global fuel applications

Transcription

www.khl.com
NEWS
INTERNATIONAL
A KHL Group Publication
Volume 6 Issue 6
September 2006
Pump
rentals
p27
Value
your
business
p20
Middle
East
prospects
p46
p15
INTERVIEW
Ashtead Group’s
George Burnett on
NationsRent and retirement
Official magazine of the ERA
Deal happy
THE ONLY MAGAZINE FOR THE WORLD’S EQUIPMENT RENTAL SECTOR
IRN 0906 Cover.indd 2
07/09/2006 09:52:30
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www.khl.com
NEWS
INTERNATIONAL
Volume 6 Issue 6
September 2006
Pump
rentals
p27
Value
your
business
p20
Middle
East
prospects
p46
p15
INTERVIEW
Ashtead Group’s
George Burnett on
Deal happy
IRN 0906 Cover.indd 2
07/09/2006 09:52:30
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DPS.indd 3
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Full page.indd 1
06/09/2006 14:50:29
5
Editorial Team
Editor
Murray Pollok
e-mail: [email protected]
Tel: +44 (0)1505 850 043
Assistant Editor
Patrick Hill
Staff Writers
Aaron Blutstein, Alex Dahm
Lindsay Gale, Richard High
Claire Symes
James Verrinder
Editorial Director
Paul Marsden
Production Team
Production and
Circulation Director
Saara Rootes
Deputy Production Manager
Ross Dickson
Tel: +44 (0)1892 786245
Design Manager
Jeff Gilbert
Designer
Gary Brinklow
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Tel: +44 (0)1892 786246
Production Assistant
Louise Stevens
Tel: +44 (0)1892 786207
Digital Production Assistant
Jamie Melville
Sales Team
Advertising Manager
Guy Harris
Tel: +44 (0)1892 786227
Fax: +44 (0)1892 786258
Classified Sales Executive
Gareth Mann
Tel: +44 (0)1892 786219
Fax: +44 (0)1892 786258
Finance Team
Financial Controller
Paul Baker
Financial Assistants
Sean Kenny
Tel: +44 (0)1892 784088
Gillian Martin
Tel: +44 (0)1892 786248
Credit Control
Josephine Day
Tel: +44 (0)1892 786250
comment
COMMENT
September 2006
Volume 6 Issue 6
Mega Mergers
S
unbelt Rentals’ acquisition of NationsRent in the US is a dramatic deal any way you
look at it. At a stroke it propels Sunbelt – and UK parent company Ashtead Group – into
the North American rental superleague.
It’s also a deal that focuses attention on the perceived benefits of being big. For George
Burnett, Ashtead’s chief executive, the rational for the move was clear; “it effectively
accomplishes our five year US growth strategy in a single step and with minimum overlap.”
US rental consultant Dan Kaplan, writing in the latest AEM Advisor Rental newsletter, takes a
positive view on such deals; “I believe it is good for the rental industry…the new larger rental
entities will perform more professionally. They will be in an improved position to manage
rental rates and at the same time reduce operating expenses.”
Not everybody agrees. Mike Watts, founder and president of Sunstate Equipment in Phoenix,
Arizona, one of the largest privately owned renters in the world, says; “They have so many
integration issues to go through…In reality, if you are immersed in ‘how to do’ and ‘what to
do’ questions, there’s no way they can focus on being better for at least a year.
“The real issue with consolidation is that anytime there is a transition on ownership it
creates a lack of focus on improving the business, and that’s where it has the impact
on the bottom. It works to our advantage.” Mr Watts was speaking to American Lift
& Handlers (ALH), a new supplement on the North American aerial platform and
telehandler market being published this Autumn by KHL Group.
Mr Burnett acknowledges that integration will take time and will be a challenge,
but he believes the longer term benefits for Sunbelt and Ashtead are clear (see
interview, this issue).
Whatever your views, it is extremely likely that there will be more mergers –
United Rental’s share of the US rental market is still under 10%, for example. And
it’s a process that will be followed in Europe as well.
One other thing is sure, as Dan Kaplan points out, the bigger they get, the greater
their bargaining power, and the more difficult it becomes for the suppliers to increase
prices. That’s one benefit that is hard to deny.
Circulation Team
Circulation Manager
Siobhan Hanley
Tel: +44 (0)1892 786241
Circulation Team Leader
Theresa Flint
Bookshop/Office Manager
Katy Storvik-Clay
Business Development Director
Peter Watkinson
Publisher
James King
IRN 0906 Comment.indd 1
Murray Pollok
Editor
Correspondence or comments should be sent to:
The Editor, IRN, Southfields, Southview Road,
Wadhurst, East Sussex, TN5 6TP, UK.
Tel: +44 (0)1892 784088
Fax: +44 (0)1892 786257
07/09/2006 09:53:27
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7
UNITED KINGDOM
Southfields, Southview Road,
Wadhurst, East Sussex TN5 6TP, UK.
Tel: +44 (0)1892 784088,
Fax: +44 (0)1892 784086
www.khl.com
…inside
USA OFFICE
KHL Group USA LLC,
27992 N 115th Place,
Scottsdale, AZ 85262, USA.
Cell: 703 946 5055
www.khl.com
10 News & Business News
53 ERA Page
Ashtead’s plans for NationRent; Ramirent strengthens
compaction; Aggreko appointment; JLG ships Cat handlers;
Spanish acquisition by Williams Scotsman; Olsson takes over
at RSC; Thomas Equipment seeks protection; plus more news
from the rental industry worldwide.
Why are national rental associations joining the European
Rental Association (ERA)? IRN asked them. Plus, other
association news.
20 Rental Management:
Valuing a rental company
Finance specialist Jeff Eisenberg
explains how to determine
the market value of your, or a
competitor’s, company.
55 Faces & Places
New appointments in the rental and equipment sectors, plus
other items of rental interest.
56 Reader Subscription Form
& Advertiser Index
How to subscribe to IRN, plus details of advertisers in this
issue.
49 Rental
Products:
Welding
equipment
57 Classified
New products and other
news from ArcGen, Esab,
Lincoln Electric, Miller, Mosa,
Multiquip and Pramac.
15 Interview
Sunbelt Rentals joins the US rental superleague with its
acquisition of NationsRent. Murray Pollok talked to George
Burnett, chief executive of Ashtead Group – Sunbelt’s UK
owner - about integrating the two businesses, the future of
the Ashtead Group, and his pending retirement.
27 Pump Rentals
Rental companies the world over are creating new opportunities
for generating revenues from pumps. Patrick Hill reports from
the US, South Africa, the Middle East and Japan. Plus, we put
the spotlight on some of the latest pumps.
37 Special Report:
Aerial platforms
Aerial platform rental fleet growth
of 20% over the last year may be no
surprise, but the results of latest
Access–50 survey illustrate some
important differences between the
North American and European access
markets. Murray Pollok reports.
46 Market Report:
The Middle East
There is a constant flow of construction
work in the Middle East, particularly in
cities like Dubai and Doha. Richard High
reports on this fast growing region, and
on prospects for rental growth.
…outside
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INTERNATIONAL
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www.khl.com
NEWS
UK/IRELAND
Guy Harris, UK head office,
address as above
Tel: +44 (0)1892 786227
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Fax: +33 (0)1 4593 0899
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Tel: +44 (0)1903 520921
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ITALY
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CHINA
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address as above
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Fax: +82 (0)2 730 8899
THE NETHERLANDS
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Kenter & Co BV
Tel: +31 (0)547 275005
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SWEDEN/FINLAND/DENMARK/NORWAY
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Tel: +44 (0)20 7834 5559
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USA/CANADA
Trevor Pease, USA Office,
address as above.
Cell: 703 946 5055
Matt Burk
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Cell: (773) 610-9467
SPECIALS
KHL Sales Offices
REGULARS
CHINA OFFICE
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CONTENTS
KHL Head Office
Volume 6 Issue 6
September 2006
ISSN No: 1749-5040 (Print)
ISSN No: 1749-5059 (e-mail)
© Copyright KHL Group, 2006
...about FREE digital issues
Readers of IRN can register to receive an electronic version of IRN, free of charge. The
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Pump
rentals
George Burnett, chief
executive of Ashtead
Group. See our exclusive
interview on page 15.
p27
Value
your
business
p20
Middle
East
prospects
p46
p15
INTERVIEW
Ashtead Group’s
George Burnett on
Deal happy
IRN SEPTEMBER 2006
IRN 0906 Contents.indd 7
07/09/2006 09:54:37
TRANSLATIONS
CONTENTS
8
RUBRIQUES
HABITUELLES
10 Informations diverses et
professionnelles
Les plans de Ashtead pour ce qui est
de NationsRent; Ramirent renforce
le compactage; Une nomination
chez Aggreko; JLG transporte des
chariots télescopiques Cat; Acquisition
espagnole par Williams Scotsman;
Olsson prend la tête de RSC; Thomas
Equipment en quête de protection; et
des actualités supplémentaires sur le
secteur mondial de la location.
20 Gestion de la location :
L’évaluation d’une société de
location
Jeff Eisenberg, expert financier,
explique comment définir la valeur
de marché de votre société ou d’une
société concurrente.
49 Produits de location:
Equipement de soudage
53 Page de l’Association ERA
Pourquoi les associations nationales de
location adhèrent-elles à la European
Rental Association (ERA)? IRN leur a
posé la question. Ainsi que d’autres
actualités sur l’association.
55 Figures et places
56 Le formulaire d’abonnement
des lecteurs et l’index des
annonceurs
REGELMÄSSIGE
BEITRÄGE
10 Neuigkeiten &
Geschäftsnachrichten
Ashteads Pläne für NationsRent;
Ramirent verstärkt Verdichtung; neuer
Generaldirektor bei Aggreko; JLG
versendet Cat-Hubgeräte; Spanische
Übernahme von Williams Scotsman;
Olsson übernimmt Führung von RSC;
Thomas Equipment sucht Schutz;
sowie weitere Nachrichten von der
Verleihbranche in aller Welt.
20 Verleihmanagement:
Bewertung eines
Verleihunternehmens
Finanzexperte Jeff Eisenberg
erklärt, wie Sie den Marktwert
Ihres Unternehmens oder eines
Mitbewerbers ermitteln.
49 Verleihprodukte:
Schweißanlagen
Neue Produkte und andere Nachrichten
von ArcGen, Esab, Lincoln Electric,
Miller, Mosa, Multiquip und Pramac.
53 ERA-Seite
Warum schließen sich nationale
Verleihverbände der European
Rental Association (ERA) an? IRN
hat sie gefragt. Außerdem weitere
Verbandsnachrichten.
55 Akteure & Bühnen
Neue Ernennungen im Verleih- und
Anlagensektor, sowie andere, für
57 Petites annonces
RUBRIQUES
SPECIALES
24 Locations de pompes
Les sociétés de location du monde
entier créent de nouvelles possibilités
pour générer des revenus avec les
pompes. Patrick Hill enquête aux
Etats-Unis, en Afrique du Sud, au
Moyen-Orient et au Japon. Et puis
nous mettons les projecteurs sur les
derniers modèles de pompes.
37 Reportage spécial:
Plateformes aériennes
La croissance de 20% des flottes de
plateformes aériennes de location sur
l’année venant de s’écouler n’est peutêtre pas surprenante, mais les résultats
les plus récents du palmarès Access-50
indiquent qu’il existe des différences
importantes entre le marché nordaméricain et le marché européen en
matière d’équipement et matériels
d’accès. Murray Pollok enquête.
46 Reportage sur le marché de la
location : Le Moyen-Orient
Le Moyen-Orient connaît un flux
constant d’oeuvres de construction,
en particulier dans des villes telles que
Dubai et Doha. Richard High enquête
sur cette région en expansion rapide et
sur les perspectives de croissance en
matière de location.
den Verleihsektor interessante
Themen.
56 Abo-Formular und
Inserentenverzeichnis
57 Kleinanzeigen
SONDERBEITRÄGE
24 Verleih von Pumpen
Verleihunternehmen auf der
ganzen Welt erschließen neue
Geschäftsbereiche, um Umsätze
durch Pumpen zu erzielen. Patrick
Hill berichtet aus den USA, Südafrika,
dem Nahen Osten und Japan. Darüber
beschäftigen wir uns intensiv mit
einigen der neuesten Pumpen.
37 Sonderbericht: Hebebühnen
Ein Zuwachs bei der Verleihflotte
von Hebebühnen im Laufe des
letzten Jahres ist vielleicht keine
Überraschung, aber die Ergebnisse der
neuesten Access-50-Umfrage zeigen
einige wichtige Unterschiede zwischen
den Zugangsmärkten in Nordamerika
und in Europa. Murray Pollok berichtet.
46 Verleihmarktbericht: Der
Nahe Osten
Im Nahen Osten - insbesondere in
Städten wie Dubai und Doha - ist
eine kontinuierliche Bautätigkeit zu
erkennen. Richard High berichtet über
die schnell wachsende Region - und
über die Aussichten für Zuwächse im
Verleihsektor.
RUBRICHE
10 News e notizie
commerciali
Progetti di Ashtead per NationsRent;
Ramirent rafforza la compattazione;
nomina Aggreko; JLG spedisce
sollevatori telescopici Cat; acquisizione
spagnola di Williams Scotsman; Olsson
si insedia in RSC; Thomas Equipment
cerca protezione; e inoltre altre notizie
dal settore del noleggio mondiale.
20 Gestione del noleggio:
Valutare una azienda di noleggio
Lo specialista finanziario Jeff Eisenberg
spiega come determinare il valore di
mercato della vostra azienda o di un
concorrente.
49 Prodotti a noleggio:
Attrezzature per la saldatura
Nuovi prodotti e altre notizie da
ArcGen, Esab, Lincoln Electric, Miller,
Mosa, Multiquip e Pramac.
53 La pagina dell’ERA
Perché le associazioni nazionali di
noleggio si associano alla European
Rental Association (ERA)? IRN lo ha
chiesto loro. Inoltre, altre notizie dalle
associazioni.
55 Facce e posti
Nuove nomine nei settori del noleggio
e delle attrezzature, oltre ad altri
argomenti di interesse per il settore
noleggio.
ARTÍCULOS
HABITUALES
10 Noticias y Noticias
Económicas
Los planes de Ashtead para
NationsRent; Ramirent refuerza la
compactación; el nuevo nombramiento
de Aggreko; JLG envía manipuladores
Cat; La adquisición española de
Williams Scotsman; Olsson se hace con
el mando de RSC; Thomas Equipment
necesita protección; y otras noticias del
sector mundial de arrendamientos.
20 Gestión de arrendamientos:
Valoración de una empresa de
arrendamiento
Jeff Eisenberg, especialista en finanzas,
explica cómo determinar el valor de
mercado de su empresa o la de la
competencia.
49 Productos de arrendamiento:
Equipamiento para soldar
Nuevos productos y otras noticias de
ArcGen, Esab, Lincoln Electric, Miller,
Mosa, Multiquip y Pramac.
53 Página ERA
¿Por qué las asociaciones de
arrendamiento nacionales se unen a la
European Rental Association (ERA)? Les
preguntó IRN. Y otras noticias sobre la
asociación.
