Disclaimer: This interview is for informational purposes only and should not be relied upon as a basis for investment decisions. In Practise is an independent publisher and all opinions expressed by guests are solely their own opinions and do not reflect the opinion of In Practise.

{audio:0:00:23} Can you share some context to United's specialty strategy when you joined the business in 2014?

{audio:0:00:31} In 2014, the specialty organization at United was much smaller than it is today. Under the leadership of Paul McDonald, who eventually became Chief Commercial Officer, we were operating with three businesses which then became four and five. The specialty businesses we were helping to devise a strategy around was Power and AC, Trench Safety and Tools Solutions. That is not renting tools from Home Depot but specialized tools management systems for refineries. We had just completed the acquisition of National Pump, which became the platform acquisition for what eventually became Fluid Solutions at United.

{audio:0:02:33} How did you integrate National Pump with United's network?

{audio:0:02:40} The investment piece is mostly about cost synergies. They will overlay networks, consolidate branches and sales territories to have more fleet in a denser area, all of which makes them more efficient to serve. I never worked on those types of acquisitions, but on the specialty side, we were constantly looking at the share of wallet of our customers. For example, in the Houston refinery industrial mega zone, we would look at a major industrial customer who were currently renting all their generators and tools from us, but pumps from another company. We would track what equipment they were renting and seriously consider getting into that space via acquisition, rather than trying to do it organically. 

{audio:0:04:10} That had many advantages for us because you get an experienced management team and an existing network with relationships. The fleet is the easy part and United Rentals had the capital to buy whatever equipment it wanted, but the more difficult part is getting that experienced team and the customer relationships. Once we would put a great company, like National Compressor, inside the United platform, it would be more successful than it was as a standalone, because we used the United Rentals sales force network to introduce them to thousands of new potential customers across the country. We got them in the door with their specialized capability, in what we call cross selling. We got them access to more capital, fleet and branch openings, and importantly, a warm introduction to customers all over the country, so they could keep doing what they were doing, but do it bigger.

{audio:0:05:23} You mentioned if you're selling them generators and tools, but not pumps, you would go after pumps, but what about if Sunbelt or another competitor has pumps and they won't switch? What is the mission critical equipment piece from the customer account that makes it very difficult to go after and replace?

{audio:0:05:51} What matters to a specialty customer is that you solve their problem, which isn't only that they need this type of equipment, on time and to be clean and good. We classified that as a general rental event. They know what they need but care about price, quality and service metrics such as on time pick-up and delivery. On the specialty side, they typically call up not knowing exactly what they need and need a consultation to solve their problem. Maybe you are a medium-sized commercial contractor, building a hotel or small commercial building, and everything is going fine with the rental of your material handlers and scissor lifts. In the Spring time in Texas, you have a huge rain storm and suddenly you have a flooded job site. You think you need a pump, some temporary roads and some sort of drying capabilities if any of your materials got wet. You call your United Rentals sales rep to come out and figure out what you need. 

{audio:0:07:52} At that point, your sales rep shows up and is not saying, you need five of this and four of that, but that you need to de-water the job site with dehumidifiers so your interior guys can keep going. Instead of a rental event where it's a menu and an invoice, it could be as simple as, we de-watered your job site at a lump sum cost of $80,000. We used all this equipment to do it, but we helped solve your problem, because nothing is more expensive than a delay on a job site, so that is the mission critical thing you are solving.

{audio:0:08:43} In that example, why do they call United and not Sunbelt?

{audio:0:08:50} They will call the company who they have an existing relationship with. Sunbelt and United have a sales representative as a single point of contact for that customer. That rep might not be an expert about specialty equipment classes, but they can certainly get the right subject matter expert on site to solve that problem.

{audio:0:09:30} I would assume both Sunbelt and United are in the same accounts?

{audio:0:09:34} Many times they call on the same accounts, so yes, they constantly compete.

{audio:0:09:40} What do you think drives a sustainable competitive advantage for that specialty type of job?

{audio:0:09:53} Sunbelt is very strong at certain specialty verticals and United is stronger in others. United is far and away the strongest at trench safety because they have been in that business the longest and have deep engineering capabilities in that space. They invented the trench safety rental market so their scale, service and experience is unmatched. Sunbelt excels at small temperature control and have done several strategic acquisitions there. There is not a complete overlap on what they offer. Sunbelt offers scaffolding but United Rentals do not. United Rentals offers full fluid handling solutions but Sunbelt has less of an offering there. There are still plenty of specialty verticals in which neither of them have chosen to play.

