Platinum bought a controlling interest in NESCO in October 2011 from an investor group which included founder Rob Troxel. The company has since made two add-on deals including the acquisitions of the utility equipment fleet and related assets of Penske’s utility rental in August 2012 and Utility Equipment Leasing Corporation in December last year.
Platinum partner Louis Samson said, “We are proud of the way NESCO has grown and evolved over the past two years as part of the Platinum Equity portfolio.
“We made significant capital investments and partnered with the management team to drive substantial growth and operational improvements. The business is well positioned for continued success under Lee Jacobson’s leadership and the ownership of ECP.”
In September Platinum Equity closed its third fund on $3.75bn, easily outstripping the $2.75bn it raised for its second vehicle in 2008.
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