Head & Engquist L.L.C and ICM Equipment L.L.C Announce Merger and Refinancing
June 17, 2002
NEW YORK, June 17, 2002 — Head & Engquist L.L.C. (“H&E”) and ICM Equipment L.L.C. (“ICM”) are pleased to announce that they have merged to form H&E Equipment Services L.L.C. (“H&E Equipment” or the “Company”). The merger was consummated concurrently with the refinancing of the Company through the syndication of a $150 million Credit Agreement, the issuance of $200 million of Senior Secured Notes and the issuance of $53 million of Senior Subordinated Notes.
The merger of H&E and ICM creates one of the largest integrated equipment rental, service and sales companies in the United States. “We are extremely excited by the opportunities created by this merger. Specifically, we believe that we can service our customers better through enhanced fleet management capabilities, increase our fleet utilization and more efficiently dispose of used equipment,” stated John Engquist, Chief Executive Officer of the Company.
Headquartered in Baton Rouge, Louisiana, H&E Equipment operates through a network of 47 facilities and serves 25,000 customers across 15 states. The Company’s rental division has a fleet of approximately 15,000 pieces of equipment, while the dealer division distributes product for leading manufacturers of cranes, earthmoving equipment, lift trucks and aerial work platforms. Both the rental and dealer divisions are supported by an extensive parts and services infrastructure, including over 500 highly-skilled technicians.
H&E Equipment is a portfolio company of Bruckmann Rosser Sherrill & Co. (“BRS”). BRS is a New York based private equity investment firm with approximately $1.2 billion under management. BRS was founded in 1995 and has since invested in over 20 companies in the following industries: restaurants, consumer goods, specialty retail, recreation/leisure, apparel, home furnishings, industrial and commercial services (including equipment rental), commercial equipment manufacturing, wholesale distribution and healthcare services. BRS makes leveraged buyout, recapitalization/restructuring and growth capital investments in companies with superior management, predictable cash flow, strong market share and growth potential. All management teams of BRS companies are equity investors in their businesses. For more information about BRS please call (212) 521-3700 or visit www.brs.com.