{audio:0:11:21} Going back to acquisition-led growth and taking National Pump for example, when you integrate their assets, how do you ensure you utilize them?

{audio:0:11:52} It depends on the type of acquisition being done. There are two different types of acquisitions; specialty platforms and scale building with cost synergies. When United acquired BlueLine for example, they ended up with dark stores after closing two branches in the Dallas Fort Worth metro. They were still under lease and would simply sit there with no sign, and you mothball those facilities. On the other side, when you acquire a specialty business, it has a much smaller branch network and needs places to move into to expand across the country. Many times, we would re-purpose one of those mothballed branches from a general rental acquisition, and since that real estate was available, it would end up being a new trench safety branch or power and HVAC branch. As United got into new businesses, like portable sanitation, the real estate footprint was repurposed for the faster growing more profitable specialty side. 

{audio:0:13:33} Can you increase density by utilizing both the BlueLine and specialty sides, which increases the availability of the equipment on the specialty side specifically?

{audio:0:13:45} Yes, and it's also about your ability to serve that metro. You don't need a branch every 10 miles or a patchwork of branches. One specialty branch in every metro can do that. There is nothing magical about having the physical real estate totally separate. Your only constraint is how much space you need to store the equipment. You could also end up with co-located branches where, if you had a big yard, one physical location would have a branch number for fluid solutions and trench safety, with two different counters and personnel. 

{audio:0:14:46} Each business requires its own expertise and if they could both fit on one physical footprint, they can combine there, but it's tough to find real estate that big, so usually no more than two businesses are co-located on a parcel. It was very important to have its own management team, sales force and subject matter experts working with the equipment. If you were selling a bespoke solution, you would dilute expertise if you got rid of specialty and had one big branch. We felt that was never going to be the answer and we were pretty committed to that strategy.

{audio:0:15:48} You keep the acquired assets standalone and integrate some branches, but the management team and sales force of National Pump remain, then the United sales guy who deals with large accounts has to deal with a flooded site with all their assets?

{audio:0:16:11} Every acquisition would become branded as United. National Pump became United Rentals Pump Solutions, which was filled by the executives of the acquired business. United Rentals career people would also become part of that management team and would report up through the specialty general management team at United. You keep the capability of pump expertise within its own group, but try to integrate them into the United ecosystem.

{audio:0:17:06} How do you structure the financing for the existing management team?

{audio:0:17:16} It would typically be all cash for a transaction like this. There could be an earn out, which is typical in any industry, then United Rentals restricted stock units could form part of it. It was almost always an asset purchase in cash and the acquired entity ceased to exist.

{audio:0:17:42} How did that management team behave as employees rather than owners?

{audio:0:17:53} That is a concern throughout the industry and we saw it perform quite well. The key was the type of acquisition we were given. Any entrepreneur coming into a larger corporation can be difficult, but these were not tiny acquisitions; they were medium sized. Many of these professionals had worked in larger companies before, but the whole thesis of the acquisition was that you were joining United to double your business in five years. There is a lot of exciting work to do and what you have done is great, so let's go do more of it. That is less frustrating to an entrepreneur than stripping costs out of your business and not growing. From my personal experience, we saw that retention and performance was quite good.

{audio:0:18:59} What are the potential challenges of an acquisition-led growth strategy? 

{audio:0:19:16} Yes, there definitely is, and your investor base has to trust your track record of being smart on the acquisition front, and you earn that credibility by delivering on your investment thesis. In United's case, the acquisitions were fewer but larger, and in Sunbelt's case, the acquisitions continue to be more frequent and slightly smaller on average. Both of those public companies have delivered on their ability to be successful with an acquisitive strategy, but I would be the first to recognize United was not great at acquiring small companies. We couldn't move fast enough and any small owner would feel lost with a United after that. Sunbelt could move faster and be more aggressive with very small rental companies. They were admittedly better on that front, but within the industry there are many bad acquisitions, and part of being in business development and in the M&A industry, is being very disciplined about what you say no to. That is probably more important than what you say yes to.

{audio:0:20:40} Why does an acquisition typically go wrong?