55 Caras y lugares
56 Formulario de suscripción de
lectores e Índices de anunciantes
56 Modulo di abbonamento
del lettore e indice degli
inserzionisti
57 Annunci economici
SERVIZI SPECIALI
24 Noleggio pompe
Le aziende di noleggio nel mondo
stanno creando nuove opportunità
di generare fatturato con le pompe.
Patrick Hill ci relaziona da USA, Sud
Africa, Medio Oriente e Giappone.
Inoltre, puntiamo i riflettori su alcune
pompe di ultima generazione.
37 Relazione speciale:
Piattaforme aeree
La crescita del 20% nelle flotte
di noleggio di piattaforme aeree
nell’ultimo anno può non essere una
sorpresa, ma i risultati dell’ultimo
sondaggio Access–50 mettono in luce
alcune importanti differenze tra i
mercati nordamericano ed europeo del
settore. Relazione di Murray Pollok.
46 Rapporto dal mercato del
noleggio: Il Medio Oriente
Si assiste ad un flusso costante di
lavori edilizi nel Medio Oriente, in
particolare in città come Dubai e Doha.
Richard High ci relaziona su questa
regione in rapida crescita, e sulle
prospettive di crescita per il settore del
noleggio.
57 Clasificados
ARTÍCULOS
24 Alquiler de bombas
Las empresas de arrendamiento de
todo el mundo están creando nuevas
oportunidades para generar ingresos
de bombas. Patrick Hill informa desde
EEUU, Sudáfrica, el Oriente Medio y
Japón. Además, centramos nuestra
atención en algunas de las bombas más
modernas.
37 Informe especial: Plataformas
aéreas
Puede que el crecimiento del 20%
de la flota de plataformas aéreas de
alquiler del último año no tenga por
qué sorprender, pero los resultados del
último estudio de Access–50 muestran
algunas diferencias importantes entre
los mercados de equipamientos de
acceso de Norteamérica y Europa.
Informa Murray Pollok.
46 Informe sobre el mercado de
arrendamientos: Oriente Medio
En Oriente Medio hay un aumento
constante de obras de construcción,
especialmente en ciudades como Dubai
y Doha. Richard High informa sobre
esta región en rápido crecimiento, y
sobre las posibilidades de crecimiento
del sector de arrendamientos.
IRN SEPTEMBER 2006
IRN 0906 Contents.indd 8
07/09/2006 09:55:36
Z™-45/25J RT ARTICULATING BOOM
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Full page.indd 1
05/09/2006 16:25:02
NEWS
10
Ashtead considers
US tool rental chain
S
unbelt Rentals owner, Ashtead Group, is looking at the possibility of
developing a stand-alone tool rental chain in the US in cooperation with
Lowe’s stores following Ashtead’s US$1 billion acquisition of US rental
company NationsRent.
NationsRent has 100 in-store rental locations at Lowe’s stores, and George
Burnett, Ashtead’s chief executive, interviewed in this issue of IRN, said it could
represent a good expansion opportunity. “We have to sit down with Lowe’s and
find out whether there is a capacity for a national tool hire chain…It could be a
very interesting opportunity to develop a tool hire brand alongside the Sunbelt
brand.” Ashtead and Lowe’s have a meeting scheduled for September.
Ashtead could attempt to replicate Home Depot’s strategy, which has seen tool
rental introduced at 1100 of its 1600 stores. Lowe’s has 1275 stores.
Meanwhile, with the acquisition now completed, Ashtead has embarked on the
integration of Sunbelt and NationsRent. This, said Mr Burnett, would be made easier
by the “extraordinary fit” between the two that will see just 25 store closures and
the fact both use Wynne Systems rental software.
The deal has increased the number of Sunbelt ‘clusters’ – groups of 10 to 15
stores at major metropolitan areas – from 22 to 36, and boosted Sunbelt’s aerial
platform fleet in North America to almost 30000 units, the second largest in the
world.
NEWS HIGHLIGHTS
Kevin Minton is to step down from
his position as managing director of
Hire Association Europe (HAE), a post
he has held since March 2003 when
he replaced John Coyne. Mr Minton
will not be leaving the association,
but will stay to “concentrate on
the areas of expertise that he has
been most closely associated with
in the past”, said HAE. HAE said the
decision was Mr Minton’s and added
that a new managing director would
be appointed as soon as possible.
Ramirent
has
acquired
Konevuokraamo P Salminen Oy (KPS),
a Finnish compaction equipment
rental specialist with one depot and
four employees. Part of the payment
comprises €12,9 million worth of
newly issued shares. Ramirent
said KPS would be integrated into
Ramirent Finland, with all four KPS
employees staying on. KPS, based
in Orivesi in the south of Finland,
rents heavy equipment, in particular
soil compactors, throughout
Finland for road building and other
infrastructure projects.
Power and temperature control
rental company Aggreko has
appointed Robin Richardson as
Northern European managing
director, replacing Andy Wright, who
has left the company “to pursue a
new career path”, said the company.
Mr Robinson, who reports to Kash
Pandya, Aggreko’s European regional
managing director, joins from
Avery Weigh-Tronix, a UK supplier
of weighing equipment where he
was divisional managing director
responsible for sales, marketing and
service for the UK and Ireland.
Belle’s Minimix 150 is now available powered by a 1,8 kW Vanguard engine from Briggs & Stratton,
increasing the mixer’s power. Belle said the engine has a cast-iron cylinder sleeve, giving good
durability, and a paper air cleaner with pre-cleaner, offering intake air protection. Rob Caddy,
sales director at Belle, said the Minimix already had a reputation for dependability, but that the
new engine offered rental buyers “a quality engine alternative for the hire fleet.”
Mr Burnett said the combined business will be run under the Sunbelt brand
– except for the stores at Lowe’s which will remain as NationsRent – and that
Ashtead was keeping “an open mind” on NationsRent’s strategy of selling new
equipment, something that Sunbelt doesn’t do. “We will genuinely look at it, but we
need to make sure that the right people are doing the right things. It’s difficult to
have a sales force with ambiguous goals.” See page 15 for the full interview.
KHL launches e-Newsletter
IRN and its sister magazines are
launching World Construction Week, a
weekly e-Newsletter providing timely
news stories on equipment rental
and construction industries. The
newsletter will be available
free to those who register,
and recipients of digital issues
of IRN will also be invited to
subscribe.
World Construction Week,
sent by E-mail, will contain
up-to-date stories in sectors
including rental, aerial
platforms, construction
equipment, cranes, heavy
transport, demolition and
recycling. Readers can
subscribe at www.khl.com/
newsletter.
All KHL magazines, including IRN,
are available free of charge as digital
versions in Adobe PDF format. To
register, go to www.khl.com and follow
the instructions.
NEWS HIGHLIGHTS
JLG Industries started shipments of
Caterpillar-branded TH telehandlers
from its Belgian facility on 26 July,
the company announced in August.
The handlers, produced under the
JLG-Caterpillar telehandler alliance,
will be distributed to Cat dealers in
Europe, Africa, the Middle East and
Asia Pacific. Deliveries of North and
Latin American handlers, being built
by JLG at its US McConnellsburg
facility, were “on track to begin in
November of this year”, said the
company.
Caterpillar’s manufacturing facility
in Newbury, South Carolina, US, has
started manufacturing Cat-branded
diesel generators in the 10-200
kW range for the North American
market.
Nolan departs HSS
HSS chief executive Paul Nolan has left the
company and been replaced by Chris Davies,
an ex-managing director of Disney Stores
Europe and Staples Office Superstores.
HSS, which is the UK's second biggest
tool rental chain, would not comment on the
reasons for Mr Nolan’s departure, saying
only in a short statement on 31 August that
the HSS board had thanked Mr Nolan “for
his major contribution to the company’s
return to improving profitability.”
It is likely however that Mr Nolan,
despite having made major changes
at HSS, is paying the price for not
improving financial performance quickly
enough. The group made a loss of
£10,8 million (€16,0 million) on a turnover
of £150,9 million (€224 million) for the
year to 31 December 2005.
IRN SEPTEMBER 2006
IRN0906 News.indd 10
07/09/2006 09:56:50
11
A second rental exhibition in the
UK is being established to compete
with the existing London-based
Hire Show. The new Executive Hire
Show will take place on Wednesday
31 January and Thursday 1 February
at the Ricoh Arena in Coventry, in
the Midlands. It will compete head
on with the established Hire Show,
which is scheduled for the Excel
venue in London the week before,
on 24-25 January.
Canadian skid steer and mini
excavator manufacturer Thomas
Equipment Inc is preparing its
manufacturing subsidiary for
bankruptcy proceedings. The
company has laid off 141 employees
and engaged a consultant to find
potential investors, buyers or
merger candidates. The subsidiary
manufactures skid steer loaders,
mini excavators and agricultural
machinery in New Brunswick,
Canada.
Williams Scotsman
moves into Spain
U
S portable accommodation
rental specialist Williams
Scotsman International (WSI)
has acquired Spanish company
Wiron Construcciones Modulares, a
Madrid accommodation rental and
manufacturing company with 13600
mobile offices, 14 branches and 2005
revenues of US$30,4 million (€23,7
million).
WSI paid $48,3 million (€37,7 million)
for 91,5% of Wiron’s shares, having
acquired the other 8,5% in July 2004.
The deal includes the assumption
An Atlas Copco HB 7000 Dust breaker working with a Liebherr 974 excavator in Spain. Liebherr’s
rental business in Spain, Liebherr Alquiler Iberica, now operates from seven Liebherr-owned
locations and 14 dealer rental depots throughout Spain. The total fleet comprises 320 units, and
includes 30 hydraulic breakers supplied by Atlas Copco Madrid and KMMB Iberica, Atlas Copco’s
sales and service partner in the country.
GE Energy Rentals will supply
approximately 100 MW of temporary
power at 40 venues of the 15th
Asian Games in Doha, Qatar, in
December. The games, the largest
ever in the Middle East, will require
as many as 250 generators, 100 km
of cabling and 1000 distribution
panels.
Hungarian rental company Hazai Építógép
Tarsulás’ new Dynapac PL 2000 LS cold
planer is pictured working on a project
to restore an historic 500 m section of
the Budai Alsó Rakpart street close to the
Margit Bridge in Badapest, Hungary. It is
the first of the models to be work in the
country; “We have been very impressed
with its performance”, said a spokesman for
Betonut, the project contractor.
NEWS
NEWS HIGHLIGHTS
of $21,7 million (€16,9 million) of net
debt.
Gerry Holthaus, chairman, president
and CEO of WSI, said; “We view this as a
further step towards expansion into the
European marketplace, a longstanding
goal of our company. As Spain is one of
Europe’s strongest economies, Wiron
offers an ideal gateway to extend our
business model.”
Mr Holthaus said WSI and Wiron
shared a market focus, product
applications and customer mix, and
said Wiron was “well-positioned for
continued growth.”
Baltimore, Maryland-based WSI is
one of the world’s largest equipment
rental companies, and ranked
number 24 in the recently published
IRN-100 listing with a rental turnover
of €240,6 million.
NEWS HIGHLIGHT
Ingersoll Rand has moved the
European head office of its Compact
Vehicle Technologies business –
which comprises Bobcat and Clubcar
– to a new facility at Waterloo,
Belgium. Warehousing will shift from
the old location at Lot, Belgium,
to Puurs, near Antwerp, while the
training facilities will relocate to IR’s
compact equipment manufacturing
facility in Dobris in the Czech
Republic.
Gesan prepares for rental exports
Spanish generator set manufacturer
Gesan will release in October a new
range of 20 to 500 kVA gensets,
which it said are designed to deliver
the reliability and low maintenance
demanded by rental customers.
Features of the range will include
galvanised finish canopies, heavyduty fuel filters, manual oil sump
pumps and socket-connection panels
with a general earth connection.
Options will include bunded, galvanised
tanks, 24-hour fuel tanks with
inspection and cleaning access, and a
trailer-mounted frame.
Genset’s sales manager, David
Garcia, told IRN that Gesan anticipated
sales growth from exports to
rental companies. Rental is already
important for its domestic business,
representing around 90% of sales.
Exports currently account for
40-45% of its annual production of
4000 water-cooled units. The company
also makes a large volume of smaller,
petrol generators.
Gesan forecast a sales turnover
of €72 million this year, up from
€56 million in 2005. The company
said it plans to move to a larger
factory in 2008 and to nearly double
production capacity by 2010.
Gesan’s manufacturing facility in Zaragoza, Spain.
IRN SEPTEMBER 2006
07/09/2006 09:57:07
NEWS
12
DIARY DATES
IRN Share Index becomes global
IRN launches this month a global rental industry share tracker, called the IRN Share Index. The magazine has been tracking
the shares of European rental companies for four years – using the ERN Index - and has now added seven more rental
companies to the Index to create the global IRN Index.
The new companies in the tracker are United Rentals (US, general rentals), Coates Hire (Australia, general rentals), Mobile
Mini (US, portable storage), Williams Scotsman (US/Spain, accommodation units), RK-Cramo (Scandinavia, general rentals),
Boom Logistics (Australia, cranes and access) and GAM (Spain, general rentals).
IRN Rental Share Index
SHARE PRICES
COMPANY
Acces Industrie (France)
Aggreko (UK)
Ashtead Group (UK/US)
Boom Logistics (Australia)
Coates Hire (Australia)
GAM SA (Spain)
GL events (France)
Lavendon (UK)
Mobile Mini (US)
Speedy Hire (UK)
Ramirent (Finland)
RK-Cramo (Fin-Swe)
United Rentals (US)
Williams Scotsman (US/Sp)
IRN INDEX
€
UK£
UK£
A$
A$
€
€
US$
US$
UK£
€
€
US$
US$
Start date
11/1/06
0,47
2,75
1,83
3,70
5,30
8,00
29,96
2,20
46,2
8,32
23,43
13,0
24,9
18,26
Previous mth
4/7/06
0,79
2,91
1,66
4,53
6,23
7,87
34,5
2,85
29,78
8,92
32,4
13,0
31,6
20,78
Current mth
29/8/06
1,01
2,78
1,32
4,12
5,90
10,46
35,50
2,68
27,12
8,88
33,84
13,3
20,74
20,10
100,0
105,7
94,4
% change
+27,8%
-4,53%
-20,5%
-9,1%
-5,3%
+32,9%
+2,9%
-6,0%
-9,0%
-0,5%
+4,4%
+2,3%
-34,4%
-3,3%
-10,7%
Notes:
1. The index is based on aggregate changes in market values of the companies in the list. The initial index value of 100 is
based on values on 11 January 2006.
SAIE 2006
25–29 October, 2006
Bologna, Italy
Tel: +39 051 282 111
www.saie.bolognafiere.it
2007
World of Concrete
23-26 January, 2007
Las Vegas, US
Tel: +1 972 536 6374
www.worldofconcrete.com
The Rental Show (ARA)
7-10 February, 2007
Atlanta, US
Tel: +1 800 334 2177
www.ararental.org
Bauma 2007
23-29 April, 2007
Munich, Germany
Tel: +49 89 9 49 1 13 48
www.bauma.de
SED 2007
22-24 May, 2007
Rockingham Performance Park,
Corby, UK
Tel: +44 (0)20 8652 4879
www.sed.co.uk
2008
CONEXPO-CON/AGG
11-15 March, 2008
Las Vegas, US
Tel: +1 414 298 4141
www.conexpoconagg.com
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“In terms of process it’s a very complex business and because the margins are so tight, unless you have a
very slick process you’ll never make profits.”
