$1 Billion Deal for Pine Belt Company, Yak Access, Brings Economic Opportunity

149

In a significant move within the equipment rental industry, United Rentals, Inc. has acquired Yak Access, LLC, a leading provider of construction matting solutions based in Columbia, for approximately $1.1 billion in cash. The acquisition, completed on March 15, marks a strategic expansion for United Rentals, the world’s largest equipment rental company, into the matting services sector.

Yak Access, under the umbrella of its parent company Yak Access, LLC, encompasses four prominent construction matting and service firms: Yak Mat, New South, Bluroc, and Klein. With a combined fleet of approximately 600,000 hardwood, softwood, and composite mats, Yak Access provides surface protection and temporary roadways for construction, maintenance, repair, and operations projects across North America.

The acquisition, which includes New South Access and Environmental Solutions, Yak Mat, and Yak Access, aligns with United Rentals’ growth strategy and enhances its comprehensive offerings to customers. United Rentals CEO Matthew Flannery expressed enthusiasm about the acquisition, emphasizing the strategic and financial benefits it brings. The integration of Yak Access into United Rentals’ portfolio not only expands growth capacity but also strengthens the company’s value proposition as a one-stop shop for customers.

Yak Access CEO Frank Bardonaro echoed Flannery’s sentiments, highlighting the potential for accelerated business growth and enhanced customer service under United Rentals’ stewardship. Bardonaro expressed confidence in the partnership with United Rentals, foreseeing positive outcomes for both customers and employees.

The transaction marks a significant milestone for Yak Access, which generated adjusted revenue of $353 million in 2023, with an impressive EBITDA of $171 million. The acquisition by United Rentals builds on Yak Access’ success and further solidifies its position as a leader in the matting solutions industry.

Platinum Equity, the previous owner of Yak Access, acquired a controlling stake in the company in 2018. The acquisition underscores United Rentals’ commitment to strategic expansion and its vision to deliver unparalleled value to customers in the equipment rental market.