Dinsmore M&A Team Closes Sale of Cloverdale Equipment to Herc Rentals
Dinsmore mergers and acquisitions attorneys in Detroit, supported by Chicago, Cincinnati and Dayton, were pleased to represent Cloverdale Equipment Company and its subsidiaries (Cloverdale Group) in its approximately $175 million sale to Herc Rentals (NYSE – HRI).
Cloverdale is a full-service general equipment rental company with 120 employees. Since 1963, it has supplied devices like forklifts, cranes, elevating work platforms, compressors and more to industrial clients in the Midwest. Herc offers similar services throughout the United States and Canada and was represented by K&L Gates.
“We felt extremely well represented by Joe DeVito, Jane Hahn, Jeff Hoover and the entire Dinsmore firm,” said Cloverdale President, CEO and Chairman Todd Moilanen. “From the initial planning and coordination with the investment bankers, to negotiating the agreements and making the closing as smooth as possible, they were the height of professionalism and high-caliber talent. I would tell anyone entertaining a transaction that they need Dinsmore on their deal team.”
Dinsmore’s group also included partners Evonne Xu and Bill Seitz, partner of counsel Ian Larkin, associates Madison Rittley and Lillian Belanger-Katzman and practice specialist Ashley Gratz, among several other subject-matter specialists.
“We are very pleased to have represented Cloverdale and its ownership with respect to this significant transaction,” DeVito said. “We appreciate being on Cloverdale’s deal team.”
DeVito and his team joined Dinsmore last summer in both Detroit and Chicago. They represent both buyers and sellers in middle-market strategic transactions averaging $250 million apiece, and ranging anywhere from $50 million up to $1 billion. Their clients are diverse, including private equity firms, multinational corporations and companies in financial services, health care, cryptocurrency, defense, aerospace, hydroponics, industrial, automotive and more. They also specialize in financing and lending transactions on both corporate and real estate matters.