Rupert Soames, Chief Executive Officer, Aggreko
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07/09/2006 09:57:31
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Full page.indd 1
06/09/2006 11:37:11
Full page.indd 1
05/09/2006 16:27:50
15
INTERVIEW
George Burnett, Ashtead Group’s chief executive,
retires at the end of the year after over 22 years
with the company.
Sunbelt Rentals
joins the US rental
superleague with
its acquisition of
NationsRent. Murray
Pollok talked to
George Burnett,
chief executive of
Ashtead Group –
Sunbelt’s UK owner
- about integrating
the two businesses,
the future of the
Ashtead Group,
and his pending
retirement.
A
n easy run-in to his retirement
at the end of this year clearly
wasn’t on George Burnett’s
agenda. The chief executive of
Ashtead Group will be as busy in the
coming months as he has ever been
following the completion of Ashtead’s
acquisition of NationsRent in the US
and the start of the massive job of its
integration with Sunbelt Rentals.
“The more you looked at it, the more
the lack of overlap, the interlocking
of the businesses, was there. It was
just hugely attractive to do”, he says,
speaking to IRN at Ashtead’s head
Perfect fit
office in Leatherhead, just south of
London.
With the task only just begun, is
he not inclined to stay on? ”It’s a
temptation in one sense, yes. But
I’ve set my mind. I’d always intended
to retire when I reached 60 [which
he does in September]. I’d advised
the board of that last year – the
NationsRent deal came after that.”
Retirement is still far from Mr
Burnett’s mind as he leads the
integration of the Sunbelt and
NationsRent businesses. It will be a
big task: NationsRent is the fifth
largest rental company in North
America, with revenues last year of
€540 million, while Sunbelt is number
four, with €596 million in sales. The
two will move into second or third
place in the US rental business, with
combined revenues of well over €1
billion.
However, it won’t be as challenging
as it could have been, says Mr
Burnett.
NationsRent has 268 locations, 100
of which are based at Lowe’s building
supply stores, while Sunbelt has 220.
Of the total 386 full service locations,
Ashtead says there will be just 25
closures required; “That’s such an
astonishing statistic when you take
two significant businesses like this
together”, says Mr Burnett.
It still represents a potential
significant loss of revenues, although
Mr Burnett plays that down, saying the
All the NationsRent locations – with the
exception of the Nations locations at Lowe’s
stores – will be rebranded as Sunbelt.
intention is the combine workforces at
the overlapping locations and retain
as much of the combined business as
possible. “In general, people dealing
with the customer today will deal with
the customer tomorrow…We really are
not looking to save costs on the front
line, as far as the integration process
is concerned”, he says.
Matching fleet
The same good match is found, he
says, when you look at the two fleets:
Sunbelt is a bit heavier on the aerial
platform side and NationsRent has
more earthmoving equipment, but; “If
you took the equipment at any given
NationsRent location and painted
it green, you would have said that
could be Sunbelt.” The age of the two
fleets is also similar, at around 35-40
months.
The fact that both companies use
the Wynne Systems rental IT software
is also in Ashtead’s favour, and allows
Mr Burnett to make the claim that the
IT marriage – “which is key to having
¬
IRN SEPTEMBER 2006
IRN0906 Interview-Ashtead.indd 15
07/09/2006 09:58:37
INTERVIEW
16
Sunbelt and NationsRent will have a combined
fleet of around 29000 aerial platforms. Pictured
is a Sunbelt JLG 660SJ boom.
an integrated fleet” - will be completed
within three months.
The question of merging two quite
different business philosophies is
more complicated. NationsRent,
when it emerged from its Chapter 11
process in mid-2003, embarked on a
full-service strategy, offering sales of
new equipment as an important part
of its business (sales were almost 12%
of NationsRent’s revenues in the three
months to 30 June, and had grown by
over 90%). It holds distributorships
for big names such as Case and JLG
Industries.
Mr Burnett is careful about what will
happen here. “I think we enter that
with an open mind. There might be
some parts of the country where it’s
particularly relevant.” However, sales
are not part of the Sunbelt philosophy
and Mr Burnett says he will look
closely at the costs associated with
the sales business; “We will genuinely
look at it, but we need to make sure
that the right people are doing the
right things. It’s difficult to have a
sales force with ambiguous goals.”
If sales are retained it is likely to be
done with dedicated staff.
A-Plant in the UK will now represent under
20% of group turnover, but George Burnett
says Ashtead remains committed to growing
A-Plant further.
Operationally, the new business will
be branded Sunbelt, except for the
100 NationsRent stores at the Lowe’s
builders merchants depots, where
the existing branding will be retained
(more below).
However, it’s not just the name that
will change at these stores, because
Ashtead will introduce the same
decentralised, incentive based system
that it uses at Sunbelt.
“The key part of our philosophy is
decentralising the business and giving
the authority to the local branch. Their
reward programmes tend to be related
to districts”, says Mr Burnett, “You
need people focused and rewarded
on their own local performance, and
I think that’s the key fundamental
change that we will see.”
Reorganisation
The regional and district management
layers at NationsRent will be scaled
down and sales staff will move to a
commission only package. “Our sales
force is on commission only, which
concentrates the mind, obviously”,
says Mr Burnett, “We have an internal
price target and then a discount for
the amount the salesman gives away
from that figure. The more they give
away the less they earn themselves.
We’ll introduce it gradually, and we
hope very quickly that the sales
teams in Nations will see that’s a very
attractive option.”
Cliff Miller, Sunbelt’s CEO, and
Brendan Horgan, COO, the two
NationsRent senior executives who
are staying with the business - Bryan
Rich, who will lead the integration
process, and Charles Snyder, who will
have a particular responsibility for
customer service - have already held
over 20 “town meetings” with Nations
staff to explain the changes.
Organisationally, the two businesses’
combined 55 districts will become 44,
with 14 regions becoming 11. Three
of the six NationsRent regional vice
presidents have already been reappointed as Sunbelt VPs. NationRent’s
former CEO, Jeff Putman, has retired
from the company.
Mr Burnett says there are other
significant opportunities for Sunbelt,
other than the obvious extension of its
footprint. One is to improve utilisation
at NationsRent. He says Sunbelt’s
dollar utilisation rate is currently 68%
compared to 51% at Nations; “That’s
17% difference on an annualised basis
– which is massive”, says Mr Burnett,
“10% of that is physical utilisation
– we get more equipment out on rent
- and interestingly we get more out at
better prices, because the balance has
to be price.”
He says the new sales incentive
programme will play a big part
in generating higher pricing and
utilisation levels. The lower utilisation
levels at Nations could also make
fleet available for the wider business;
“I hope we still have to spend the
“If you took the
NationsRent
equipment and
painted it green at
any given location,
you would have
said that could be
Sunbelt fleet”
IRN SEPTEMBER 2006
07/09/2006 09:59:06
17
“We see only 25 of depots actually having
an overlap – that’s such an astonishing
statistic when you take two
significant businesses”
Sunbelt capital budgets because we’re
doing so well in getting the fleet size
up, but it will mean in the very short
term we won’t need to spend quite as
much on Sunbelt fleet.”
Tool rental?
The other big opportunity lies in the
Lowe’s stories, where NationsRent had
already established 100 locations, but
which had not expanded much since
it came out of the Chapter 11 process.
“We have to sit down with Lowe’s and
find out whether there is a capacity for
a national tool hire chain.” The model
here is clearly Home Depot’s rental
operation, which is now established at
almost 1100 of its 1600 stores. Lowe’s
has 1275 depots; “It could be a very
interesting opportunity to develop a
tool hire brand alongside the Sunbelt
brand”, says Mr Burnett. Sunbelt’s UK
sister company, A-Plant, already has
such a tool hire network. Ashtead has
a meeting with Lowe’s scheduled for
September.
More generally, Sunbelt’s strategy
of clustering its stores in major
metropolitan areas is reinforced by
the addition of the NationsRent stores,
with the number of clusters expanding
from 22 to 36. A typical cluster is made
up of 10 to 15 stores.
Mr Burnett says clustering makes
good sense, allowing the company
to win more business and expand
the product offerings to existing
customers; “For example, in the
Washington DC area, we have a big
cluster. Half were opened in last 5 or
6 years, half of them were historically
there. We know that we’ve substantially
increased both the new businesses
and the existing business as part of
that concept, and we’ve added on to
that specialist areas like scaffolding,
accommodation, aerial platforms,
pump and power…For customers
moving from owning to renting, the
greater the product range, and the
more immediately available you are
to him in that market place, the more
it is less of a risk for him to give up
owning equipment.”
The clusters often include specialist
rental locations for products like
aerial platforms, pump and power
and scaffolding, and Mr Burnett says
the addition of 14 new clusters will
open the way for further specialist
locations.
Of course, the combined SunbeltNationsRent operation, although
vast, will still have missing territories
– California, Nevada and Arizona are
obviously under-represented – and
the entire business will still represent
under 5% of the North American
rental market. Mr Burnett clearly sees
opportunities for further expansion
into these areas, although the initial
focus will be on completing the
NationsRent merger.
He says there is the potential to
have over 50 clusters in the longer
term, and there are around 70 or 75
designated metropolitan areas in the
US. Filling in the gaps will not simply be
a matter of making more acquisitions;
“Another acquisition of a similar scale
to this would be very difficult to see,
because we’re not going to get the
extraordinary fit that we have in this
instance”, he says.
Plant, with a reorganisation of the
sales structure last year – led by APlant CEO Sat Dhaiwal - now beginning
to pay off. Revenue grew 6% in the
third quarter of last year, by 8% in
the fourth quarter and 13,9% for the
first three months to 31 July this year.
“It has been a period of significant
change, but I think we are at a stage
that we can look to grow the business
just now.”
Mr Burnett says the focus on the US
is simply because that’s where the
growth is. “Whatever the statistics,
the shift from ownership to rental
is incontrovertible. We’ve gone from
rental penetration in the single figures
15 to 20 years ago to something in the
+30% range at the moment. The time
to be part of the bandwagon is when
the bandwagon is rolling.”
Longer term he says Ashtead could
play a part in other rental markets,
including continental Europe; “You can
see that there is still a case for a UK
company having a larger remit than
INTERVIEW
An A-Plant tool hire location in the UK.
Ashtead will now investigate the potential to
create a national tool hire network in the US
in cooperation with building supplies chain
Lowe’s.
the UK and the US, which is essentially
where we are at the moment.”
North America remains the growth
opportunity, however, and Mr Burnett
is confident the shift towards rental
will continue; “I don’t think [rental
penetration rates] will get high all
over the country, but I could see it
comfortably in excess of 50%.”
He also thinks that any downturn in
the market will encourage more rental.
In any case, Sunbelt hasn’t detected
any downturn, with the much talked
about softening of the residential
construction market not having a big
impact on its business, representing
around 6% of US revenues, says
Mr Burnett. He says prospects for
no-residential construction growth
remain good for several years to
come.
Hand over
So the Ashtead bandwagon rolls on,
although from January onwards it will
be without Mr Burnett. Geoff Drabble,
a non-executive director at Ashtead
and currently responsible for the
building products division at The Laird
Group PLC (and coincidently based in
the US close to Sunbelt’s Charlotte
head office), joins in October and will
enjoy a three month handover before
Mr Burnett’s departure.
“There’s never a right time to go”,
says George Burnett, “but the business
is firing well, and there’s a team there
IRN
to make it happen.”
A-Plant’s future
The NationsRent deals also highlights
wider issues for Ashtead. What does
the future hold for its much smaller
UK business, A-Plant, which will now
represent less than 17% of group
turnover, and will the group HQ remain
in the UK?
Mr Burnett says Ashtead will
remain a UK PLC and will continue to
be headquartered in Leatherhead.
He also says the Ashtead board is
committed to continuing to grow A-
A Sunbelt telehandler. One of Sunbelt’s aims is to increase equipment utilisation and prices at
NationsRent.
IRN SEPTEMBER 2006
07/09/2006 09:59:26
Call the experts for any
building challenge.
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DPS.indd 2
05/09/2006 16:31:20
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DPS.indd 3
05/09/2006 16:31:26
MANAGEMENT
20
What is your rental company worth?
How would you value your competitors’
businesses? Rental finance specialist
Jeff Eisenberg provides some useful
calculation tools.
Valuing your
company
L
ike any other business, an
equipment rental company is
worth only what someone with
money is willing to pay. In the plant
hire industry, however, there are
often huge differences between
companies, even of similar size and
profitability. These differences make
“apples with apples” comparisons
difficult.
However, a financial model has
emerged which helps the valuation
process, more specifically, comparing
companies with different debt
structures. This article explains how
the model works, its shortcomings,
and how to use it best.
The valuation methods for an
equipment rental company are similar
to those of most other companies. The
first question to ask: is the company
worth more than the value of its
equipment? Or, in financial terms, is
the company worth more than its Net
Assets?
If the company is unprofitable, or
the profit is small, then generally the
bidding starts at “breakup value”, or
the balance sheet net worth. This is
generally defined as the value of all
company assets less any outstanding
liabilities, including money owed to
banks and other creditors, as well as
share capital that was invested by
current or previous investors.
If the company makes a profit, it may
be worth more than its component
assets. How much more? And how
do you compare different companies
with different characteristics?
The apples and oranges that make
it difficult to compare similar sized
rental companies (with similar profits)
include:
■ How much equipment is owned or
leased by the company?
■ How much debt does the company
have?
■ How fast does the company
depreciate its assets?
■ How much more is new equipment
worth than old equipment?
Price/earnings examples:
Ashtead Group
United Rentals
VP
Speedy
Aggreko
Lavendon
Price/Earnings Turnover
Ratio
11,2
£638m
15,8
$3,68b
16,78
£99,4m
17,4
£254,3m
20,4
£417,0m
36,6
£100,0m
Valuations are approximate, taken around 12th June 2006
Market
Capitalization
£665m
$2,35b
£135m
£388m
£758m
£106m
Publicly traded or
private?
Most publicly traded companies
(PLCs) have valuations compared on
a “Price/Earnings” ratio basis, or P/E,
sometimes simply called a “multiple”.
Simply put, if the shares are trading
at £5 each, and they generate a per
share profit of 50p, the ratio is “10x”
(or “ten times earnings”). If you
multiply the share price by the total
number of shares, then you get that
the company has a total value or
“market capitalization”. Or, if the
company makes a total of £1m in
profit per year, and the value of all of
the company shares totals £10m, then
its P/E ratio is 10x.
A few examples: Speedy Hire in the
UK made £22,3m last year (after tax),
and its market capitalization is £388m
.
(6 July), which is a P/E of 17,4 (388 —.
22,3 = 17,4). Different industries have
different average valuations; Barclays
Bank trades at about 11x P/E, typical of
a profitable bank; Caterpillar trades
at 16,6x, like many heavy equipment
manufacturers near the top of an
economic cycle; while eBay’s growth
seems unstoppable at 38,5x, although
was even higher a year ago.
Clearly the most important factor
in a high or low P/E is the market’s
expectation of what will happen to
the share price in the future.
