Bosses buy Rentco • A major capital investment programme is
Page 17
If you've noticed an error in this article please click here to report it so we can fix it.
expected at trailer rental company Rentco International over the next few months following the £43 million management-led buy-out of the European operation from the US Fruehauf Corporation.
Sandy Aranyos, previously the Detroit-based head of Rentco in the US and Europe, is moving to the UK to take over the reins of the company. He and 17 fellow directors organised the buy-out of the company with the backing of Electra Candover and Partners and Standard Chartered Bank.
Aranyos is now executive chairman of Rentco International and John Midlans is managing director.
The company currently operates more than 6,000 trailers from 43 different branches in the UK, France, the Netherlands, Belgium, Finland, Germany, Scandinavia and Ireland. Head office is at Hayesgate House in Hayes, but the company is considering moving to another headquarters building.
Aranyos says: "The management is pleased to have this opportunity to participate in the future of Rentco's European operations. We welcome the challenge and are convinced that our new organisation with its experienced and dedicated staff will continue to serve our customers to the high standards they have come to expect from Rentco."
Last year Rentco's European operations made a profit before tax of £4..2 million on rental income of more than £16.6 million.
The management buy-out of Rentco International follows the purchase in March of Rentco USA by Xtra Corporation, and comes nine months after a £666 million leveraged buy-out by the management at Fruehauf Corporation.
It does not affect the Crane Fruehauf manufacturing operation which remains a wholly-owned subsidiary of Fruehauf.