIALS (INCLUDING AN and various assumptions and apply only as of the
date of this communication. Our expectations, beliefs and projections OFFER TO EXCHANGE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER are expressed in good faith and we believe there is a reasonable basis for them. However, there
can be no assurance that MATERIALS) AND THE FORM S-4 WILL CONTAIN IMPORTANT INFORMATION. H&E STOCKHOLDERS ARE URGED our expectations, beliefs and projections will be achieved or that the completion and anticipated benefits of the proposed TO
READ THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE transaction can be guaranteed, and actual results may differ materially from those projected. You should not place undue BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
THAT HOLDERS OF H&E SECURITIES SHOULD reliance on forward-looking statements. CONSIDER BEFORE MAKING ANY DECISION REGARDING EXCHANGING THEIR SECURITIES. The tender offer materials will be made available to holders of H&E stock at no expense
to them. The tender offer materials will be made There are a number of risks, uncertainties and other important factors that could cause our actual results to differ available for free at the SEC’s web site (http://www.sec.gov). Additional
copies may be obtained for free by contacting materially from those suggested by our forward-looking statements, including, but not limited to, (i) the possibility that the either the Company or H&E. Copies of the documents filed with the SEC by
H&E will be available free of charge on H&E’s sufficient number of H&E’s shares are not validly tendered into the tender offer to meet the minimum condition; (ii) the website at https://investor.he-equipment.com/. Copies of
the documents filed with the SEC by the Company will also be Company’s ability to implement its plans, forecasts and other expectations with respect to H&E’s business after the available free of charge on the Company’s website
at https://ir.hercrentals.com/. completion of the proposed transaction and realized expected synergies; (iii) the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected benefits from the
proposed transaction will not be In addition to the tender offer materials, the Company and H&E file annual, quarterly and current reports, proxy statements realized or will not be realized within the expected time period; (iv) the Company and
H&E may be unable to obtain and other information with the SEC, which are available to the public at the SEC’s web site (http://www.sec.gov). regulatory approvals required for the proposed transaction or may be required to accept
conditions that could reduce the Information Regarding Non-GAAP Financial Measures anticipated benefits of the proposed transaction as a condition to obtaining regulatory approvals; (v) the length of time necessary to consummate the proposed
transaction may be longer than anticipated; (vi) problems may arise in In addition to results calculated according to accounting principles generally accepted in the United States (“GAAP”), the successfully integrating the businesses of
the Company and H&E, including, without limitation, problems associated with Company has provided certain information in this communication that is not calculated according to GAAP (“non-GAAP”), the potential loss of any key
employees, customers, suppliers and other counterparties of H&E; (vii) the proposed such as adjusted EBITDA. Management uses these non-GAAP measures to evaluate operating performance and period- transaction may involve unexpected costs,
including, without limitation, the exposure to any unrecorded liabilities or over-period performance of our core business without regard to potential distortions, and believes that investors will unidentified issues during the due diligence
investigation of H&E or that are not covered by insurance, as well as potential likewise find these non-GAAP measures useful in evaluating the Company’s performance. These measures are frequently unfavorable accounting treatment and
unexpected increases in taxes; (viii) the Company’s business may suffer as a result used by security analysts, institutional investors and other interested parties in the evaluation of companies in our industry. of uncertainty surrounding the
proposed transaction, any adverse effects on our ability to maintain relationships with Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in customers, employees and suppliers; (ix) the
occurrence of any event, change to other circumstances that could give rise accordance with GAAP and, as calculated, may not be comparable to similarly titled measures of other companies. For to the termination of the merger agreement, the failure
of the closing conditions included in the merger agreement to be the definitions of these terms, further information about management’s use of these measures as well as a reconciliation satisfied, or any other failure to consummate the
proposed transaction; (x) any negative effects of the announcement of of these non-GAAP measures to the most comparable GAAP financial measures, please see the supplemental schedules the proposed transaction of the financing thereof on the market
price of the Company common stock or other securities; that accompany this communication. (xi) the industry may be subject to future risks including those set forth in the “Risk Factors” section in the Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q, and in the other filings with the SEC by each of the Company and H&E; (xii) United Rentals, Inc. may make a superior offer; and (xiii) Herc may not achieve its valuation or re-rating opportunities. The foregoing
list of factors is not exhaustive. Investors should carefully consider the foregoing factors and the other risks and uncertainties that affect the businesses of the Company and H&E, including those described in the Annual Reports on 2
Scaling Herc’s Premier Platform and Accelerating Strategy for
Industry Leading Growth and Superior Value Creation • Immediately accelerates Herc’s proven strategy: substantially expanded 1,2 footprint, increased density in key regions with economies of scale, geographic Attractive Pro Forma
Financial Profile and customer diversification, and larger and younger fleet • Significantly accretive: High single digit accretive to Herc’s cash EPS in 2026 ~ ~ and ramping to greater than 20% upon realization of run-rate synergies
$5.2B $2.5B • ROIC in excess of cost of capital within three years of closing Revenue Adj. EBITDA 2 • Substantial cost and revenue synergies: ~$300 million of incremental EBITDA (Synergized) by end of year 3, with superior free cash flow
conversion characteristics • Highly achievable revenue synergies and levers for future growth: extending Herc’s product breadth, solution-based selling and technology capabilities to H&E’s diverse customer base as well as
network expansion ~ ~ $10B 48% • Prudently capitalized: projected net leverage below 3.0x and in targeted range within 24 months of closing; Herc will maintain the current dividend Fleet OEC Adj. EBITDA Margin • Shared commitment to
excellence: Merges two companies with combined +120 (Synergized) years of industry experience and teams with shared priorities of excellence in customer service and safety 1. Shown on a pro forma basis for the twelve-month period ending 9/30/2024.
