Stamford-based United Rentals Inc. announced that it has agreed to acquire Yak Access LLC, a matting company headquartered in Hattiesburg, Mississippi, and its affiliates, for $1.1 billion.
Yak is currently owned by Platinum Equity. The deal is expected to close in the first quarter of 2024.
Yak provides matting for ground protection and temporary roadway solutions in the United States. Its customers include construction companies as well as maintenance and repair operations.
Yak has 135 distribution points and operates in over 40 states. The company had adjusted revenue of about $353 million last year, according to the announcement.
United Rentals, which describes itself as the largest equipment rental company in the world, has 1,504 rental locations in North America, 38 in Europe, 23 in Australia and 19 in New Zealand. The company employs about 26,300 people.
The addition of Yak will further United Rentals’ “ability to deliver value as a one-stop-shop for customers,” the announcement states.
Matthew Flannery, president and CEO of United Rentals, said the company’s newly created Matting Solutions business will “create another adjacency for our company with scale in a large and growing market segment.“
Frank Bardonaro, CEO of Yak, said the acquisition will benefit both customers and employees with the “broader value proposition United Rentals offers.”
“I’m proud of the leading company we built and am happy we found a great partner for the next chapter,” Bardonaro said.
