Company:Herc Rentals

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Herc Rentals
TypePublic
NYSE: HRI
IndustryEquipment rental
PredecessorThe Hertz Corporation
Founded1965; 61 years ago (1965)
HeadquartersBonita Springs, Florida
Key people
Lawrence H. Silber (CEO), Aaron D. Birnbaum (President)
Revenue$4.376 Billion (2025)
Number of employees
9,600 (2025)
ParentHerc Holdings
Websitewww.hercrentals.com
Footnotes / references
[1][2]

Herc Rentals is an equipment rental company, owned by Herc Holdings. It was formerly a subsidiary of The Hertz Corporation before being spun-off as a separate company in 2016. The company provides rentals of heavy equipment,[3] tools, power generators and pumps,[4] as well as sales of used equipment.[5]

It primarily serves companies in the construction, manufacturing, energy, civil infrastructure, agriculture, and entertainment industries.[6][7][8]

History

Early history

The company was founded in 1965 as a subsidiary of The Hertz Corporation.[9] It was originally named Hertz Equipment Rental Corporation (HERC). It was the second largest equipment rental company as of 1994.[10] Ford Motor Company considered acquiring HERC in 2002 but opted not to.[11]

In 2013, HERC's headquarters were moved from Park Ridge, New Jersey to Estero, Florida.[12][13] The company generated over $1.5 billion in revenue in 2013, which was 14% of Hertz's total revenue.[14] Its annual revenue had increased to $1.7 billion by 2015.[6]

Spin-off and recent history

In 2014, it was announced that Hertz Global planned to spin-off HERC as a separate publicly traded company.[15][16][17] The spin-off raised $2 billion for Hertz to reduce its own debt.[18] On July 1, 2016, Herc Rentals Inc. became an independently traded company (NYSE: $HRI).[19] It is currently owned by Herc Holdings.[8]

Lawrence Silber became head of the company in 2015 and led it during the transition,[12] becoming CEO and president after the spinoff.[20] The company was renamed Herc Rentals, based on the acronym for its previous name.[21]

Silber instituted a number of changes to the company and its corporate culture,[22] including hiring a new executive team,[13] opening new branches,[23] and increasing the company's salesforce by 50%.[12] He also diversified the company's revenues with the introduction of new products such as power tools, climate control,[13] power generators,[24] commercial vehicles, and other specialty equipment.[25] Effective January 1, 2026, Aaron Birnbaum was appointed as president of the company, with Silber continuing his role as CEO.[26]

Between 2016 and 2020, the company spent $1.8 billion into expanding its rental fleet.[23] The company invested between $525 and $575 million into its rental fleet in 2021,[27] and over $1 billion in 2023.[28] During this time, the company's revenue and earnings have increased. Its yearly earnings increased by 28% in 2021,[23] and by 35% in 2022.[27] The company continued to grow in 2023, when its revenues increased by 18%.[29]

After spinning off, Herc Rentals pursued active consolidation within the equipment rental industry, completing more than 50 acquisitions in recent years.[30][31]In addition to earlier acquisitions like CBS Rentals,[32] All-Star Rents,[33] Dwight Crane,[34] Reliable Equipment,[35] All Reach,[36] and Champion Rentals,[37] Herc executed its most significant acquisition to date in 2025 by purchasing H&E Equipment Services for $5.3 billion. The integration of H&E expanded Herc's overall scale by more than 30%, added 165 branch locations to its platform, and significantly expanded its specialty rental fleet offerings across major metropolitan areas.[38]

It is currently one of the largest equipment rental companies in the world and operates in the United States and Canada.[3][39]