Professional investors often use the
P/E (among other factors) to try to
gauge if companies are under or
over-priced. The “invisible hand”
of the market, in theory, considers
IRN SEPTEMBER 2006
IRN0906 Rental Management.indd 20
07/09/2006 10:03:08
21
MANAGEMENT
everything that is publicly known
about a company, such as debt
levels, growth rates, industry
growth rates, future prospects, and
industry average P/E, and individual
company P/Es should become
steady, consistent, and even
predictable. The market will often
“punish” companies that have
an unhealthy amount of debt, for
example, with a lower share price,
which also means a lower P/E all
other things being equal. Share prices,
profitability and P/E ratios also go up
and down with the economic cycle,
company by company, industry by
industry.
For private companies, life is not so
simple. First, PLCs generally attract a
premium price because of the liquid
market for their shares – no need to
hesitate to invest, since you can sell
your Home Depot or Marks & Spencer
shares in 15 minutes. If you invest in
a private company, generally you are
in for a longer period as you cannot
sell them on an open market; the PLC
/ private premium seems to be around
30% according to most studies.
In some industries, you can try to
project industry average PLC P/E
ratios to the private sector, perhaps
with the 30% discount mentioned
above. However, in the plant hire
industry there are huge differences
between companies that make “apples
with apples” comparisons difficult.
These include: debt levels, fleet sizes,
age of fleet, depreciation policies,
and equipment financed off-balance
sheet.
Operating Cash Flow
model
The most accepted way of valuing
private rental companies is the
Operating Cash Flow model, or
“EBITDAR” model. It is also known
as the EV (enterprise value) of a
company. EBITDAR stands for Earnings
Before Interest Tax Depreciation
Amortization and Rentals.
The basic function of the model is to
Operating cash flow model
The five quick steps to value a rental company using this model are:
Take the company’s before tax profit and
1 add back interest expense
2 add back depreciation (and amortisation, for example of goodwill)
3 add back lease payments (and operating lease rentals)
This is the EBITDAR
4 multiply by the appropriate multiple, usually 3 to 6x (more on this
later)
This is the Enterprise Value (EV).
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5 subtract the total debt (including capital value of operating leases)
This gives the value of an equipment rental company on a “net of cash
and debt” basis.
IRN SEPTEMBER 2006
07/09/2006 10:03:33
MANAGEMENT
22
take the cash flow of the business (times a multiple
to value potential growth) before the interest and
depreciation, then subtract the debt.
The model can be simple or quite sophisticated
depending on the industry, and depending on the
assumptions you want to use. If the valuation is part
of a negotiation, clearly the seller will want to use
one set of assumptions and the buyer another!
Some variations on the theme include whether
or not real estate is included, with its debt, if
applicable.
Let’s take an example from the publicly available
data on LCH Generators, and the statements of its
buyer, Speedy Hire. The last accounts available on
file for LCH are to September 2005. Where figures
are not available, estimates have been used.
Many private equipment rental companies change
hands at 4x to 6x EBITDAR, so Speedy seems to have
paid a high price at 17x. On a P/E basis, a company
with after tax profits £1,28m post tax and a value of
£59m looks like 46x, which is quite a bit higher than
Speedy’s own 17.4x P/E multiple.
The acquisition price of £59m is about 2,8 times
LCH’s turnover of £21,1m; while Speedy’s market
EBITDAR EXAMPLE 1
EBITDAR EXAMPLE 2
LCH Generators/
Speedy Hire
Lavendon/
AMP Access
Pre-tax profit
1 add back depreciation
2 and interest
EBITDAR
Pre-tax profit
1 add back depreciation (est)
2 and interest (est)
EBITDAR
3 X multiple of = EV
4 Includes assumed debt of
Total cash paid
1,865 m
1,785 m
0,570 m
4,220 m
17.18 = 72,51 m
13,5 m
59,0 m
capitalization is about 1,5 times its turnover of
£254,3m
Lavendon Group (Nationwide Access and Zooom)
recently acquired AMP Access in the UK. An
important caveat when comparing numbers from
snippets of information available publicly is one
often doesn’t know the whole story. Public accounts
3 X multiple of…. = EV
4 Less assumed debt (est)
600 k
600 k
224 k
1,424 k
5,90 = 8,400 k
2,800 k
Total payable (including deferred)
5,600 k
can cover multiple business activities in the same
legal entity, and abbreviated accounts can leave an
analyst making estimates in the dark.
Lavendon has paid a more moderate multiple of
almost 6 for AMP, as compared with the Speedy/LCH
example. In addition, almost half of the purchase
price is deferred and linked to AMP’s performance,
which makes the transaction even less risky – from
Lavendon’s point of view.
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A sale of a business requires a willing seller, and a
willing, adequately funded buyer. Often the bidding
starts for equipment rental companies at EBITDAR
multiples of 4x to 6x. However, a unique company
that can grow at an increased rate can justify
much higher multiples – if the growth really does
continue.
Speedy acquired (I believe) the largest private
generator rental company in the UK, and will no
doubt extract a huge advantage selling this service
to an enormous customer base. In addition, they
may be able to save a large amount of overheads by
integrating depot networks, logistics and systems.
So, after a few years of growth and savings, Speedy’s
market capitalisation may make today’s high price
seem cheap.
At the end of the 1990s, the US saw the emergence
of the “consolidators”, led by United Rentals, now the
world’s largest rental company. United, and some of
its competitors, were formed by management teams
that had experience consolidating fragmented
industries, which benefit enormously from
economies of scale. United raised round after round
of money on the New York stock exchange, billions
of dollars in total, and acquired companies at a rate
that had not been seen before in equipment rental.
At one time they had literally dozens of acquisition
specialists buying several sizeable equipment rental
companies each week, mostly negotiating similar
EBITDAR multiples, rumoured to be around 5 to 6
times. The company now has over 750 depots in
North America.
If you take the model to its extreme, and buy a
significant market share, you can both influence the
rental price and your costs, particularly equipment
acquisition cost.
Flaws in the system
Valuing rental companies on today’s EBITDAR
multiples requires any buyer to ask more questions:
■ Should we value the company on a multiple
of last year’s EBITDAR or this year’s…or next
year’s? Often referred to as trailing or forward
P/E for publicly traded companies.
■ Will expenses go up to keep the same business
running? (Is the equipment on its last legs,
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MANAGEMENT
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If you take the model to its extreme,
and buy a significant market share,
you can both influence the rental price
and your costs, particularly equipment
acquisition cost.
requiring expensive maintenance
and repairs next year? Will it be
obsolete soon?)
■ Is EBITDAR based on continuing
operations? Or was profit taken
on fleet sold or traded in?
■ Are non-core support functions
(like having own transport
vehicles) adding debt or
subtracting profits?
■ Is there real estate which, with
its debt, is distorting the core
business numbers?
Optimising company
value
If a company is being groomed for
sale in advance, certain steps will
maximise the exit price.
■ Don’t add any debt, if possible,
near the sale date, especially
during the period EBITDAR is
measured. Often you can
tell a rental company is for
sale because they stop
acquiring new equipment
the year before.
■ Likewise, avoid replacing any
old fleet with new if it does not
substantially raise revenue.
■ Keep refurbishment costs to a
bare minimum (not at the expense
of safety of course!) New paint,
although it may last for years, can
financially be even worse than
new equipment, especially if it is
expensed rather than capitalised.
■ Consider your transport strategy.
Can you sell your transport
division, especially if you can
get some revenue (or short term
discount) in exchange for a longterm commitment?
Despite some flaws, valuing
equipment rental companies using
EBITDAR multiples of 4x to 10x
is probably the best method of
comparing different structures of
private rental companies. And like
any complex financial model, if you
understand it, the more complex it
becomes, and the more you can use
it to your advantage – as a seller or a
IRN
buyer.
THE AUTHOR: Jeff Eisenberg has spent ten years in the rental industry.
He began by establishing Genie Financial Services, providing finance
for large and small rental companies all over the world. Since 2000,
Jeff has been in the rental business, first as financial director of
Raymond Access, then as managing director of Universal Aerial
Platforms, then as part owner of Smart Platform Rental. He now runs
Claremont Consulting, a company he established in 2004 to advise
rental companies, finance companies, private and institutional
investors and equipment manufacturers. “In the 1990s all the banks
seemed to be providing funds for fleet expansion, today a great deal of my time is spent doing
debt restructuring, acquisitions and disposals”, he says. Jeff can be contacted on
[email protected] or Tel: +44 (0)7900 916933.
IRN SEPTEMBER 2006
07/09/2006 10:04:16
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Full page.indd 1
05/09/2006 16:44:37
27
“
Customers are getting smarter in recognizing
value,” says Bill Thompson, chief executive
officer of Thompson Pump and Manufacturing
in the US, describing the specialty pump and
pumping systems rental activities that generate
55% of its revenue. ”They are willing to pay for
value…once they understand it.”
Directional drilling, micro-tunnelling, burst pipe
replacement, and slip lining construction activities
are creating rental value, according to Mr Thompson.
“These [techniques] create applications for pumps
not previously available,” he says. “Contractors
sometimes need help in selecting pumps for specific
needs.” Providing such assistance contributes to
Thompson’s expected, third-consecutive year of
about 30% revenue growth.
Local regulations, too, increase demand for the
company’s pumps, delivered across an 18-branch
network spanning the Americas. Infrastructure
replacement in urban areas, a growing market
PUMP RENTAL
Value pumping
Some pump rental companies are looking for new
applications, some are charging a lot for additional services,
and others are just happy to rent out thousands of electric
submersibles. Patrick Hill talks to pump specialists around
the world. Plus, a look at some of the latest pump launches.
driver according to Mr Thompson, often requires
pumps operating continuously next to hospitals,
schools, and homes. Consequently, sound
attenuated units, which cost about 25% more,
have grown in ten years from zero to 25% of
Thompson’s fleet.
Unattended operation and remote monitoring
capabilities add rental value, too. “Rental companies
like to know their equipment’s location and how its
is used. The cost of these features is going down,
and they’re becoming less complicated to install
and program.”
¬
Performance optimisation, remote control, and systems
integration are benefits of Godwin’s programmable controller,
called PrimeGuard. The device adjusts engine rpm to match
measured flow, pressure, level and other data, as well as
provides auto start and stop capability. Godwin says it
minimises equipment wear and fuel consumption, as well as
creates a record of operating conditions and use.
One of Speedy Hire’s 10 in (254 mm) FS1056 submersibles from
Genset, capable of heads to 37 m, pumping through a 300 mm,
baured, quick-release hose to drain a dry dock at Portsmouth, UK
for Fleet Support Ltd.
IRN SEPTEMBER 2006
IRN0906 Pump Rentals.indd 27
07/09/2006 10:58:44
PUMP RENTAL
28
African challenges
Getting to the rental location is often the challenge
for Letaba Dewatering (Pty) Ltd, out of Johannesburg,
South Africa. This rental arm of Letaba Holdings,
which is a distributor for Italian company Varisco,
sends units of its 100-odd fleet as far as 2000 km
away into Mozambique. Managing director, John
Vaas, favours pumps that can be towed by 4WD
utility trucks. “We deliver anywhere.”
Mr Vaas also prefers diesel-driven units, citing
the absence of mains power at customers’ new,
A Godwin HL130M, suuplied by Action International, temporarily
replaced during overhaul a vertical turbine fire pump at Jebel Ali
port in Dubai, UAE.
Enduring performance
Durability and sustained performance are among the key design objectives of the latest generation
submersible pumps. ITT Flygt’s new 2600 series, for example, has an impeller “…designed to expel particles
away from the neck of the impellor and prevent premature wear,” says Mr Thierry Vasseur, construction and
mining business unit manager of the Swedish company.
The six-model range has chrome cast iron impellers powered by motors rated between 1,1 and 18 kW. The
pumps are smaller than the Bibo range they replace and have 30 to 50% fewer components. However, the
new pumps deliver equal performance: heads from 17 to 65 m and flow rates from 11 to 95 l/sec.
Pumping in corrosive settings is a target application for Grindex’s latest pumps, the Inox line, which
combine stainless steel components with the Swedish company’s Proline design. The result is pH tolerance
between 2 and 10. Available now is the Master model of the series, whose 11 kW motor powers performance
of up to 65 m of head and a flow rate of up to 52 l/sec. Five other models will follow.
The Poma from Tsurumi, which provides 5,5 m of head, 250 l/min maximum discharge, and solids capability
of 35 mm, delivers durability by means of a stainless steel shaft; a silicon carbide, oil-immersed, double
mechanical seal; and automatic motor protection.
Another approach to robustness comes from Wacker, with its new PF3 series, which produces flows of
900 l/min. A 6 m flexible shaft separates its 5 kW Honda engine from the effects of pump immersion. An oil
seal and a hardened cast iron impellor in the pump, and two bearings and an oil seal on the shaft, extend
service life.
55 to 60 m deep, open pit mines. Electric pumps
require generators, cabling, and often cranes, for
positioning. These add overhead cost and field
maintenance needs, particularly significant because
of distances. “Often customers can change (dirty)
injectors”, he tells IRN. “When a submersible fails,
however, it has to come back to the shop.”
“Our company strength is maintenance. We service
every pump as soon as it returns.” That policy
corrects common pump damage due to customer
inattention to oil levels and proper strainer use.
“Renting is a tough business”, says Mr Vaas, “Miners
will run you ragged.”
Mr Vaas’s solution: rigid adherence to specific
conditions of hire to recover the cost of equipment
abuse. His five-man maintenance shop replaces
a pump’s seals three to six times a year, and the
company charges back 60% of them. The company’s
maintenance is effective; they wring eight years’ of
¬
service out of the pumps.
FROM SELWOOD
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IRN SEPTEMBER 2006
07/09/2006 10:59:13
Full page.indd 1
06/09/2006 10:28:06
DPS.indd 2
06/09/2006 10:35:09
DPS.indd 3
06/09/2006 10:35:48
PUMP RENTAL
32
One of thirty-two Varisco pumps from Letaba De-Watering at a coal liquefaction plant, owned by Sasol, in South Africa.
Maintenance and logistics are important, too,
to Action International Services, of Dubai, UAE. Its
special equipment rental division, sister to one for
ground water control, conducts 50% of its activities
in countries like Turkey, Iran, Bangladesh, and
Singapore - seven days transport away.
Action, a Godwin distributor, uses internal
resources for site support in the local market, when
needed. Some customers, such as US contracting
giant Halliburton, according to operations manager
Joe Chappell, have the equipment and knowledge
to service rented pumps themselves, using Action’s
service packs.
Other customers want on-site service as part of
rental. “Although attracting personnel to the Middle
East is a problem”, Mr Chappell says, “a daily fee of
US$500 to $1000 (€390 to €780) per day is nothing
when…keeping oil, at $70 a barrel, flowing.“ The
company won’t rent to some customers without an
accompanying technician.
Mr Chappell’s workshop of a dozen mechanics
helps keep utilisation of the division’s 150-pump
fleet at about 65%, a level that requires “…a lot of
hard work. If utilisation approaches 75%, a company
should have been investing earlier.”
Pump investment
Investing recently was Speedy Hire of the UK, which
has spent £3 (€4,4) million to equip a separate pump
division, launched in April. The value of quiet pumps ¬
Solids? No problem
The ability to shift fluids and solids without reducing performance characterises several new diesel powered
pumps, suiting them for waste water, sewer bypass and treatment plant applications. For example, Godwin’s
latest addition to its DriPrime portable diesel line, the six-inch (150 mm) CD160M, passes hard materials up to
75 mm in diameter. The pump achieves total dynamic heads up to 80 m and flows to 432 m3/hr.