{audio:0:20:43} There are myriad reasons why acquisitions fail, but one pattern I saw in the rental industry was acquirers underestimating the capex needs in the equipment rental business to keep the business healthy. Any outside observer of private equity's track record in the equipment rental space would conclude it's a mixed performance record. Private equity companies underestimate the capex required post deal, to keep that business healthy. If you don't do it, you will feel like a genius for a year or two, but once you're behind the eight ball on fleet investment, it's very costly and difficult to fix that problem. It is not as simple as, my equipment is worn out so I have to spend more to pick it up. Your customers know when your equipment is getting older or is no longer well-maintained. An experienced sales rep would leave your company and go elsewhere if he wasn't getting the fleet he needs to be successful. Several years of under-investment on the fleet side can derail a company for up to five years.

{audio:0:22:39} Where do acquirers go wrong in analyzing the capex required?

{audio:0:22:48} They grossly underspend on capex. In certain instances, we would acquire a company and conclude that 30% of their fleet should be replaced immediately. One of the first things we would do is try to correct the under-investment in fleet from previous years. We all get that cash is king, and if you buy this business, you want to start paying yourself back. That is really tempting and is a core part of the private equity business model. That is simply not possible to do in equipment rental acquisitions like it is in other industries.

{audio:0:23:51} Why is Sunbelt quicker and more flexible in acquiring smaller companies?

{audio:0:24:03} They had a larger business development team whereas our team was relatively small going out and meeting with potential sellers. If your team is small, you need to hunt in a place where the payoffs will be larger. I would not spend my time meeting with a two-branch rental company in a secondary metro, whereas Sunbelt seemed to be better at meeting with these smaller companies. I cannot comment on their internal processes to get the process moving quickly, but at United it is a very deliberate, cautious approach to M&A which has served the company well, but is not conducive to moving fast. Sunbelt already has an offer in that owner's hand, so United does not have the right approach for fast moving small deals.

{audio:0:25:37} I saw a slide in an old United deck showing 250 acquisitions in 20 years, the majority of which were in the early days, and I know you mentioned they moved away from doing smaller acquisitions to more platform acquisitions or larger bolt-ons. How has their history defined how they operate?

{audio:0:26:11} It's important to realize the different maturation time of those two companies. As United Rentals got big first, it's helpful to think about the practical implications of that. Building your entire North American network first means you have a branch in every metro above 500,000 people, for example – that's not a real number; I'm simply picking a threshold – so you already have a branch in every city you would want to serve. You might not have specialty everywhere, but your network of over 1,000 branches is already there. 

{audio:0:27:02} The playbook becomes, how do you figure out how to get more density of customers through that branch network. The strategy shifts and there are few places on the map where it would make strategic sense to acquire a two-store gen rent operator, in a metro of 200,000 people, because it will not move the needle as much as a scaled acquisition would.

{audio:0:27:35} Sunbelt started a few years later, and if you did a coverage map similar to Verizon versus AT&T in North America, you would see that Sunbelt still had a lot of open space in their map over the past 15 years. Therefore, they had a lot more opportunity to do acquisitions to fill in those blank spaces on the map as they were creating out this true national network of stores. United had phases to their growth, with rapid acquisition to become the first scale player in a very fragmented industry. Now they have the network, it becomes more about scale and density and specialty penetration in that network, which is a real shift in strategy as the company matures.

{audio:0:28:35} How do you compare the specialty networks between Sunbelt and United?

{audio:0:28:39} United was bigger in their specialty penetration and is much bigger on trench safety. They are also bigger on power and HVAC, with a caveat that Sunbelt does a very good job specifically on smaller temperature control. Sunbelt has certain equipment categories that United doesn't, and I mentioned scaffolding previously. United has their fluid solutions business which includes pumps, tanks and filtration units to contain, transfer and treat any liquid you need to move. Sunbelt has pumps and are starting to have tanks, but are smaller. 

{audio:0:29:28} On the managed tool program side, United is bigger, but on the portable sanitation side, United is small and Sunbelt is not there yet. There is one scale player in the portable sanitation space called United Site Services, which is a very confusing name, but they are doing the roll up in portable sanitation. United Rentals named their business Reliable On Site, because of the naming confusion, and they are doing their own organic roll up strategy to enter the space.

{audio:0:30:22} You gave an example of a guy with a flooded site who needs consultation from one of the big players. What percentage of the specialty business is that, versus someone who only wants power or HVAC?

