Home Depot, Atlanta on Thursday announced a definitive agreement has been reached to purchase Compact Power Equipment, Inc., a national provider of equipment rental and maintenance services for $265 million in cash. The transaction is expected to close by the end of the company’s fiscal second quarter.
A commercial partner of Home Depot since 2009, Compact Power Equipment currently provides compact equipment rentals at more than 1,000 stores across the U.S. and Canada. The company also provides equipment maintenance services nationwide to a range of customers, including Home Depot. By acquiring Compact Power Equipment, Home Depot continues to invest in capabilities that uniquely serve its core customers.
“We’ve worked closely with the talented team at Compact Power Equipment for many years and are delighted to welcome them to The Home Depot family,” said Craig Menear, chairman, CEO and president of The Home Depot. “The acquisition allows us to further improve the customer experience – in particular for Pros – through enhanced equipment and tool rental offerings. It also allows us to grow Compact Power’s best-in-class building services capabilities.”
The Home Depot offers tool and equipment rentals at more locations across the U.S. and Canada than anyone else, providing easy access for both Pro and Do-It-Yourself customers. Its large assortment of rental offerings saves customers from the cost and hassle of maintenance and storage.
“With a collective focus on convenience and execution, together our companies will be even stronger to serve customers while remaining on the cutting edge of life-cycle management for commercial equipment,” said Roger Braswell, CEO, Compact Power.