Handling trash in the suction line has also been the attention at US-based Thompson Pump and
Manufacturing. Its 26 mm, self-priming 3STC centrifugal pump generates 75 m of head in fluids with high
concentrations of suspended solids. It is self-priming, automatically re-priming, and dry running.
The 6TSC, a compressor-assisted, dry-prime trash model, can pump fluids with high abrasives or solids
as large as 85 mm in diameter and has the ability to operate during ‘snore’ conditions. The priming system
of both pumps prevents the ‘blow-by’ of pumped fluids and any contaminants onto the ground, as well as
ensuring continued availability of priming capability.
Thompson’s 6V model passes solids up to 76 mm in diameter, but it also uses a vacuum assist feature
to provide maximum head of 31 m and a re-priming capability up to 9 m. The pump discharges up to
5670 l/min.
IRN SEPTEMBER 2006
07/09/2006 10:59:54
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IRN33.indd 1
06/09/2006 10:53:17
PUMP RENTAL
34
Waste water by-pass applications, such as this one for contractor
Pizzigalli Construction in North Carolina, US, are high-value rental
opportunities.
is key to serving what Speedy Pumps’ director, Gary
Cooper, estimates is a £60 to £80 million (€89 to
€118 million) pump rental market in the UK. Eighty
percent of its 150-unit fleet is noise-attenuated,
fully-bunded, surface positioned diesels from UK
manufacturer GenSet in sizes of 100 to 260 mm.
Speedy entered pump rental because the
competition’s offerings are “old and archaic”, says
Mr Cooper, who sees a “growing opportunity driven
by environmental regulation.” About a third of this
year’s £2 million (€3 million) pump rental turnover
will come from construction, and 25% from utility
customers. He expects turnover of the growing
fleet, currently utilised at 65%, to rise to £13 (€18,8)
million within three years.
In contrast, Aktio Corporation, one of Japan’s top
two equipment rental companies (and ninth equal
in the recently-published IRN-100 listing) finds the
ly
ediate
le Imm
Availab ntal or Sale
For Re
New Sub-Prime® Pump Product Line Features 50 Hz Models
After a highly successful introduction in North America, the genuine Godwin
Sub-Prime® Electric Submersible pumps are now available throughout Europe.
Intended for general dewatering in construction, mining, and quarrying,
the reliable Godwin Sub-Prime electric submersible series offers more than
two dozen dependable water and solids handling models that feature the
same superior quality that you’ve come to expect from Godwin’s signature
Dri-Prime® pumps.
Features include:

Slim-line design for operation in
confined spaces,

Top discharge design,

High head/high volume (flow rates to 316 litres
per second, discharge heads to 114 metres),

Both single-phase motors to 2.2 kW (3 horsepower)
and three-phase motors to 62 kW (83 horsepower), and

Solids handling up to 80 mm in diameter.
Ask for the original
Godwin automatic
self-priming Dri-Prime
diesel and electric
drive pumps.
Distributor Inquiries Welcome.
H e a d
O f f i c e s – C a l l
T o d a y !
Quenington, Cirencester,
One Floodgate Road
Gloucestershire, GL7 5BX, England
Bridgeport, NJ 08014 USA
Telephone +44 (0) 1285 750271
+1 856-467-3636 (telephone)
www.godwinpumps.co.uk
www.godwinpumps.com
[email protected]
[email protected]
Tsurumi’s new reinforced plastic and stainless steel Poma, with
dimensions of 225(L) x 183(W) x 354(H) mm, encloses a 150 W
motor, available at 110 or 230 V.
rental of submersible electrics for clear water
removal as the most profitable way to rent pumps,
according to Ms Tomoe Narita, of the company’s
overseas department. Such applications reduce
maintenance requirements, which the company
performs until the pump is beyond repair (because
the resale value is negligible). As an indication of
the value of pump rental in Japan, Aktio purchases
about 7000 pumps a year, all submersibles and all
IRN
sourced in Japan.
IRN SEPTEMBER 2006
07/09/2006 11:00:10
IRN35.indd 1
06/09/2006 10:57:29
HAULOTTE
GROUP,
THE
PEOPLE
AND
MATERIAL
LIFTING
EQUIPMENT
SPECIALIST
A product range that reaches
every stage of your business
ARTICULATING BOOMS
VERTICAL MASTS
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TELESCOPIC HANDLERS
SELF PROPELLED CRANES
MULTIJOB MJX :
FULL ROTATING BACKHOE-LOADERS
Choosing Haulotte makes you benefit from
a guaranteed after-sales service.
More than 40.000 spare parts shipped within
24 hours all over the world
Training
Technical support
w w w. h a u l o t t e . c o m
Haulotte UK Ltd - Stafford Park 6 - Telford - Shropshire TF3 3AT • TEL :+44 (0)1952 292753 - FAX :+44 (0)1952 292758 - E-mail : [email protected]
Haulotte Group - La Péronnière - BP 9 - 42152 l’Horme - France • Tél : +33 (0)4 77 29 24 24 - Fax : +33 (0)4 77 29 43 95 - email : [email protected]
Full page.indd 1
06/09/2006 11:06:38
37
AERIAL PLATFORMS
Uplifting
The world’s top 50 aerial platform rental
The Access-50
companies have grown their fleets by almost 20%
in the past year, according to the latest Access-
The Access-50 survey was compiled by IRN’s sister
magazine, Access International, and published
in its July-August issue. The survey used
information supplied by companies or estimated
by Access International (denoted ‘(Est)’). Readers
of IRN can register to receive Access International
in paper or digital format. For details, visit the
www.khl.com website.
50 fleet survey published in Access International
magazine. Murray Pollok reports.
O
n June 30 Genie’s order backlog stood at
US$543 million (€421 million), a 25% rise
over the previous three months and a figure
approaching half its total annual aerial platform
sales. The figure tells the story: access rental
companies the world over continue to order new
machines at a rate that many suppliers are unable
to match.
The degree to which companies are adding
machines is well quantified by the most recent
Access-50 survey of the world’s biggest 50 aerial
platform rental fleets, published in the July-August
issue of our sister magazine Access International.
The total top 50 fleet, as at mid-June, stood at
over 330000 machines, an increase of 17,5%
over the previous year. This means that the biggest
rental companies have grown their fleets by almost
a fifth, in addition, of course, to regular fleet
renewals.
But what does the Access-50 tell us about
regional variations in the access rental business?
Well, it’s a tale of two continents, with European
fleets growing the fastest, but still dwarfed in size
by the massive US equipment holdings. Europeans
top 50 – access fleet sizes
TOP 5
TOP 50
RANK COMPANY
2006
1511 78 (+7.8%)
332700 (+17.5%)
COUNTRY
(2005 RANK)
2005
140200
283071
FLEET SIZE
2006
2005
BRANCHES
%
+/-
CONTACT DETAILS
1 (1)
United Rentals
US
71093
65000
9
750
www.unitedrentals.com
2 (2)
RSC Equipment Rental
US
29000(Est) 27900
4
470
www.rscrental.com
3 (3)
Sunbelt Rentals
US
17710
16300
9
209
www.sunbeltrentals.com
4 (5)
Hertz Equipment Rental Co
US
17000(Est)
15000(Est)
13
356
www.hertzequip.com
5 (4)
NES Rentals
US
16375
18300
-11
125
www.nesrentals.com
6 (8)
H&E Equipment Services
US
12869
9975
29
42
www.he-equipment.com
7 (7)
Lavendon Group
UK
12784
10500
22
93
www.lavendongroup.com
8 (6)
NationsRent
US
12027
12500
-4
269
www.nationsrent.com
9 (9)
Ahern Rentals
US
11400
9000(Est)
27
3
www.ahernrentals.com
10 (10)
Loxam
France
7500
5800
29
375
www.loxam.fr
11
Nishio Rent All
Japan
7000(Est)
—
—
170
www.nishio-rent.co.jp
12 (11)
Ramirent Oyj
Finland
6701
5725
17
272
www.ramirent.com
13
RK Cramo Group
Finland
6661
—
37
—
www.cramo.com & www.rk.fi
14 (13)
Riwal
NL
5283
4338
22
9
www.riwal.com
15 (14)
AVS Systemlift AG
Germany
4513
4117
10
65
www.systemlift.de
IRN SEPTEMBER 2006
IRN 0906 Aerials.indd 37
07/09/2006 10:12:37
AERIAL PLATFORMS
38
RANK COMPANY
COUNTRY
(2005 RANK)
16
Sumisho Rental Support (Bluetec)
17 (15)
Coates Hire Ltd
18 (31)
Sunstate Equipment
19 (16)
Japan
FLEET SIZE
2006
2005
4500(Est)
BRANCHES
%
+/-
CONTACT DETAILS
—
—
50
www.srscorp.co.jp
Australia
4448
3984
12
196
www.coates.com.au
US
4177
2100(Est)
99
46
www.sunstateequip.com
Kiloutou
France
4000
3600
11
170
www.kiloutou.fr
20
Aktio Corp
Japan
4000(Est)
—
—
283
www.aktio.co.jp
21 (17)
Vilatel S.L.
Spain
3965
3315
20
14
www.vilatel.es
22 (26)
UMESA
Spain
3600
2350
53
10
www.umesa.com
23 (23)
GAM SA
Spain
3562
2500
42
52
www.gamalquiler.com
24 (18)
Gruppo Venpa
Italy
3300
3000
10
39
www.gruppovenpa3.it
25
Nikken Corp
Japan
3000(Est)
—
—
194
www.rental.co.jp
26 (34)
Haulotte Group (Lev/UK Platforms)
France
2990
2000
50
34
www.haulotte.com
27 (21)
Acces Industrie
France
2928
2700
8
22
www.acces-industrie.com
28 (33)
The Platform Company
UK
2845
2040
39
10
www.platformcompany.co.uk
=29 (34)
AFI Aerial Platforms Ltd
UK
2800
2000
40
15
www.afi-platforms.co.uk
=29 (20)
All Erection
US
2800(Est)
2800
0
24
www.allcrane.com
=31(23)
DK Rental
Belgium
2600
2500
4
11
www.dkrental.be
=31(22)
Nacanco
Spain
2600
2300
13
16
www.nacanco.es
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Ireland: t: +353 1 6209300 f: +353 1 6209301
UK:
t: +44 1952 685200 f: +44 1952 685255
Quoting ref: IRN/09/06-1
UpRight • INSTANT • Zip-Up
www.palazzani.it
IRN SEPTEMBER 2006
07/09/2006 10:14:20
For more information and your nearest Dino Lift dealer,
please visit www.dinolift.com
Full page.indd 1
06/09/2006 11:09:27
advertorial
The BRAVI Method:
a New Era has begun!
I
n addition to the well-publicised
success BRAVI platforms are
having in Norway, with UCO
other Scandinavian countries.
In Norway SKANSKA, one of
the world’s leading construction
having a fleet of more than 100
groups with expertise in construction,
units and HAMAR LiĞutleie with
project development of commercial
30 machines, other important rental
and residential projects and public-
companies have recently chosen to
private partnerships, has fully
oěer their customers the advantages of
understood the BRAVI method, the
the LEONARDO!
new working concept represented by
HERTZ Materiel has recently
bought 36 machines for its depots in
the platform LEONARDO.
Among all its other important
Denmark and Norway. Among several
projects, SKANSKA has been
comfort oěered by the platform. Sven
customers in the UK, BRANDON
contracted to extend the New
Øyvind Svendsen, 21 year old, thinks
TOOL HIRE has already added the
Akershus University Hospital outside
the machine is very practical when he
LEONARDO into their fleet, while
Oslo. This site oěers a concrete
has to work from three to five metres
Access Plus Scotland Ltd, aĞer making
demonstration of the benefits of
height to install plaster boards. “The
the first order in May at the SED 2006
the LEONARDO. For this one site,
mini liĞ is ok. I think it’s much beĴer
show, has recently increased their fleet
SKANSKA has hired from UCO more
than a stepladder. You can drive while
with 20 Leonardos.
than 40 platforms, puĴing into practice
you work, and that is nice!”
The sales forecast is also very
positive: in Norway alone about 250
units will be sold by the end of the
year, thus taking the LEONARDO to
the working method BRAVI has been
promoting for many years.
The LEONARDO represents a new
way of working at height and thanks
Bjørn Christensen, Plant Manager,
also has a positive view of the
LEONARDO:
“Since October last year SKANSKA
the top of the mini platforms market
to its particular features diěers from
has rented more than 30 mini liĞs for
in the country. A similar, constant
all other equipment currently on the
the building of Ahus. The experiences
increase in sales is expected in all the
market. LEONARDO was designed
are positive. I have not heard anything
more than 10 years ago by a company
negative (…) we have noticed a drop
that for more than 30 years had been
in service need (…) With rolling
successfully dealing with installation,
scaěolding the workers must move
therefore it is tailor-made to the
up and down to move the scaěolding.
operator’s and contractor’s needs in
Stepladders are just rubbish and hard
the building industry.
to bring along.(…) Compared to other
Bravi knows very well the
advantages brought by the daily use
experience with any other liĞ in this
of the LEONARDO. The use of the
building”, emphasises Christensen. He
LUI MINI platform for every type
thinks the mini liĞs are so good – both
of work at height increases worker
practically and for safety – that their
productivity by up to 90%. One
use will increase when working over
operator using the LEONARDO in
2,5 metres above ground.
his daily job can produce, with less
Full page.indd 1
There is no doubting the soundness
eěort, up to a 90% more than those
of this new working concept: the
using traditional access or other types
success of the Bravi method all over
of liĞs.
the world gives us a satisfaction that
Workers certainly appreciate the
liĞs we don’t have a similar positive
goes beyond business.
www.braviisol.com
06/09/2006 15:15:43
Aerial
platforms
+
IPAF trained
operators
=
Safe
effective work
at height
IPAF trains more than 50 000 operators per year
worldwide in the safe and productive use of modern
platforms - its PAL Card is recognised everywhere as
proof of high quality training.
W 35 Topic
W 35 Topic – the pearl
among water-cooled
engines
International safety legislation increasingly demands
proper training and your business relies on the
productivity of your operators. So insist on IPAFtraining for operators to get every job at height done
effectively and in complete safety.
www.ipaf.org
The world authority
in powered access
W35 Topic, the smallest, most compact and
most economical liquid-cooled engine in the
world is the ideal and most cost effective
engine solution!
Ask your Hatz dealer for further information
or visit us on the web at: www.hatz-diesel.de
IN EVERY CASE THE BETTER CHOICE
MOTORENFABRIK HATZ · D-94095 RUHSTORF a.d. ROTT
Tel.: + 49 /(0) 85 31/319-0 · Fax: + 49/(0)85 31/319 418
Head Office:
IPAF Ltd, Bridge End Business Park,
Milnthorpe LA7 7RH, UK.