{audio:0:30:44} The example I gave is an emergency unplanned event, which is a minority part of any specialty business; most of it is planned. They know they will need different types of equipment at different stages of their project, but still need a consultation from a true expert. Sometimes an engineer tells them what they need before they design their job site to figure out how they are going to staff the project and what other equipment is required.

{audio:0:31:40} The reason I asked is, when you look at the competitiveness of United and Sunbelt's specialty business, they have some differences but target similar segments. Should we look at those on a standalone basis, in that you have a competitive advantage to have higher density and better pricing and service in power and HVAC specifically?

{audio:0:32:11} There are many ways to have a thriving successful business in equipment rental. There are different sizes of companies with different fleet strategies – even if you choose to have slightly older equipment but lower prices – and there are dozens of different successful business models. Sunbelt and United have become the Hertz and Avis of the industry. People expect them to have any type of equipment they need and, more importantly, they are expected to be in the physical geography where people do business. Herc is now playing catch up and they have a lot of opportunity if they want to become a third player in that equation.

{audio:0:33:23} What defines an advantage in the power and HVAC segment for United?

{audio:0:33:31} You don't have to be Sunbelt or United to compete in that space. Both CAT Power and Aggreko are very good in that space and neither have the full suite of rental equipment.

{audio:0:33:58} On the large power side, it comes down to the availability of very large trailerized generators and temporary power plants. Aggreko is good at large events and the hurricane season is a huge driver of that business for everybody, but it's a tough business to get into because you have to buy brand new clean burning tier 4 final generators which are expensive. The incumbents who built their fleets over the years still have tier 2 and 3 diesel generators that are not as clean burning but cheaper to acquire, so they keep refurbishing the machines. The regulatory changes on the power rental side created barriers to entry where incumbents have a real cost advantage for years to come, because new entrants are priced out the market.

{audio:0:35:38} Can the incumbents refurbish older units and stay in the market, whereas new players have to buy brand new equipment?

{audio:0:35:49} Yes; the brand new more expensive cleaner burning machine. The big public companies follow whatever their customer wants to rent and will acquire that fleet at scale. That's what these companies are so good at and they don't manufacture anything themselves. They are excellent at fleet management, sales and that customer relationship. If a customer suddenly decides they want a different type of generator, Sunbelt or United will get it at scale where they negotiate significant discounts with OEMs. That allows United to come up with a compelling rental package for the customer. Their goal is to make renting so easy for the customer that they don't consider buying that piece of equipment.

{audio:0:36:58} What discounts do public companies get from OEMs in specialty?

{audio:0:37:07} I don't have a specific number for you but it's significant. For the past 20 years, OEMs have seen a larger portion of their assembly line go into rental than direct to end users. Sunbelt, United and Herc are buying a bigger share of their assembly line every year.

{audio:0:37:40} How do the OEMs think about that?

{audio:0:37:42} I don't know many OEMs but if I were the OEM, it would make me a little nervous.

{audio:0:37:48} I'm losing pricing power every year and United or Sunbelt can negotiate a better post-sale warranty deal on their fleet. United is such a big purchaser of equipment from OEMs, that every January all their OEMs come to a convention and do a full trade show. They are there with their booths, just like any equipment show, but the only buyer is United Rentals. The branch, district and fleet managers of United walk around that show talking to OEMs who put on a show every year at significant expense because getting more share of wallet with United has a big impact on their success.

{audio:0:39:08} Is there a risk of OEMs potentially pulling back from the rental channel?

{audio:0:39:14} It will follow the end customer, so no risk from United or Sunbelt's perspective. The trends are clearly going in the direction of end users being happy renting their equipment, which goes all the way back to the global financial crisis. For the past 12 years, I have seen a distinct trend of sophisticated financial professionals willing to take a slightly lower margin on a smaller balance sheet, to get better returns on equity by shrinking their balance sheet. They would rather variablize their equipment expense and pay slightly more. 

{audio:0:40:19} This is the math the unsophisticated buyer does. United will rent this to them for $2,000 a month but they can buy it new for $10,000, so after five months they should have bought it and then they save money. That is the quick back of the envelope math everybody does, but that's not the real trade-off. If you buy this equipment yourself, you commit to buying two of them so you have a spare. You will have to employ mechanics to maintain and a yard to store it. It is not as simple as dividing the purchase price by your rental price. 

