Kansas City, MO., April 1, 2021 /PRNewsire/ Nesco Holdings, Inc. (NYSE: NSCO) (“Nesco”), which has been
renamed as Custom Truck One Source, Inc. (the “Company”) effective today, in partnership with an affiliate of
Platinum Equity, LLC (“Platinum”), today announced the closing of the previously announced transaction to
acquire Custom Truck One Source, L.P. (“CTOS”) for a purchase price of $1.475 billion. Nesco and CTOS are
leading providers of specialized truck and heavy equipment solutions, including rental, sales and aftermarket
parts and service.
The Company is headquartered in Kansas City, Missouri and led by CTOS co-founder and CEO Fred Ross. The
combination creates a leading, one-stop-shop provider of specialty rental equipment, serving highly attractive
and growing infrastructure end markets, including the transmission and distribution energy grid, the 5G
revolution build-out and critical rail and other national infrastructure initiatives.
In connection with the Acquisition, the Company has changed its name to Custom Truck One Source, Inc. Its
shares of common stock will trade on the NYSE under the ticker symbol “CTOS” beginning on April 5, 2021, and
its existing warrants will trade on the NYSE under the ticker symbol “CTOS.WS”. The Company’s leadership team
also includes Ryan McMonagle as President and Chief Operating Officer and Brad Meader as Chief Financial
Officer, both of whom previously held those positions at CTOS.
“We are truly excited about bringing these two great companies together,” said Mr. Ross. “We believe that
our stockholders will realize the benefits of the combination as we create one of the largest specialty rental
fleets in the country. Moreover, we are excited to bring a larger platform to our customers and to continue to
provide them with the outstanding customer service they have come to expect from both of us.”
In connection with the Acquisition, Platinum has made an investment and became the majority stockholder
of the Company while existing CTOS equity holders, including certain funds managed by the Blackstone Group
(“Blackstone”), the majority owner of CTOS prior to the Acquisition, and certain members of the CTOS
management team, became minority stockholders of the Company. Energy Capital Partners (“ECP”) and Capitol
Investment (“Capitol”), who together owned approximately 70% of Nesco’s outstanding common stock prior to
the Acquisition, retained their entire ownership positions in the Company.
“We look forward to working with the management team to bring these companies together and to putting
our playbook in action to create significant shareholder value for many years to come,” said Platinum Equity
Partner Louis Samson. “We have a lot of experience in this industry and are excited about the opportunities
“We are thrilled to consummate this merger which creates a very unique, valuable, well-capitalized company
that is a terrific business and now also will benefit from, and play an important role in, the likely large investment
about to be made in our nation’s electrical, telecom and rail infrastructure,” said Mark Ein, Capitol’s CEO and
Nesco’s Vice-Chairman who will join the CTOS board.
This press release includes “forward-looking statements” within the meaning of the “safe harbor”
provisions of the United States Private Securities Litigation Reform Act of 1995 and within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of
1933, as amended. When used in press release, the words “anticipates,” “believes,” “will,” “expects,”
“look forward” and variations of these words or similar expressions (or the negative versions of such
words or expressions) are intended to identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or results, and involve a number of
known and unknown risks, uncertainties, assumptions and other important factors, many of which are
outside the Company’s management’s control, that could cause actual results or outcomes to differ
materially from those discussed in this press release. Important factors, among others, that may affect
actual results or outcomes include: the impact of the COVID-19 pandemic on the Company’s business and
operations as well as the overall economy; the Company’s ability to integrate the Nesco and CTOS
businesses and achieve the expected benefits of the Acquisition in a timely manner; unanticipated costs
related to the integration; and general economic and market conditions impacting demand for the
Company’s services. For a more complete description of these and other possible risks and uncertainties,
please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed
with the Securities and Exchange Commission on March 9, 2021, as updated by the Company’s subsequent
quarterly reports on Form 10-Q.
ABOUT THE COMPANY
The Company is a leading provider of specialized truck and heavy equipment solutions to the utility,
telecommunications, rail and infrastructure markets in North America. The Company’s solutions include
rentals, sales, aftermarket parts, tools, accessories and service, equipment production, manufacturing,
financing solutions, and asset disposal. With vast equipment breadth, the Company’s team of experts
service its customers across an integrated network of locations across North America. For more
information, please visit customtruck.com.
Brad Meader, Chief Financial Officer