IRN100 ranking reveals top 10 US-based rental companies

The latest IRN100 ranking of equipment rental companies, reflecting 2023 numbers, shows a 13.4% increase in revenues (after factoring in exchange rate fluctuations) for the top 100 companies over last year. Of those, US-based firms made up the biggest majority, accounting for more than half of the total revenues of US$81.6 billion.

Four of the top 5 companies on the IRN100 are US-based firms, and they have an average growth rate of 14% (including acquisitions and organic growth). 

The North American rental market is currently on a growth trajectory, thanks to rising infrastructure investment, increasing demand for housing, the boom in data center construction, as well as policy aimed at bringing semiconductor manufacturing back to the United States - a boon to rental companies.

Here’s a look at the top 10 rental companies in the US:

Four of the top 5 companies on the IRN100 are US-based firms, and they have an average growth rate of 14% (including acquisitions and organic growth). 

10. TNT Crane & Rigging

This Houston, Texas-based crane and rigging firm rose far up the ranks this year, jumping from #75 on the IRN100 in 2022 to its current position at #35. Bringing in $489 million in revenues, TNT has over 40 branches located across the US and Canada.

According to the company’s website, TNT Crane & Rigging has a fleet comprising 700 cranes and a team of more than 1,700 employees. The acquisitions of Southway Crane & Rigging, RMS Cranes, Eagle West Cranes, Stampede Crane & Rigging, and JMS Crane & Rigging have contributed to TNT’s ability to provide lifting solutions to customers across North America.

9. Sammons Industrial (Briggs Equipment and SitePro Rentals)

Sammons moved up one position in the ranking, from #34 to #33. Based in Dallas, Texas, Sammons brought in US$543 million last year and has 117 total branches.

Under the Sammons umbrella are Briggs Industrial Solutions, offering equipment, rental, service, and design products to customers with 21 locations in six states through four distinct business units: Briggs Equipment, Briggs Truck & Rail, Briggs Earth & Ag, and Briggs Warehouse Solutions; Briggs Equipment UK, which encompasses both Ireland and the United Kingdom as part of Briggs International, global distributor of Hyster and Yale materials handling equipment; Briggs Equipment Mexico, with 15 branch offices offering a variety of rentals, equipment and services; and SitePro Rentals, the newest company to join Sammons, with over five branches.

8. Sunstate Equipment Co.

Moving down the list one spot, from #19 to #20 is Phoenix, Arizona-based Sunstate Rentals, which earned revenues of US$841 million last year. Founded in 1977, Sunstate has 98 depots across California, Nevada, Utah, Colorado, Arizona, New Mexico, Oklahoma, Texas, Tennessee, Oregon, Washington, Georgia, South Carolina, North Carolina, and Florida.

According to the company website, Sunstate was founded by Mike Watts, a rental equipment salesman who, according to the company’s website, quit his job and “bootstrapped the purchase of a small mom-and-pop equipment rental company in Phoenix, Arizona,” and later went on to buy out the company and build his business on the principles of “honesty and integrity... [with an] internal culture encouraging employee growth, empowerment and respect.”

7. Maxim Crane Works

Maxim Crane Works moved up a notch on the list to #17 from #18, bringing in US$951 million. Based in Wilder, Kentucky, the company has over 60 locations and specializes in crane rental and turnkey lifting services, including operated & maintained and bare rentals.

The company says it offers “one of the most diverse and extensive fleets of portable cranes in the world” and is a “one-stop shop for your project needs.” 

6. Home Depot

Moving down one place on the IRN100 to #12, rental revenues for Home Depot Rentals were estimated to be US$1.4 billion. The Atlanta-based company is the largest home improvement retailer in the United States with 1,400 locations. 

5. H&E Rentals

Previously H&E Equipment, this Baton Rouge, Louisiana-based company rose two spots in the overall ranking to #11 this year. H&E has more than 150 depots across the US and generated estimated revenues of US$1.4 billion, up from US$1.2 billion. 

4. EquipmentShare

Jumping six spots up the IRN100 to join the top 10 is EquipmentShare, which rose from #16 in 2022 to #9 a year later.

The Columbia, Missouri-based company posted rental revenues of US$1.9 billion in 2023, up from US$1.09 billion the year before.

It was reported in April that the business is at the early stages of exploring an initial public offering.

3. Herc Rentals

Consistent in the #3 position is US-based Herc Rentals with US$3.5 billion in rental revenues, up from US$2.7 billion the year before.

Herc has added 21 new locations so far in 2024, with 10 of those coming in the second quarter (a 48% increase in locations year-to-date).

“Continued investments in our premium fleet offering, strategic acquisitions and advanced technologies, along with robust demand across key end markets and a focus on cost discipline are driving the momentum in our business and will support sustainable, profitable growth over the long term,” said Larry Silber, president and chief executive officer.

2. Ashtead Group

Ashtead Group, which owns Sunbelt Rentals in the UK and the US, posted rental revenues of US$9.5 billion in 2023, up from US$8.6 billion the year before, to remain in the #2 position on the list.

The company unveiled its new Sunbelt 4.0 five-year plan earlier this year, detailing its financial and operational targets, including an ambition to become a US$14-billion business in North America by the 2029 financial year. It foresees compound annual growth rates in revenue of 6% to 9% in the US, 9% to 12% in Canada and 2% to 5% in the UK over the five-year period.

Supporting that growth will be between 300 and 400 greenfield depot openings, comprising between 180 and 240 specialty locations and 120 to 160 general tool stores. These new locations will generate up to 30% of the growth anticipated in the five-year period, the company said.

1. United Rentals

United Rentals stays in first place on the list, posting revenues of US$11.8 billion, up from US$10.2 billion last year.

Big news for United this past year was the purchase of Yak for US$1.1 billion. The specialty acquisition includes three businesses in the US - Yak Access, Yak Mat and New South Access & Environmental Solutions – which supply temporary roadways and mats for contractors and utility companies.

The deal will add annual revenues of around US$350 million and create a new ‘Matting Solutions’ business within United’s specialty rentals division. Look for the impact of that addition in next year’s IRN100.