Tel: +44 (0)15395 62444
Fax: +44 (0)15395 64686
[email protected] www.ipaf.org
IPAF-Basel
Tel: +41 (0)61 225 4407
[email protected]
IPAF-Deutschland
Tel: +49 (0)421 6260 310
[email protected]
IPAF-Italia
Tel: +39 02 93581873
[email protected]
IPAF-France
Tél: +33 (0)1 30 99 16 68
[email protected]
IPAF-Benelux
Tel: +31 (0)6 3042 1042
[email protected]
AWPT Inc-USA
Tel: +1 717 762 1911
[email protected]
IPAF training is certified by TUV as conforming
with ISO 18878
IRN41.indd 1
06/09/2006 11:13:17
AERIAL PLATFORMS
42
RANK COMPANY
COUNTRY
(2005 RANK)
FLEET SIZE
2006
2005
%
+/-
CONTACT DETAILS
2365
10
18
www.hewden.co.uk
—
—
40
www.gecoss.co.jp
=31(25)
Hewden
34
Recnos (Gecoss Corp)
35 (29)
Mateco AG
Germany
2446
2153
14
20
www.mateco.de
36 (26)
Ring Lift - PartnerLIFT
Germany
2270
2350
-3
55
www.partnerlift.de
37 (19)
Access Link
UK
2250(Est)
2899
-22
22
www.access-link.net
=38
Vamasa
Spain
2200(Est)
—
—
8
www.vamasa.com
=38 (31)
SGB Group
UK
2200(Est)
2100(Est)
5
70
www.sgb.co.uk
40 (28)
Groupe Salti
France
2071
2169
-5
17
www.groupesalti.fr
=41
Tokyo Rental
Japan
2000(Est)
—
—
29
www.t-ren.com
=41
Ryoki Co Ltd
Japan
2000(Est)
—
—
40
www.ryoki-japan.co.jp
=41(39)
Star Rentals
US
2000(Est)
18
16
www.starrentals.com
44
Boels BV
NL
1892
—
—
125
www.boels.com
45 (38)
Gardemann Arbeitsbühnen
Germany
1820
1760
3
>20
www.gardemann.de
46 (36)
Simplex Equipment Rental
Canada
1800
1860
-3
31
www.simplex.ca
47 (40)
Universal Aerial Platforms
UK/Spain
1700(Est)
1675
1
6
www.universal-platforms.com
48 (46)
Midwest Aerials & Equipment
US
1650
1250
32
3
www.midwestaerials.com
49 (41)
Ashtead Plant Hire Co (A-Plant)
UK
1645
1600
3
12
www.aplant.com
50 (37)
Alimak Hek Group
Sweden
1625
1800
-10
14
www.alimakhek.com
UK
Japan
2600
BRANCHES
2500(Est)
1700(Est)
The world’s
smallestscissorlift
www.popupplatform.co.uk
To arrange an on-site demo call 01244
No need for ladders or steps
Ideal for indoor & low level use
Safe and simple
8 seconds to reach full height
1.63m platform height gives 3.63m
average working height
240kgs working load
No formal training needed
Battery powered with universal charger
833 111 or e-mail [email protected]
IRN SEPTEMBER 2006
07/09/2006 10:12:50
PALFINGER makes the best knuckle-boom cranes in the world.
Unrivalled in technology, quality, and service. Outstanding in
precision, reliability, and power. Allowing the success of our
customers to reach beyond the outreach of our cranes.
Rahofer.
OUTSTANDING – IN TECHNOLOGY,
QUALITY, AND SERVICE
Full page.indd 1
PALFINGER AG · 5101 Bergheim/Salzburg, Austria · info@palfinger.com
More information at the IAA or at www.palfinger.com
06/09/2006 11:15:15
AERIAL PLATFORMS
44
The table also illustrates
the extent to which access
rental is still largely
Belgian rental company Maes will take delivery of its giant 101 m working height Bronto F101HLA at the
beginning of September. Fitted out for fire fighting duties, the F101 will be the world’s highest-reach aerial
platform, overtaking Ruthmann’s 100 m unit. The platform, which has a GVW of 62 t, has a maximum outreach
of 28 m and cage capacity of 400 kg. An industrial version of the platform is likely to be ready for the Bauma
exhibition in Munich next year.
a North American and
European phenomenon.
are still at the stage of acquiring companies
or growing organically – particularly in the UK
and Spain, who provide the world’s five fastest
growers – while the North Americans concentrate
mainly on organic growth on top of already welldeveloped fleets and branch networks (Sunbelt’s
acquisition of NationsRent being a conspicuous
exception). The top five US firms saw average
fleet growth of around 8% compared to 17.5% for
the top 50 as a whole.
United on top
The Access-50 top place is again held by United
Rentals with a fleet of 71093 access platforms,
which represents a fifth of the total top 50 fleet.
It is still almost two and a half times bigger than
its nearest rivals, RSC Equipment Rental and the
newly combined Sunbelt/NationsRent fleet (now
numbering almost 30000 units). The largest nonUS company is UK-based Lavendon in seventh
position, followed by Loxam at number 10.
One notable feature of the survey is the inclusion
of seven Japanese rental companies, with Nishio
Rent All, Sumisho Rental Support (Bluetec), Aktio
Corp and Nikken all with 3000 machines or more.
Four other Japanese renters have estimated fleets
of between 2000 and 2500. The inclusion of the
Japanese companies also makes it more difficult to
get into the list, with a minimum fleet of 1615 units
now required (it was 1050 last year).
The table also illustrates the extent to which
top 50 regional mix
Region
North America
Europe
Japan/Australia
Total Top 50 Fleet
+20% growth
Company
1
2
3
4
5
6
7
=8
=8
10
=11
=11
13
UMESA (Spain)
Haulotte (Lev/UK Platforms)
GAM SA (Spain)
AFI Aerial Platforms (UK)
The Platform Company (UK)
RK Cramo Group (Finland)
Midwest Aerials & Equip (US)
H&E Equipment Services (US)
Loxam (France)
Ahern Rentals (US)
Riwal (Netherlands)
Lavendon Group (UK)
Vilatel (Spain)
Access
fleet growth
53%
50%
42%
40%
39%
37%
32%
29%
29%
27%
22%
22%
20%
No of
companies
13
29
8
50
Access fleet
(approx)
200000
105000
30000
333000
access rental is still largely a North American and
European phenomenon. Coates Hire in Australia and
the Japanese firms are the only companies from
outside these areas, and look like remaining so for
some time to come.
South American fleet
No South American companies have fleets of
more than 1000 aerials, with the largest, probably
Mills Rental in Brazil, having 700 machines.
After that, fleet sizes fall pretty dramatically,
with another Brazilian company, Trimak, having
around 300 machines and Bilden (Brazil) and Alo
Rental (Chile) close to 200. In Asia, meanwhile, the
biggest fleets outside of Australia and Japan appear
to be in Taiwan, with Giant having a reported fleet
of between 1000-1100 machines and Ming Yao with
as many as 800. The next largest fleets are in
Singapore, where Galmon has a fleet of 750.
Back at Genie, meanwhile, the expectation is for
continued high demand for the next few years. So
don’t expect backlogs to reduce significantly any
IRN
time soon.
The Access 50 survey was published in the July-August
2006 issue of Access International. To subscribe to Access
International, visit www.khl.com or call +44(0)1892 784088.
IRN SEPTEMBER 2006
07/09/2006 10:13:05
a h
ead
for
hei
ght
s..
WORK BECOMES EASY
THE CTE TEAM
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our style: the CTE style.
www.inprima.it
www.ctelift.com
Euro Towers Ltd. One of the leading manufacturers
of aluminium access equipment in the UK offers a
wide range of products including: The Klik Mini Fold,
Micro Fold podium steps and the Klik Ladder Frame
Tower approved to DIN 4422 HD 1004 European
standard HD 1004.
Euro Towers are a PASMA and IPAF registered
training centre and offer a full range of industry
related training courses. Contact National Training
Manager Jason Woods for further details
www.ctelift.com
HEAD OFFICE CTE S.p.a.
38068 ROVERETO (TN) ITALY
Via Caproni, 7 - Z.I.
Tel. +39 0464 48.50.50
Fax +39 0464 48.50.99
[email protected]
BRANCHES
CTE FRANCE ACHERES (PARIS)
CTE UK WAKEFIELD
Euro Towers Ltd, Unit 5, Edgemead Close, Round
Spinney, Northampton, NN3 8RG, UK
Tel: +44 (0)1604 644774 Fax: +44 (0)1604 499544
www.eurotowers.net
IRN45.indd 1
06/09/2006 11:20:52
MIDDLE EAST
46
Desert
The construction boom
in the Middle East looks
like continuing for the
foreseeable future, despite
the situation in Lebanon,
and there are plenty of
opportunities for equipment
rental companies. Richard
High, deputy editor of
IRN’s sister magazine,
International Construction,
CREDIT: Picture courtesy of Doka.
reports.
As IRN went to press construction of the Burj Dubai, Dubai, UAE had reached the 53rd storey (186 m). When complete in 2008 it is expected
the tower will reach over 800 m.
and sell equipment through offices in Dubai and Abu
Dhabi. At the moment large earthmoving equipment
is popular in both channels. But, we’re looking
to progress and I see us developing the compact
equipment market too,” he adds.
However, Mr Howard sounds a word of warning,
“The UAE market is very competitive. Cat has a
large operation out there, and there’s also lots of
competition from the ‘Mom and Pop’ outfits; people
who basically sit in a tent on the corner of the street
with their equipment waiting for by-the-hour hire.”
Other markets
But it’s not just the UAE that’s enjoying a construction
boom. According to The Kuwait Construction Sector
– An overview report, compiled by UK Trade &
Investment, the recent and sustained increase in oil
prices, and consequent revenue, “has led to a period
of rapid economic growth and a renewed focus on
the construction sector”.
The scale of new projects is impressive. Massive
government supported infrastructure projects, such
as the €6,1 billion development of Bubiyan Port,
CREDIT: Picture courtesy of Peri.
T
hink construction in the Middle East and the
chances are you’ll think of Dubai in the United
Arab Emirates (UAE). Rotating cities, islands
in the shape of palm trees, snow domes, dinosaur
theme parks and the world’s tallest building are
all either under construction in the tiny Emirate or
being touted as the next ‘big thing’.
“There’s a constant flow of work in Dubai rather
than waves. The trend towards more diversification
– from residential to infrastructure – is continuing
as developers understand you can’t build residential
developments without the infrastructure needed to
support them,” says Rod Stewart, regional managing
director for the Middle East at engineering consultant
Hyder Consulting.
This constant flow means there is a huge demand
for construction equipment in the UAE. “It’s the
hottest country from our perspective right now, and
the outlook is one of the most extraordinary we’ve
ever seen,” says Bud Howard, vice president of global
development for Volvo Construction Equipment’s
rental operations.
“We have our dealer in the region and they rent
are being complemented by the development of
commercial premises, including several shopping
malls of over 200000 m2, such as the €147 million
The Avenue.
Also in the pipeline are extensions to Kuwait
City’s 1st, 4th and 5th Ring Roads (€470 million),
a causeway and access roads in Subhiya (€940
million), the Al Zoor power station (€1,86 billion), and
the Subhiya Water Treatment plant (€498 million).
There are also several other countries in the region
showing signs of promise. Volvo’s Bud Howard points
to Iraq and Afghanistan as future markets to watch,
but stresses that political and military stability is
needed before Volvo enters the market.
Jordan, Egypt and Libya are also “on the radar”
says Mr Howard, while Hyder Consulting’s Rod
IRN SEPTEMBER 2006
IRN 0906 Middle East.indd 46
07/09/2006 10:16:03
47
MIDDLE EAST
Stewart points to other territories. “Qatar has been
waiting to happen for sometime now and for us it’s
the next big boom market. We’re currently involved in
Education City, a 1000 ha multi-institutional campus
dedicated to education, research and technology,
and Lusail, a 35 km2 city for 200000 people, both of
which are situated near Doha.
“Saudi Arabia is a territory that seems to have
softened recently. Investing there doesn’t seem to
be as difficult as it once was and I’m sure we’ll see
more activity in the country in the future,” adds Mr
Stewart.
The country currently has plans to build a 115 km
east-west Landbridge (rail and road) at a cost of
SRA41 (€8,6) billion and a north-south, SRA75 (€16)
billion rail link. Projects currently under construction
include the SRA100 (€21) billion, 55 million m2 King
Abdullah Economic City.
homes, while making many roads and bridges
impassable.
Mr Chalak says damage to the airport and some
highways can be fixed quickly and most infrastructure
can be rebuilt in three years, with help from the Gulf
States - Saudi Arabia has promised €780 million
and Kuwait €390000 to rebuilding efforts – despite
Lebanon’s existing €29,4 billion debt.
According to services and accountancy firm
PricewaterhouseCoopers, the cost of repairing
Lebanon’s water distribution network alone, before
the current conflict began, was estimated at about
LBP1,5 trillion (€780 million), and this is set to rise.
The war has also brought work on CDR’s rolling LBP
5,4 trillion (€2,8 billion) infrastructure development
program in the country to a standstill.
Redevelopment needed
Hyder’s Mr Stewart told IRN that the Lebanon conflict
had “not impacted on investment in the region so
far”. He says there is a clear trend at present for
Emirate-based developers to look outside the UAE
for future business opportunities. Morocco, Saudi
Arabia, and until recently the Lebanon, have all seen
the “Big Three” – Nahkeel, Emarr and Majid Al Futtaim
– spread their wings and export their development
models, mainly self-contained, mixed-use cities,
to these countries. There has also been a wave of
copycat developments based on the Dubai model by
other developers.
In Abu Dhabi, for example, Saadiyat Island, a 27
km2 development, which will include the 500000 m2
Financial Island, is currently underway. In Morocco
While construction is booming in most countries
in the region, the Lebanon is seeing most of its
hard won economic prosperity halted by the
recent conflict with Israel. Lebanon’s Council for
Development and Reconstruction (CDR) estimates
Israel’s bombing campaign has caused more than
LBP3,75 trillion (€1,95 billion) in damage to the
country’s infrastructure.
As IRN went to press, the CDR has begun an
inventory of infrastructure damage. Local press
reported CDR president Al-Fadl Chalak as saying
Israel’s bombardment had destroyed airports,
highways, bridges, utilities, small businesses and
Construction of the €220 million, 330 m wide Naga Hammadi
barrage, one of three new dam projects on the Nile River Nile,
Egypt has reached the halfway mark. The 64 MW hydro-electric
plant, which includes a seven-gate weir and two 170 m long,
17 m wide navigation locks, aims to improve water and electricity
supply to the surrounding area.
Future opportunities
CREDIT: Picture courtesy of Boart Longyear.
delights
When complete in 2008 Abu Dhabi’s 5 ha Central Market
Redevelopment Project will include apartments, offices,
restaurants, a hotel, leisure facilities and a traditional Arab souk.
the MAD12,1 (€1,09) billion Gateway to Morocco is
about to break ground, and in Bahrain construction
of the BD378 (€760) million, 20 km2 Durrat Al Bahrain
islands has begun.
No wonder Volvo’s Mr Howard thinks the Middle
East’s hot markets will remain strong. “These
countries are oil, gas and minerals rich and this is
paying for its construction boom. I don’t see a global
downturn in demand for these products, so, if the
Middle East settles down politically then the rental
IRN
market will expand dramatically.”
United Development Company’s The Pearl-Qatar, a €1,6 billion,
400 ha artificial island, has finished dredging work (main picture)
and construction is underway on its mix of five-star hotels, 186000
m2 of high-end shopping, beach clubs and leisure facilities.