References

  1. ↑ "Herc Holdings". https://fortune.com/company/herc-holdings/. 
  2. ↑ "Herc Holdings Reports Full Year 2024 Results and Announces 2025 Full Year Guidance". https://ir.hercrentals.com/news/news-details/2025/Herc-Holdings-Reports-Full-Year-2024-Results-and-Announces-2025-Full-Year-Guidance/default.aspx. 
  3. ↑ 3.0 3.1 McManus, John; Winroth, Mats; Angelis, Jannis (2019-10-12) (in en). Service Operations Management: A Strategic Perspective. Bloomsbury Publishing. pp. 242–244. ISBN 978-1-137-60923-6. https://books.google.com/books?id=_RxHEAAAQBAJ&dq=herc+rentals+inc&pg=PA242. 
  4. ↑ "Hertz spinning off its equipment rental business - CBS News" (in en-US). 2014-03-18. https://www.cbsnews.com/news/hertz-spinning-off-its-equipment-rental-business/. 
  5. ↑ (in en) Hoover's Handbook of American Business 2005. Hoover's, Incorporated. December 2004. pp. 2. ISBN 978-1-57311-101-0. https://books.google.com/books?id=qnwGr6PZ3bIC&q=herc+rentals+inc. 
  6. ↑ 6.0 6.1 Bomey, Nathan. "Hertz split official: Equipment, car rental parting" (in en-US). https://www.usatoday.com/story/money/cars/2016/06/06/hertz-rental-car-company-split/85479720/. 
  7. ↑ "Hertz announces equipment hire spin-off". https://www.ft.com/content/09d15dd8-ae97-11e3-8e41-00144feab7de. 
  8. ↑ 8.0 8.1 "The other Hertz" (in en). 2017-01-06. https://www.businessobserverfl.com/news/2017/jan/06/other-hertz/. 
  9. ↑ Pasiuk, Laurie; Vault (Firm) (2006) (in en). Vault Guide to the Top Transportation Industry Employers. Vault Inc.. pp. 70. ISBN 978-1-58131-385-7. https://books.google.com/books?id=lTN0d-bCZ6oC&dq=herc+rentals&pg=PA70. 
  10. ↑ (in en) Encyclopedia of American Industries. Gale Research. 1994. pp. 1145. ISBN 978-0-7876-9062-5. https://books.google.com/books?id=hM8dAQAAMAAJ&q=herc. 
  11. ↑ Reidy, R. (2002-12-13) (in en). Profile of the International Pump Industry - Market Prospects to 2007. Elsevier. pp. 7. ISBN 978-0-08-094924-6. https://books.google.com/books?id=eCKNDAAAQBAJ&dq=herc+rentals&pg=PA7. 
  12. ↑ 12.0 12.1 12.2 Pizzutillo, Rich (2018-03-20). "New name, new vision, new products are getting Herc Rentals back on track" (in en-US). https://www.roi-nj.com/2018/03/20/industry/new-name-new-vision-new-products-are-getting-herc-rentals-back-on-track/. 
  13. ↑ 13.0 13.1 13.2 Layden, Laura. "Herc finds its own way as a stand-alone company" (in en-US). https://www.naplesnews.com/story/money/business/local/2017/07/07/herc-finds-its-own-way-stand-alone-company/436874001/. 
  14. ↑ "Hertz to spin off equipment rental business for $2.5 billion" (in en). 2014-03-18. https://www.cnbc.com/2014/03/18/hertz-to-spin-off-equipment-rental-business-for-25-billion.html. 
  15. ↑ "Hertz to spin off gear-rental arm". 2014-03-19. https://www.arkansasonline.com/news/2014/mar/19/hertz-to-spin-off-gear-rental-arm-20140319/. 
  16. ↑ "Hertz close to $4.5bn equipment rentals spin-off". https://www.ft.com/content/ac17bcec-abb1-11e3-90af-00144feab7de. 
  17. ↑ Raghavan, Mridula (March 18, 2014). "Hertz to raise $2.5 billion through equipment business spinoff". Reuters: pp. 2024–03–06. https://www.reuters.com/article/us-hertz-global-divestiture-idUKBREA2H0QP20140318/. 
  18. ↑ "Hertz spins off equipment rental as Herc" (in en). http://www.naplesnews.com/business/local/hertz-spins-off-equipment-rental-as-herc-368485fb-08e8-4341-e053-0100007f66c2-385098791.html. 
  19. ↑ "Hertz spins off equipment arm" (in en). 2016-07-01. https://www.businessobserverfl.com/news/2016/jul/01/hertz-spins-equipment-arm/. 
  20. ↑ Hufford, Austen. "Hertz Details Equipment Company Spinoff". WSJ. https://www.wsj.com/articles/hertz-details-equipment-company-spinoff-1465224040. 
  21. ↑ "Larry Silber, CEO of Herc Rentals, Sees New Opportunities". https://www.enr.com/articles/39898-larry-silber-ceo-of-herc-rentals-sees-new-opportunities. 