Fleet OEC for Herc as of 12/31/2024. 2. Synergies shown reflect 100% of run-rate cost synergies of $125 million and EBITDA impact of run-rate revenue synergies of $175 million. 3
Transaction Overview Providing H&E Shareholders with Immediate
Premium Value, Upside Opportunity and Clear Path to Close • 75% cash / 25% stock: $78.75 in cash and 0.1287 shares of newly issued Herc stock • H&E shareholders to own 14.1% of combined company • Implied value of $104.89 per
Herc share based on Herc’s 10-day VWAP as of February 14, 2025 Consideration ‒ 7.4x EV / 2025E Adj. EBITDA multiple, including estimated tax benefits ‒ 6.3x EV / 2025E Adj. EBITDA multiple, including estimated run-rate cost
synergies and estimated tax benefits ‒ 5.2x EV / 2025E Adj. EBITDA multiple, including estimated run-rate revenue synergies, cost synergies and estimated tax benefits • ~$300 million of incremental EBITDA from cost and revenue synergy
realization by end of year three following close Synergies • Synergies have high free cash flow conversion (incremental run-rate capex only ~15% of incremental EBITDA) and Re-rating • Expected multiple uplift driven by financial
performance, scale and growth opportunity of combined company Board of • 2 H&E directors to join Herc’s Board Directors • Subject to: ‒ Termination of United Rentals agreement and entry of definitive agreement with
H&E ‒ Tender of a majority of H&E’s outstanding shares Timing / Approvals ‒ Customary regulatory approvals and closing conditions • Expected mid-year 2025 close • No financing condition. Herc has obtained $4.5B
of fully committed financing 4
Herc is Making This Proposal from Position of Strength Herc has Proven
Experience Accelerates Existing Strategy for Industry Successfully Integrating Businesses Leading Growth and Superior Value Creation ~ to Drive Value 544% • Grow the Core • Allocate Capital Invested $2+ billion in 50+ acquisitions in
Total Shareholder • Expand Specialty • Execute at last four years allowing Herc to: Return since spin- Highest Level off completion on • Elevate Technology ✓ Meet customer demand July 1, 2016 ✓ Grow local account
revenue Equipment Rental Revenue* Total Revenue* Adj. EBITDA* ✓ Elevate national account capabilities and enhance ability to pursue mega $3,568 $3,189 $1,583 project opportunities ✓ Enhance revenue mix through specialty $1,780 $1,544
$689 cross-selling ✓ Generate consistent ROIC in excess of cost of capital for matured acquisitions 2020 2024 2020 2024 2020 2024 * ($ in millions) 5
H&E: High-Quality Rental Platform H&E Overview • A leading
U.S. general rental company with a focus on heavy construction and industrial equipment • Attractive footprint that spans many high-growth regions, including the Gulf Coast, Southeast, Mid-Atlantic, Midwest, Southwest and the West •
Young, premium-branded fleet • Added 50 greenfield locations organically and 16 branch locations through acquisitions since 2021 HQ: Baton Rouge, LA ~ ~ ~ ~ ~ $1.5B $696M ~160 64K 41 2,900 1 1 Revenue EBITDA Locations Fleet Units Months
Talented 2 Fleet Average Age Employees 1. Metrics reflect twelve-month period ending 9/30/2024. 2. As of 9/30/2024 per latest public disclosures. 6
Substantially Expanded Footprint, Increased Density in Key Regions and
Enhanced Geographic Diversification ~160 locations 453 locations A leading presence in 11 of the top 20 rental regions Improved urban density in Top 10 Rental MSA 7 of the top 10 rental regions HQ: Bonita Springs, FL ~600 branches with a fleet
original HQ: Baton Rouge, LA equipment cost of ~$10 billion 7
Clear Line of Sight to $300 Million of Incremental EBITDA 1 ~$175
million of Adj. EBITDA from revenue ~$125 million of estimated run-rate cost synergies fully realized by end of year 3 synergies largely achieved by the end of year 2 Other Value-Added Offerings Solution-based selling, technology and sales
strategies Operating General Rental Opportunity Deploying Herc’s general rental fleet to complete H&E branch offering G&A Specialty Investment in specialty and other to align sales mix to Herc’s fleet composition between general
