Private equity firm Platinum Equity has reportedly made a return of five times from the sale of fleet equipment rental company NESCO.
The new was reported by PeHUB, which cited a source.
The Fort Wayne, Indiana-based company serves the North American electrical transmission and distribution market.
Since being acquired by Platinum in 2011 the business has bought the utility equipment fleet and related assets of Penske’s utility rental division and Utility Equipment Leasing Corporation.
Platinum partner Louis Samson said, “We created substantial value in the business by investing in NESCO’s people, fleet, operations, processes and systems. The business is well positioned for continued success under ECP’s ownership.”
Last September Platinum confirmed an AltAssets scoop from July by closing its third fund on $3.75bn, easily outstripping the $2.75bn it raised for its second vehicle in 2008.
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