{audio:0:41:11} In contrast, if you work with Sunbelt or United, they give you technology to help you manage your fleet, so you can see what your utilization is. You can click a button, that equipment shows up and the bill starts running. More importantly, when you are done with it, you simply push the button and that expense goes away when you don't have a job. United and Sunbelt are very good at moving assets around and creating a shared pool of well-maintained relatively new assets anybody can tap into when they need it.

{audio:0:41:54} How do you compare the life time of specialty equipment versus general?

{audio:0:42:01} It comes down to several factors so I will give you two contrasting examples. All the players have steel road plates in the trench safety business. When you drive down the road and go over the clunk clunk, as you drive over a trench, that is a rental item. It's probably a one- inch-thick steel road plate they rented from United. That is a hunk of steel that sits over a trench that lasts for 20 years and needs little maintenance. There is no reason to get rid of it until it's totally bent or unusable. 

{audio:0:43:06} On the other side of the equation, a pump has many moving parts and a decent motor on it, so it requires a lot of maintenance and has a life of five years, depending how heavily it is used. You would try to depreciate it based on hours, not years, but across the entire fleet these companies have, they put together a depreciation schedule and useful life assumption for most complicated pieces of equipment. That is defined by something which has a motor and they will plan to sell that off while it's still in good condition. There is a strong secondary market for these assets and United and Sunbelt will try sell it to an end user or even put it on an auction or sell it overseas. They do not use most of their equipment until fully depleted, and will sell it off at the ideal point on that depreciation curve.

{audio:0:44:22} Are the depreciation schedules accurate?

{audio:0:44:25} For the big public companies, yes.

{audio:0:44:30} How do post-sale warranties differ between specialty and general items?

{audio:0:44:42} It comes down to your negotiations with the vendor. You would certainly have a core warranty on any defects for the first year or first X number of hours, but you can also negotiate extended terms if that is more important to you. I don't have much detail on those agreements but the asset managers were very good at optimizing discounts with post-sale warranty support. If the equipment was super specialized beyond your in-house maintenance capabilities, it would make more sense to have better OEM support on that. Your core team of mechanics are very good at diesel type things and hydraulics, but might not be the best at rebuilding compressors on large air conditioning units.

{audio:0:45:52} If you take the trench safety space, you have a lifetime of an asset. You depreciate based on hours, then optimize the time to sell to maximize the return on the asset, while also replenishing your base to ensure customers get what they want. What is the big risk in that process throughout the cycle for the big public companies?

{audio:0:46:23} You are slightly exposed to the secondary equipment market. You have your book value on that asset which is depreciated through whatever year, and you track whether you can sell at a premium or a discount to that. You probably made some assumptions on the secondary market when you put that asset into service, and just like used cars fluctuate, so does used equipment. You might pick up a nice gain or book a loss when you sell it, but you also don't have to sell it. If you plan on selling it after four years and when you get there the secondary market is poor, you can do your own refresh process on that piece of equipment and leave it in your own fleet for another year. You have many advantages when you control your own timing on them.

{audio:0:47:47} What is the game theory between Sunbelt and United in similar segments? If United replenishes their equipment quicker, the customer gets better and newer equipment at a lower total cost of ownership which is a better experience. Sunbelt would probably follow otherwise they are uncompetitive; so both companies will earn lower return on assets and the customer wins. Is there a risk the industry is simply reducing the lifetime of these assets which pressures returns over time, or would you suggest some rationality prevails in the market?

{audio:0:48:29} It is quite rational because these are sophisticated financially-driven companies, who certainly bring discipline to the market in terms of price and keeping their fleets new. There is a thriving secondary market underneath that which holds their equipment longer.

{audio:0:49:07} Who are the major buyers in the secondary market?

{audio:0:49:10} Sunbelt or United prefer to sell to their own customers, most of whom have their own core fleet. Your number one preference would be to sell to a customer because, chances are, they will hire you to maintain their fleet. A good piece of the value proposition of being their equipment problem solver is their equipment solution. Your secondary preference would be to sell overseas. Some work has been done in the space to establish a good overseas channel, so that you are selling outside the market in which you operate.

{audio:0:50:12} Do you sell to distributors or importers?

{audio:0:50:15} Yes, to importers and distributors, and it is difficult to get that market established. The last place you would want to sell – but they both still do – is at a Ritchie Brothers auction, where anybody can buy it. You will pay a lot of auction fees there, but like any auction, the beauty is that it's a market major. If you want to turn your fleet into cash, you can use that.