IRN SEPTEMBER 2006
IRN 0906 Middle East.indd 47
07/09/2006 10:16:23
Lincoln Electric Europe
VANTAGE
400
Take adVANTAGE
An Engine Driven Welder ideal for Site,
Construction, Pipe and Rental Markets Vantage 400 and 500.
Why Buy Anything Else?
www.lincolnelectriceurope.com
Full page.indd 1
06/09/2006 11:23:11
49
RENTAL PRODUCTS
Technology
for skill
Rental companies have
always wanted durable and
reliable welding sets; now
they are looking for easeof-use and flexibility as well.
Patrick Hill reports.
ABOVE: The MagicWeld MMA welder from Italian Mosa weighs 34 kg
and is powered by a Honda GX200 engine.
Fuel efficiency of 4,2 l/hr at full load of 300 A is the hallmark of
the upgraded, 380 kg, Kubota-powered DLW-300ES from the US’s
Multiquip.
E
lectronics is now making it easier for welders,
of whatever ability, to lay down a good bead.
As David Davis, a product director at HSS Hire,
a large renter of welding equipment in the UK, says,
“Setting parameters is now the hardest thing to do;
current technology allows many people to a semireasonable job.”
Consider the smoother
arcs and easier starts
claimed from Lincoln’s
‘chopper’ technology,
available in its new
Vantage 400 and 500
engine-powered machines.
It flattens the crests of
inverted AC power to
deliver level DC outputs of
350A/34V and 400A/36V,
respectively, at 100% duty
cycle, for better MIG, TIG,
and stick welding.
These machines offer
increased safety and
comfort, too. A voltage
reduction device, called VRD, limits
voltage at the output terminals when not welding
to less than 32 volts.
Master controls are at the front of the
770 kg machines; less-used selectors are
behind a flip door. Other convenience
features include a large access door to the
Lincoln Electric’s Vantage 400 and 500 models deliver up to 500 A
of welding flexibility and reliability to the job site.
Perkins engine; a front, panel-mounted battery
drawer; latched, locking radiator access, and an
optional 2- or 4-wheel, off-road trailer.
Owners might appreciate the stainless steel
corrosion-resistant roof and side panels, as well as
the three-year warranty.
Chopped and infinitely variable DC output for
smooth welding also distinguish Italian company
Mosa’s new MMA welder, the MagicWeld. A Honda
GX200 engine powers the 34 kg unit, rated at
150 A (60% duty cycle) and 74 dBA. It combines with
a second unit, a wire feeder, and a control box for
MIG welding.
A recent contribution to MIG welding quality and
ease of use is the Qset feature from Sweden’s Esab.
With the press of a single button, Qset automatically
stabilises during the first few seconds and maintains
the arc from the company’s Origo inverter. The
device continues to adjust parameters during
welding to compensate for changes in wire feed and
gas flow rates.
Some settings of welding parameters, it seems,
IRN
don’t require an operator at all.
RIGHT: ArcGen of the UK makes the Weldmaker 300AVC with
a Kubota engine that uses a microprocessor controller
to provide 150 A at 70% of maximum engine speed
and 60 dB(A).
“Inverter technology is advancing by leaps and
bounds”, says Jeff Moreau, general manager, rental
division, for welding equipment manufacturer Miller in
the US. One result is the company’s XMT350 inverter,
which accepts single- and triple-phase inputs from
208 to 575 V, without manual linking, for MIG, TIG, and
stick processes. The 37 kg machine puts out (at 60%
duty cycle) 350 A at 34 VDC and 300A at 32VDC. The
product replaces the XMT304, costs about €2650, and
fits optional racks for fitting up to six units.
IRN SEPTEMBER 2006
IRN0906 Rental Prod - Welding.in49 49
07/09/2006 10:34:49
RENTAL PRODUCTS
50
Maximum duty cycle
crosses the Atlantic
A worldwide engine manufacturer, a small Welsh welding
company and an electronics specialist have joined efforts to
produce a compact 100% duty cycle welding set.
E
urope is about to see its first commercial,
engine-driven, compact welders that deliver
full rated power continuously, following a
cooperative effort between engine giant Briggs
& Stratton, Welding Technology Wales and US
generator and controller company Zena.
The trailered welders, adapted from a design
available in the US for several years, combine
compact generators and controllers from Zena
with Briggs & Stratton’s Vanguard petrol and diesel
engines. Welding Technology Wales builds the end
items and has exclusive sales rights in Europe.
The high frequency DC welders offer TIG and
MIG capability and are available in 150, 200 and
400 A models. Weights are from 97 to 110 kg, and
the systems include a welding head that provides
fingertip control of the generator from up to 60 m
away.
In addition to the Welsh company’s own sales
efforts, Briggs & Stratton will promote and offer
the welders through its distributors in Europe. A
spokesperson for Welding Technology Wales told
IRN; “These are premium products and will bear a
IRN
premium price”.
WELDING HIGHLIGHTS
■ Pramac of Italy will extend its WS welding line
to include a 300 A model, available next year,
and is planning to launch its welding units in the
US in mid-2007. The new WS model will have a
larger Ruggerini engine and Italian Saccardo or
Chinese-manufactured alternators in the same
frame as current models. This effort parallels the
development of 60 Hz models for the US market,
building on the presence of its generator sets,
according to Iacobo Petalli, Pramac product
manager for power systems. The company puts
Chinese alternators, from Parsun, in about 10%
of the 600 welding units it makes yearly.
■ Manganese in welding fumes is the subject of
more than 3600 pending litigation cases in the
US, as reported in IRN’s sister magazine American
Cranes & Transport in August. The fumes are
blamed for neurological disorders, and lawyers
have targeted consumables manufacturers.
Contractors might be next. Manganese is
essential to current welding technology.
SUBSCRIBE NOW
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the following benefits:
INTERNATIONAL
www.khl.com
Volume 6 Issue 6
September 2006
Pump
rentals
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YEARBOOK
– valued at US$36.00
The guide for buyers’ and users of access
equipment
NEWS
Miller adapted its standard 401 DX welding set for the
rental market by fitting it with a Perkins engine without auto
idle – to reduce maintenance. The rental model is called the
Big Blue 300.
p15
INTERVIEW
Ashtead Group’s
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tel: +44 (0)1892 786229 or e-mail: theresa.fl[email protected]
IRN SEPTEMBER 2006
IRN0906 Rental Prod - Welding.in50 50
07/09/2006 10:35:11
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Full page.indd 1
Certified by the U.S. Department of Commerce International Buyer Program
06/09/2006 11:25:46
DUST SHOULD
REMAIN IN
OUR FILTERS,
NOT IN YOUR
LUNGS!
There are air cleaners that work like air twisters
and then there are air cleaners that filtrate air from
harmful particles. The cleaning rate varies largely
from brand to brand.
We often talk about the advantage of H13 filters.
But if the filters operate improperly, the air cleaner will
release harmful particles back into the air.
Our machines are built so that the H13 filters work
the right way. Which means that dust extraction works
in reality and not only in theory. If not, your and your
work colleagues’ lungs will be acting as air cleaners.
Construction sites are work places where the rate of
injuries and illness is still high. We are working continuously to change that.
A healthy work force also means a good economy for
the company.
A1700 is one of our air cleaners
for those really tough jobs.
We will take care of the dust;
you take care of the clean air.
www.pullman-ermator.se
C L EA N AI R F R O M S WE D E N
Full page.indd 1
06/09/2006 11:34:41
53
associations joined the European Rental Association?
There are good reasons, as they explained to IRN.
ERA NEWS
NEWS
Why have all of Europe’s most important national rental
Feeling positive
T
en national rental associations have joined
ERA and more are in the process of doing
so. This means that national organisations –
representing over 4200 individual rental companies
Europe-wide – are already playing an important role
in the new association.
Members include well-established bodies in the
most mature rental markets – such as CPA and HAE
in the UK and DLR in France – as well as smaller,
more recently established organisations like the
Norwegian Rental Association (NRA) and specialist
group’s like the International Powered Access
Federation (IPAF).
All these organisations clearly believe that there
will be benefits in ERA membership, although their
reasons for joining are varied.
For Colin Wood, managing director of the UK-based
Construction Plant-hire Association (CPA), it is about
promoting pan-European rental; “The UK has led the
way in the plant rental industry and has a lot to
offer the other EU countries who have not yet fully
developed their own rental industry.” He adds that
“several of our members are keen to expand into
mainland Europe.”
Italy is one example of a less developed rental
market. According to Franco de Michelis, secretary
general of Assodimi, the Italian dealer and rental
association; “Assodimi joined ERA to represent
small and medium sized rental companies in order
to obtain advantages from the promotion of the
rental market. In particular we aim to promote
the Assonolo brand with the specialised groups of
rental companies.”
Hervé Cohade, head of DLR’s rental division,
Assodimi’s Franco de Michelis: “Assodimi joined ERA to represent
the small and medium sized rental companies”.
emphasises the need for general promotion of
rental in France as well as helping members
improve their rental skills. Membership will also
allow DLR to understand better the shift towards
a genuinely pan-European rental market; “Being a
member of ERA is a way to exchange and provide
information to our current members about
what’s going on in other European countries
and to prepare for the future European market.”
Specialist powered access federation IPAF, on
the other hand, has a more focused view. “IPAF’s
international membership includes many European
rental companies who either specialise in powered
access or have a specialist access division which
is active within IPAF”, explains Tim Whiteman, IPAF
managing director, “They sometimes face issues and
problems that are common to all rental sectors and
we can co-operate via ERA to give a united voice
on such issues.” He says membership will also allow
IPAF to ensure that the interests of the access rental
sector are represented within ERA.
Leena Haabma, head of the Swedish Rental
Association (SRA), meanwhile sees a need for
“a European approach to rental” and says SRA’s
decision to join reflects “the importance of the
tasks of ERA.”
What priorities?
If the reasons for joining ERA are sometimes
different, there is broad agreement on what
the priorities should be. Mr Cohade at DLR says
involvement in what happens in Brussels will be
important; “We are conscious that we need to be
more active in the field of public affairs in Brussels
and, alone, we cannot. We needed the creation of
ERA in order to achieve something in that field.”
Likewise Colin Wood at CPA - “The most important
activities will be the promotion of the rental concept
and the early access to proposed EU legislation”
– and IPAF’s Tim Whiteman, who told IRN; “ERA can
provide a forum for the different sectors of the
pan-European rental business to meet, interact
and, when necessary, speak with a united voice to
Brussels on subjects as diverse as safety, operator
training and harmonisation of norms or tax
structures across the EU.”
Assodimi’s Franco de Michelis says the creation
of the four working groups (see box story) will
be a good start in what he agrees is ERA’s most
important activity “to create and develop the rental
Working Group Meetings
Following the inaugural convention in June, four working group committees have been formed and are
scheduled to hold ‘kick-off’ meetings during September. The four groups are:
■ Promotion: 18-19 September 2006, Frankfurt, Germany.
■ Statistics: 20-21 September 2006, Paris, France.
■ Norms: 25-26 September 2006, Paris, France.
■ General Rental Conditions: 27-28 September 2006, Brussels, Belgium.
Leena Haabma, Swedish Rental Association, says there is a need
for “a European approach to rental”.
image, rules, information and norms common to all
European countries.”
Leena Haabma at SRA says simply that its priorities
will be; “Norms, statistics and classification.”
It is still very early in the process, of course, but
ERA can be pleased to have won – quickly – the
support of so many well established and influential
national organisations.
The associations themselves seem energised
by ERA’s formation. Tim Whiteman says IPAF’s
members “welcome the creation of ERA and are
proud that their Federation is a founder member”,
and Colin Wood at CPA is equally positive; “We are
optimistic it will be a great success. ERA now has the
resources to achieve its aims.”
Hervé Cohade shares the optimism and was struck
by the enthusiasm evident at the initial meetings;
“We could feel a very friendly atmosphere, very
opened and positive. It looks like it was the right
time to create ERA; many people were waiting for
something like this. I am not sure that such an
atmosphere can be found in many other sectors.” ■
CONTACT ERA:
European Rental Association (ERA)
204 Avenue Marcel Thiry
B-1200 Brussels
Belgium
Tel: +32 2 774 9401
Fax: +32 2 774 9690
www.erarental.org
E-MAIL:
Secretariat-Administration:
[email protected]
Secretary General:
[email protected]
IRN SEPTEMBER 2006
IRN 0906 News-ERA.indd 53
07/09/2006 12:01:34
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Full page.indd 1
06/09/2006 11:31:26
55
■ Tom Zorn has been
replaced as chief executive
officer of RSC Equipment
Rental by Erik Olsson
(pictured), who was RSC's
chief operating officer. Mr
Olsson also takes Mr Zorn's
position as president of
Atlas Copco’s Rental Service
business area.
IRN understands that Mr Zorn’s
departure was not of his own
choosing, although Atlas Copco
refused to comment on the reasons
for his departure. The company said,
however, that the change had nothing
to do with the divestment of RSC, a
process that is ongoing.
Mr Olsson joined Atlas Copco in 1988
and became business area controller
and chief financial officer at Rental
Service in 2001, assuming the position
of RSC’s COO in March 2005. He was
running RSC’s Mexican and Canadian
operations and was responsible for
fleet management, purchasing and
marketing at the company.
Gunnar Brock, president and CEO of
Atlas Copco Group, said; “Erik Olsson
has contributed significantly to the
tremendous development of the rental
business during the past years. He is a
strong and well respected leader, with
solid experience of doing
business in the US.”
■ Larry Silber has been
named president of Ingersoll
Rand’s Utility Equipment
business. In addition, Mr
Silber retains responsibility
for sales to the rental
industry for Ingersoll
Rand Construction Technologies and
Compact Vehicle Technologies.
For the past four years Mr Silber
has worked as president of rental,
remarketing and Latin America
and was “instrumental in growing
remarketing to a US$100 million global
business”. He joined IR in 1978 as a
sales trainee, and previous positions
at the company include vice president
sales for North America at IR’s
Construction and Mining Group and
president of IR Equipment & Services
in North America, responsible for all
company owned distribution and
service activities.
■ Ramirent has appointed Thorolf
Hannus as its chief of group
strategic and business planning, as
of 1 October this year. Mr Hannus,
who was previously Ramirent’s chief
financial officer, will be responsible
People news
from the world’s rental industry
for strategic planning and for the
development of the group’s business
model. Replacing him as CFO will be
Mrs Heli Iisakka, who joins Ramirent
from Northport Oy, Finnair’s ground
handling company, where she was
business controller.
■ Craig Paylor has assumed
the new position of senior vice
president, marketing at aerial
platform manufacturer JLG Industries,
responsible for all aspects of the
company’s worldwide marketing,
sales, sales support, customer service
and parts activities.
Mr Paylor, who joined JLG in 1978
as an assistant district manager,
previously headed up JLG’s North
American sales and marketing
operation. It is understood to be the
first time that JLG has appointed a
global marketing and sales executive,
with responsibilities previously split
geographically.
The appointment is significant in
that Mr Paylor will be responsible for
developing JLG’s business in Europe
and other international territories.
Mr Paylor has previously focused
entirely on North America, where he
was instrumental in establishing the
Equipment Services and Service Plus
operations.
Mr Paylor took up his new post on 1
August, just months after completing
a two-month executive business
programme at Harvard University.
