Page 1

EX - 99.1 4 tm2113073d1_ex99-1.htm EXHIBIT 99.1 United Rentals Exhibit 99.1 GeneralFINANCE CORPORATION United Rentals to Acquire General Finance Corporation United Rentals , Inc. 100 First Stamford Place Suite 700 Stamford , CT 06902 Telephone : 203 622 3131 Fax : 203 622 6080 $ 1 billion transaction will establish United Rentals as a leader in the mobile storage and modular office sectors in key markets , expanding the equipment rental industry's most complete service offering Expected to be accretive to EPS and free cash flow upon close Stamford , CT and Pasadena , CA – April 15 , 2021 – United Rentals , Inc. ( NYSE : URI ) ( “ United Rentals ” or “ the company ” ) and General Finance Corporation ( NASDAQ : GFN ) ( “ General Finance ” ) today announced their entry into a definitive agreement under which United Rentals will acquire General Finance for $ 19 per share in cash , representing a total enterprise value of approximately $ 996 million , including the assumption of $ 400 million of net debt . The transaction is expected to be accretive to EPS and free cash flow upon close . General Finance , which operates as Pac - Van and Container King in the U.S. and Canada , and as Royal Wolf in Australia and New Zealand , is a leading provider of mobile storage and modular office space . Its network of 106 branches and over 900 employees serves diverse end markets , including construction , commercial , industrial , retail , transportation , petrochemical , consumer , natural resources , governmental and education . As of December 31 , 2020 , on a trailing 12 - month basis , General Finance generated $ 94 million of adjusted EBITDA on $ 346 million of total revenue , translating to a 27.2 % adjusted EBITDA margin . As of March 31 , 2021 , General Finance's rental fleet consisted of approximately 100,000 units at an original cost of approximately $ 639 million . The boards of directors of United Rentals and General Finance unanimously approved the transaction , which is subject to customary closing conditions , including the expiration or early termination of the waiting period under the Hart - Scott - Rodino Antitrust Improvements Act of 1976 and other regulatory approvals . United Rentals intends to commence a tender offer by April 26 , 2021 , to acquire all of the outstanding shares of GFN common stock for $ 19 per share in cash . Following completion of the tender offer , a wholly - owned subsidiary of United Rentals will merge with and into General Finance and shares of General Finance common stock that have not been tendered and purchased in the tender offer will be converted into the right to receive $ 19 per share in cash . The transaction is expected to close in the second quarter of 2021. The company plans to update its 2021 financial outlook to reflect the combined operations following the completion of the transaction .