{audio:0:50:42} OEMs buying equipment back?

{audio:0:50:45} Yes; do they not also have cheaper resale units or are they not involved?

{audio:0:50:51} I'm not familiar with that but I should mention there are some pieces of equipment where, rather than selling them at all, they will put them in the shredder. They would rather get scrap recovery value out of it than flood the market with old product and dilute the demand for rental products.

{audio:0:51:32} What happens in a downturn if volumes decline, because a core part of this business is the net capex required to replenish equipment to ensure you have new?

{audio:0:51:47} I can't speak for Sunbelt but would be surprised if they don't have a sophisticated scenario plan like United does. United knows, at different demand levels, what their fleet needs to be. Things can get ugly in a downturn and secondary markets can go bad, but there is a market and one of the biggest sources of cash in a downturn is not selling off your fleet. If a downturn hits hard, you were buying billions of dollars of new fleet every year, so by stopping that you will have a lot of lift to your free cash flow. There are several levers you can pull to preserve cash in a downturn which is essential. Both companies are very good at managing their leverage ratios and debt service, to be more conservative than they were prior to 2008.

{audio:0:52:52} Do you run your equipment harder and sweat the assets to drive free cash?

{audio:0:53:00} You would slash capex and run lower fleet utilization. You would try to sell off fleet as best you could, then cut SG&A. You have such a free cash flow release through your capex, that you are quite resilient through a downturn, much more so than an OEM type of business.

{audio:0:53:27} Then you lag the rebound, given you no longer have new equipment?

{audio:0:53:34} Yes, you would have to catch up later.

{audio:0:53:36} What is the biggest risk for these businesses in your opinion?

{audio:0:53:39} Both Sunbelt and United need to get better at their digital strategy. There are some small disruptors out there who are not scaled yet, but have innovative business models. Sunbelt and United need to pay attention to EquipmentShare and other digital technology-driven business models, to ensure they don't get blindsided by them. The equipment rental industry is still very heavy capex with face-to-face interactions and people driving in trucks. Some new players are coming up with a model similar to Airbnb or Uber, but for equipment. They are not operating at scale yet but Sunbelt and United need to be ready to respond.

{audio:0:54:55} How could these new sharing equipment players pose a risk?

{audio:0:55:00} If customers start to prefer their business model at scale.

{audio:0:55:08} It can be cheaper because they don't have to own the equipment themselves. They allow owners of the equipment to simply list their equipment when they're not using it on their site. It is a peer-to-peer equipment sharing platform and they simply take a fee for brokering the transaction. I don't know if that disruptive business model will work or not.

{audio:0:55:37} What drives a higher margin for specialty than general core equipment?

{audio:0:55:45} It comes down to that example of selling a solution rather than competing on price for a list of equipment. When you solve a mission critical problem for the customer, more margin is built into that.

{audio:0:56:04} Even if there's only a small part of the total volume they sell in specialty?

{audio:0:56:09} It is priced into everything you do, and with the right relationship and truly solving the problem, many times you don't tell them what the equipment costs, nor do they care. You are giving them lump sum billing for solving that problem.

{audio:0:56:28} How much does maintenance affect margins in power and HVAC?

{audio:0:56:34} Maintenance matters and depends on the type of equipment you run. The line item for maintenance will be higher for power and HVAC than for sealed road plate rentals. If you want to compare businesses, I always encourage people to compare lifetime cash-on-cash return for a piece of equipment. That is simply your dollar utilization, times useful life, plus your recovery value, divided by your original equipment cost.

{audio:0:57:23} How does the specialty and general recovery value percentage compare?

{audio:0:57:35} Recovery value is lower as specialty equipment is used differently and for longer. You could have a relatively low margin piece of equipment that lasts for 15 years and ends up having an attractive cash-on-cash return because it lasts for a long time. You could also have a very high margin asset which only lasts three years with a lower cash-on-cash lifetime return. There are dozens of ways that equation looks attractive or unattractive based on those levers.

United Rentals: Specialty Division Growth & M&A Strategy

Former Director, Specialty Strategy, United Rentals

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Matthew Burton

Former Director, Specialty Strategy, United Rentals

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United Rentals: Specialty Division Growth & M&A Strategy(May 17, 2022)

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