NES Rentals Hires Outside Financial Firm

January 25, 2006 • Chicago-based NES Rentals Holdings, Inc., recently retained Bear, Stearns & Co., Inc. to be its financial advisor. The company is reviewing various strategic alternatives, which could include sale of the company, merger, acquisition or other transaction.

 

The announcement follows the company's recent financial turnaround. In February 2004, NES Rentals successfully emerged from bankruptcy with all suppliers paid in full. After bringing in new CEO Andrew P. Studdert in June 2004, the company went on to increase capital expenditures, investing nearly $200 million during the past 24 months.

 

“The company's rapid turnaround and return to a solid financial performance has exceeded expectations,” Studdert said. “We are proud of our success and looking forward to a bright future with long-term growth.”

 

According to NES Rentals, it plans to invest approximately $100 million in new equipment in 2006.