Meanwhile, Tim Morris has taken
on Mr Paylor’s previous role as vice
president for North American market
development and sales. A US army
veteran who joined JLG in 1992, Mr
JCB’s Dieselmax became the world’s fastest
diesel-powered car, averaging 350 mph
(563 kph) during two runs in August at
the Bonneville salt flats in Utah in the US.
The car, driven by Andy Green (pictured),
showcases the company’s JCB444 engine
and reached a top speed of 365 mph (589
kph). Chairman Sir Anthony Bamford said,
“These record-breaking successes
prove to the world the excellence
of British engineering and team
work.”
Four employees at Selwood, the UK plant and pump rental company, have completed a 2500 mile
charity motorcycle ride as part of the company’s 60th anniversary celebrations. The four – Phil
Ingelheart (left), Colin Baker (middle), Mark
Page (right), Roy Taylor (not in photo) – began
their journey in Glasgow and visited all 29 of the
company’s mainland branches before reaching
their final destination in Exeter. The ride was
part of the Selwood 60 Challenge that raised
an estimated £64000 (€94000) for charities
including Cancer Research UK.
Morris has responsibility for North
American sales and distribution, sales
support and government business.
■ George Walters has risen from
western and central US regional sales
manager to become national sales
manager of the Compact Brands
Division of Compact Power, the USbased supplier of hydraulic power
equipment. Also, Kevin Vinroe has
joined the company as northwest US
IRN
regional sales manager.
FACES & PLACES
With these [tool] technologies there is no
reason on earth why women cannot compete
with men”, says Janet Shelley, founder and
managing director of Womens Builders, a
building maintenance services company in
Bletchley, UK, which actively encourages
women to enter the building trade. Makita
UK and rental company Speedy Hire aim to
promote equality of opportunity for women in
UK construction by providing tools, discounts,
access to training facilities and other help to
Womens Builders. Pictured with Ms Shelley are Barry Monk, Speedy Hire account manager (left),
and Andrew Helby, Makita UK marketing manager.
John Paz:
1930-2006
IRN regrets to report that John Paz,
founder of Godwin Pumps of America,
died on August 12, aged 76.
Mr Paz, who also founded Paz
Brothers Construction with his two
brothers, created Godwin Pumps
of America in 1976 to import the
Godwin range of automatic, selfpriming pumps he discovered while
on holiday in the UK. In 1978 he
passed responsibility for operations
of Godwin Pumps of America to his
son, John Michael Paz, who became
president that year and remains so
today.
Godwin Pumps of America
subsequently acquired the UK pump
manufacturer, and the business now
John Paz (right) and son John Michael Paz,
pictured in 1983.
rents pumps throughout the US
and distributes globally elsewhere,
employing over 600 people and with
sales of US$165 million.
Mr Paz was an innovator as well
as an entrepreneur. While at Paz
Brothers Construction, he helped
pioneer the use of the first selfloading scraper for earthmoving
in heavy construction, expertise
that helped the company win the
1968 contract to reconstruct the
Chesapeake & Delaware Canal.
“His contagious sense of humour,
unique kindness and big heart are the
legacies John leaves to everyone he
touched and every place he visited”,
said Godwin Pumps.
IRN SEPTEMBER 2006
IRN0906 Faces& Places.indd 55
07/09/2006 10:41:32
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F R E E
S U B S C R I P T I O N
F O R M
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SEPTEMBER 2006
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ADVERTISERS INDEX
COMPANY NAME
Afec Europe BV
American Rental Association
BBA Exports
Biemmedue SPA
Bravisol Srl
CTE Spa
Cummins Power Generation
Deesign Partnership Ltd
Dino Lift Oy
Euro Towers Ltd
Genie Industries
Gesan
Godwin Pumps Ltd
Grindex AB
Hatz GmbH & Co KG
Haulotte Group
Hinowa Spa
Hitachi Construction Machinery (Europe) NV
ITT Flygt AB
Intentia
International Powered Access Federation
KHL Group
Komatsu Europe International n.v.
IRN Free Subs & Ad Index.indd 32
PAGE NO.
32
54
35
21
40
45
33
25
39
45
9
35
34
OBC
41
36
30-31
4
26
12
41
50
18-19
WEBSITE
COMPANY NAME
www.afeceurope.com
www.therentalshow.com
www.bbapumps.com
www.biemmedue.com
www.braviisol.it
www.ctelift.com
www.cumminspower.com
www.mucktruck.co.uk
www.dinolift.com
www.eurotowers.co.uk
www.genieindustries.com
www.gesan.com
www.grindex.com
www.hatz-diesel.de
www.haulotte.com
www.hinowa.com
www.hitachi-c-m.com
www.flygt.com
www.intentia.com
www.ipaf.org
www.khl.com
www.komatsueurope.com
Lincoln Electric (UK) Ltd
Loadmaster Engineering
MCS Global Ltd
Multiquip Inc
NSG UK Ltd
Neuson Baumaschinen GmbH
Palazzani Spa
Palfinger AG
Probst Handling Equipment
Pullman Ermator AB
Result Group Ltd
SDMO Industries
Selwood Group Ltd
Skyjack Europe Ltd
The Hire Show
Towerlight/Genset
Trelawny Surface Preparation Technology
Turner Access Ltd
UpRight International Ltd
Western
World of Concrete (Hanley Wood Exhibitions)
Wynne Systems
PAGE NO.
48
35
25
33
42
22
38
43
50
52
29
6
28
IFC, 3
24
23
25
41
38
13
51
14
WEBSITE
www.lincolnelectriceurope.com
www.loadrunner.co.uk
www.mcs.co.uk
www.multiquip.com
www.nsguk.com
www.neusonkramer.com
www.palazzani.it
www.palfinger.com
www.probst-handling.co.uk
www.pullman.se
www.rentalresult.com
www.sdmo.com
www.selwoodpumps.co.uk
www.skyjackeurope.com
www.hireshow.co.uk
www.towerlight.net
www.trelawnyspt.com
www.turner-access.co.uk
www.uprighteuro.com
www.worldofconcrete.com
www.wynnesystems.com
07/09/2006 11:52:52
57
New Look.
Same Great
Products.
CLEANING /
FLOOR CARE
EARTH DRILLS &
TRENCHERS
Cleancare int - experts in carpet
and upholstery cleaning
z Machines form 17L to 65L.
z Perfect for the Rental Industry.
z More durable than anything on
els
e lev
Nois w as
as lo BA
d
60
the market.
z Compact and light.
z Make bigger profits.
z On board heat for clean carpets
PETROL & DIESEL
DRIVEN GENERATORS
1-33kVA Powered by
and upholstery.
z Easy to use effective attachments.
z Customers will be delighted with
Honda, Yanmar, Kubota,
Isuzu & Perkins
results!!!
z Ring now for free demonstation.
Tel: +44 (0) 1691 676235
Fax: +44 (0) 1691 676239
PRODUCTS/SERVICES
ACCESS PLATFORMS
Including new Welfare /
Accomodation application
generators
Tel: 020 7639 0778 - Fax: 020 7639 6169
www.cleancareint.co.uk
Tel: +44 (0)1933 677911
www.skyjackinc.com
E-mail: [email protected]
AC CESS
PLATFORMS LTD
www.stephill-generators.co.uk
EXHIBITIONS
Pill
Bridge
Ind. Estate
PillWay,
Way,Seven
Severn
Bridge
Ind.
Caldicot,
Gwent NP26
5PU
Estate Caldicot,
Gwent
NP26 5PU, UK
DIESEL TANKS
Specialists in the sale of
New & Used Powered
Access Platforms
visit our New Website:
www.accessplatforms.com
474034
476103
to view our current available
machines
Contact:
[email protected]
Tel: +44 (0) 1291 421155
Fax: +44 (0) 1291 423236
new and used
access
specialists
ACCESS PLATFORM SALES LIMITED
Leewood Business Park,
Upton, Huntingdon, PE28 5YQ
Tel: +44 (0) 1480 891251
Fax: +44 (0) 1480 891162
Email: [email protected]
www.accessplatforms.co.uk
Atlanta
TRANSPORTABLE FUEL
AND WATER TANKS AND
BOWSERS; STATIC, SITE
AND HIGHWAY.FULLY LEGAL
Feb 7-10, 2007
www.
TheRentalShow
.com
DRYING SOLUTIONS
GENERATORS
D IESEL
P OWER
H OLLAND
Set up transformers 1600 kVA
Input: 380Volt Output: 15kV / 20kV
Switchgear: FLUOKIT M Incl. cables
To advertise in the
products & services directory
please contact
Gareth Mann on:
Tel: +44 (0)1892 786219
Fax: +44 (0)1892 786258
LANDSCAPING /
GROUND CARE
To advertise in the
please contact
Gareth Mann on:
E mail: [email protected]
T elephone: +31 (0) 168 388 488
F ax: +31 (0) 168 329 620
Tel: +44 (0)1892 786219
Fax: +44 (0)1892 786258
IRN SEPTEMBER 2006
directory.indd 57
07/09/2006 09:14:51
PRODUCTS/SERVICES
58
LIGHTING TOWERS
LONG REACH
EXCAVATORS
PUMPS
PIONEER PUMPS
Premium performance comes as standard.
QUATTRO
75mm - 400mm sound attenuated,
environmentally friendly, mobile pumpsets for
rental, construction and municipal industries.
www.pioneerpump.co.uk
PORTABLE CABINS
Pioneer Pump Limited
Tel: +44(0)1449 736777
Fax: +44 (0)1449 737322
E: [email protected]
Office, accommodationsanitary containers
Henry Cooch
& Son Ltd
FOR THE BEST
CHOICE IN
MOBILE
FLOODLIGHTING
CONTAINER
Henry Cooch & Son Ltd
Unit 2, Platt Industrial Estate
Borough Green, Sevenoaks
Kent TN15 8LN. UK
TEL: +44 (0)1732 884484
FAX: +44 (0)1732 882681
email:[email protected]
www.henrycooch.co.uk
BRILLIANT LIGHTING
360º
Rotation
Fixed Vertical Mast
4 x 1000 MH Lamps
360˚ Mast
SuperSilent
80hr Run Time
Dieselstr. 8 49733 Haren (Germany)
Phone: +49 (0) 5932 506-0
Fax: +49 (0) 5932 506-10
[email protected]
www.container.de
Most sold,
tough reliable
Best “ROI”- Return On Investment
PIPE FREEZING
Contact Us for your
Free Brochure !
+44 (0)1775 840020
E: [email protected]
www.sandhurst-mfg.com
Tel: +44 (0)1892 786219
Fax: +44 (0)1892 786258
Afec Europe BV
Dr. Grashuisstraat 44
7021 CL Zelhem - Holland
Tel.: 0031 -(0) 314 62 51 25
Fax: 0031 -(0) 314 62 53 06
www.afeceurope.com
[email protected]
ROAD WORK SAFETY
PRODUCTS
Safe Measures from
Dri-Prime
automatic
self priming
contractors
pumps for
sales and
re-rental
FULL RENTAL
SPECIFICATION
To advertise in the
please contact
Gareth Mann on:
AFEC PUMPS
For rental markets
These Machines are
Making Millions !
T:+44 (0)20 8205 7672
F:+44 (0)20 8205 7674
www.freezemaster.co.uk
Godwin Pumps Limited
Quenington, Cirencester, Glos. GL7 5BX
Tel: 01285 750271 Fax: 01285 750352
[email protected]
www.berghaus-verkehrstechnik.de
IRN SEPTEMBER 2006
directory.indd 58
07/09/2006 12:18:43
59
ile
fbau
S
au
gs y
Tie
Mo
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VACUUM EXCAVATORS
steme
• High cost-saving potential in
the area of manual excavation
(more than 60%)
• A suction excavator pays for
itself working to as little
as 25% of its -capacity
• Operation at small sites
• Only one suction
excavator required
T: + 49 (0) 72 74 - 500 60 0
F: + 49 (0) 72 74 - 500 60 18
EMail: [email protected]
www.saugbagger.com
Tel: +44 (0)1892 786219
Fax: +44 (0)1892 786258
WELDER GENERATORS
Visit us at the
Showman’s Show
18-19 Octobre
er
Tel: +44 (0)1892 786219
Fax: +44 (0)1892 786258
n A full year’s presence
n Reach rental companies in mature &
emerging markets
n 9,200 circulation
n Full colour advertising
n Specific heading of your choice
n FREE hyperlink from digital issue to
your company website
n FREE production service if required
Engine Driven Welding Generators
from 200-800 Amps D.C.
• Auxiliary output from
2-30 kVA - multi voltage
• Air or water cooled, 3000 or 1500 rpm
SPECIAL PIPELINE
MODELS ALSO
AVAILABLE!
EX-STOCK FOR IMMEDIATE DELIVERY!
Telephone +44 (0) 1670-590300
Fax + 44 (0) 1670-590301
AC CESS
Pill
Bridge
Ind. Estate
PillWay,
Way,Seven
Severn
Bridge
Ind.
Caldicot,
Gwent NP26
5PU
Estate Caldicot,
Gwent
NP26 5PU, UK
Specialists in the sale of
New & Used Powered
Access Platforms
visit our New Website:
depth (cm)
To advertise in the
please contact
Gareth Mann on:
KEY BENEFITS INCLUDE:
1 Column width
Over 20
models
to
choose
from!
www.foldtable.com
T +31 (0)162 45 31 61
Read by senior managers and buyers of
rental companies worldwide, IRN offers
you the manufacturer, a perfect vehicle
to advertise your company’s product’s
and services. Directory Advertising
remains the most cost effective way of
guaranteeing a constant presence within
IRN
PLATFORMS LTD
Event Seating
To advertise in the
please contact
Gareth Mann on:
PRODUCT & SERVICES
DIRECTORY
PRODUCTS/SERVICES
TABLES/OUTDOOR
EVENTS
Price:
£90/€130/$160
per column/cm
www.accessplatforms.com
to view our current available
machines
please contact
Contact:
Gareth Mann on:
[email protected]
Tel: +44 (0) 1291 421155
Tel: +44 (0)1892 786219
Fax: +44 (0) 1291 423236
Example: this ad = £540 per year Fax: +44 (0)1892 786258
e-mail: gareth.mann khl.com
IRN SEPTEMBER 2006
directory.indd 59
07/09/2006 09:16:03
Finally! The new Inox portable submersible
pumps for corrosive fluids!
7EPROUDLYPRESENT)NOXACOMPLETELYNEWSERIESOF
SUBMERSIBLEDRAINAGEANDSLUDGEPUMPSWITHALLCASTED
PARTSMADEOFACIDPROOFSTAINLESSSTEEL33
%.4HE)NOXPUMPSAREBASEDONOURWELLKNOWN
RED0ROLINEPUMPSANDCANHANDLEmUIDSWITHP(VALUES
FROMWITHOUTPROBLEMS
'RINDEXPRODUCESSOMEOFTHEWORLDSMOSTDEPENDABLE
ANDDURABLESUBMERSIBLEPUMPSFORUSEINDEMANDING
APPLICATIONSLIKECONSTRUCTIONMININGQUARRIESANDOTHER
INDUSTRIESALLOVERTHEWORLD/UR0ROLINEPUMPSHAVELONG
BEENTHEBENCHMARKAGAINSTWHICHALLOTHERPUMPSARE
COMPARED
GRINDEX – THE PROFESSIONAL CHOICE
www.grindex.com
Full page.indd 1
06/09/2006 11:44:02