  22. ↑ Pizzutillo, Rich (2018-03-20). "Herc Rentals has no fear of promoting union workers to management roles". https://www.roi-nj.com/2018/03/20/industry/herc-rentals-has-no-fear-of-promoting-union-workers-to-management-roles/. 
  23. ↑ 23.0 23.1 23.2 Layden, Laura (September 22, 2021). "Bonita-based Herc announces ambitious three-year plan for growth". https://www.news-press.com/story/money/2021/09/22/bonita-springs-based-herc-shifting-into-high-gear-new-growth-plan/8339061002/. 
  24. ↑ Layden, Laura. "Bonita-based rental company Herc Holdings posts record results". https://www.news-press.com/story/money/2021/07/22/herc-holdings-sees-record-performance-2021/8053707002/. 
  25. ↑ "Hertz Equipment Rental Spin-off Creates Herc Rentals". https://undergroundinfrastructure.com/magazine/2016/august-2016-vol-71-no-8/business/hertz-equipment-rental-spin-off-creates-herc-rentals. 
  26. ↑ "Herc Holdings names Birnbaum president". https://equipmentfinancenews.com/news/rentals/herc-holdings-names-birnbaum-president/. 
  27. ↑ 27.0 27.1 Layden, Laura. "Herc narrows losses, completes last step in separation from Hertz". https://www.naplesnews.com/story/money/business/local/2018/08/08/herc-holdings-narrows-losses-completes-separation-hertz-earnings-bonita-springs/932761002/. 
  28. ↑ "Top 10 US-based equipment rental companies". 2023-09-07. https://www.internationalrentalnews.com/news/top-10-us-based-equipment-rental-companies/8031452.article. 
  29. ↑ "U.S. rental giants seeing record-breaking growth". 2023-10-30. https://www.internationalrentalnews.com/news/why-4-u.s.-rental-giants-are-seeing-record-breaking-growth/8032603.article. 
  30. ↑ Layden, Laura. "Bonita Springs-based Herc reports record revenues, profits for 2021". https://www.news-press.com/story/money/2022/02/10/herc-holdings-bonita-springs-florida-saw-record-year-2021/6725039001/. 
  31. ↑ "Herc Rentals sees further industry consolidation". https://equipmentfinancenews.com/news/rentals/herc-rentals-sees-further-industry-consolidation/. 
  32. ↑ Layden, Laura. "Bonita-based Herc Holdings eyes growth with acquisition of Texas company". https://www.news-press.com/story/money/2021/08/20/herc-holdings-bonita-springs-announces-fourth-acquisition-cbs-rentals-since-going-public/8192775002/. 
  33. ↑ Layden, Laura. "No end in sight: Herc's growth story continues with record revenue, profits in second quarter". https://www.news-press.com/story/money/2022/07/21/bonita-springs-based-herc-holdings-continues-grow-internally-and-through-acquisitions/10110651002/. 
  34. ↑ Layden, Laura. "Bonita Springs-based Herc Holdings announces the completion of another acquisition". https://www.news-press.com/story/money/2021/09/03/bonita-springs-herc-holdings-expands-acquires-dwight-crane-ltd-canada/5712729001/. 
  35. ↑ "Equipment giant makes acquisition, expands in New England". 2021-11-02. https://www.businessobserverfl.com/news/2021/nov/02/equipment-giant-makes-acquisition-expands-in-new-england/. 
  36. ↑ "Hertz Buys All Reach". https://vertikal.net/en/news/story/5767/hertz-buys-all-reach. 
  37. ↑ Layden, Laura. "Herc Holdings acquires Houston-based rental equipment business". https://www.news-press.com/story/money/companies/2021/01/04/herc-holdings-announces-first-major-acquisition-since-split-hertz/4126910001/. 
  38. ↑ "Herc Rentals’ integration of $5.3B H&E acquisition nearly complete". https://equipmentfinancenews.com/news/rentals/herc-rentals-integration-of-5-3b-he-acquisition-nearly-complete/. 
  39. ↑ "Hertz to spin-off rental business in $2.5bn deal" (in en-US). https://www.financierworldwide.com/hertz-to-spin-off-rental-business-in-25bn-deal. 



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