rental and specialty ~$240 million of revenue synergies including ~10% dis-synergies 1. Assumes EBITDA flow-through of ~70%. 8
Revenue Synergies Driven by Specialty Cross Selling… Herc has a
broad …And a track record of H&E provides specialty products growing its specialty substantial white space offering… offering across its to leverage this proven network expertise • Power Generation • Pump • Proven
track record of • H&E is predominantly general • HVAC capturing revenue synergies rental with significant • Floor Care, Restoration opportunity to bring Herc’s • For fully matured acquisitions specialty fleet and
expertise in • Trench Shoring (>24 months), Herc achieved rental solutions to their • ProContractor tools target synergized multiple customers • ProResources industrial tools ~$1.6B of OEC fleet is specialty fleet offered in
~155 locations Broad specialty offering commands >800 bps higher profit margin on average vs. general rental as an expert solutions offering 9
…General Rental Opportunities… Herc’s more expansive
product breath combined with H&E’s expanded location network propels larger share of wallet across all customer accounts Herc offers: • 10x more category classes • Electric and hybrid equipment options •
Technology-enabled rental products and solutions • Expanded network benefits national accounts 10
…And Value-Added Offerings Extending Herc’s industry
leading solution-based selling, technology capabilities and sales strategies to H&E’s diverse customer base • Innovative customer-facing technology • Proprietary rental system, which has applications including ProControl,
Optimus and On the Go • Customized business intelligence Business Intelligence Tools tools built with Salesforce, Telematics and Qlik • Herc Go-to-Market sales strategy • National Accounts sales strategy 11
Significant Value Creation Opportunity Through Re-Rating and Synergies
Value Creation Opportunity Meaningful Opportunity to Enhance Shareholder Value 100% of Run-Rate Illustrative % of Identified ▪ ~$125 million run-rate cost synergies largely achieved by A B A Cost Synergies Revenue Synergies Realized + end of
year two 100% ▪ ~$175 million Adj. EBITDA upside from revenue synergies 50% 75% B (~$175mm) realized by end of year three ▪ Synergies have high free cash flow conversion (incremental run-rate capex represents only ~15% of C $314 $325
$335 7.50x incremental EBITDA) and a discounted cash flow value of approximately $3 billion ▪ Anticipated multiple re-rating represents incremental value C creation opportunity, delivering greater value to Herc and 7.00x $276 $286 $295 H&E
shareholders 1 EV / NTM EBITDA Multiples 10.1x 10.2x 8.0x 6.50x $238 $247 $256 7.3x 6.0x $200 $209 $217 6.00x Herc Ashtead URI 2 WSC MGRC Source: FactSet as of 2/14/2025. 1. EBITDA metrics burdened by stock-based compensation. Note: Underlying
Ashtead financials shown on 2. URI metrics shown as of January 13, 2025. GAAP basis. 12 Illustrative PF Trading Multiple
Scaling Herc’s Premier Platform and Accelerating Strategy for
Industry Leading Growth and Superior Value Creation Highly strategic acquisition that Joins respected companies High single digit accretive to expands footprint across the with a combined +120 years of Herc’s cash EPS in 2026, United States,
increases density industry experience and teams ramping to greater than 20% in key regions, enhances with shared priorities of upon full realization of synergies geographic and customer excellence in customer service diversification and creates a
and safety ROIC in excess of cost of capital larger and younger fleet within three years of closing $300 million incremental EBITDA Prudently capitalized, returning to Substantial upside opportunity to opportunity by end of year 3 below 3.0x, in
stated target both Herc and H&E shareholders - ~$125 million of estimated range, within 24 months of through significant synergies and run-rate cost synergies closing re-rating opportunity - ~$175 million of Adj. EBITDA from revenue synergies
13
Reconciliation of Net Income to Adjusted EBITDA 14
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