Custom Truck One Source, Inc. Announces Executive Changes
April 02, 2021 at 05:10 pm EDT
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As previously announced, on December 3, 2020, Custom Truck One Source, Inc. (the Company) and NESCO Holdings II, Inc., a subsidiary of the Company, entered into a Purchase and Sale Agreement with certain affiliates of The Blackstone Group and other direct and indirect equity holders (collectively, Sellers) of Custom Truck One Source, L.P. (CTOS), Blackstone Capital Partners VI-NQ L.P. and, solely with respect to Section 9.04 of the Purchase Agreement, PE One Source Holdings, LLC, an affiliate of Platinum Equity (Platinum), pursuant to which Buyer agreed to acquire 100% of the partnership interests of CTOS (collectively, the Acquisition). In connection with the Acquisition and the Subscription, each of Rahman D'Argenio and Mark Ein resigned from the Board on the Closing Date immediately prior to the Closing, and each of the other directors of the Company prior to the Closing (Dyson Dryden, William Plummer, Jennifer Gray, Matt Himler, Gerard Holthaus, Lee Jacobson, Doug Kimmelman and Jeffrey Stoops) resigned from the Board on the Closing Date (April 1, 2021) effective as of the Closing. In connection with the foregoing, Messrs. Heinberg and Bader and Ms. Nelson were appointed as members of the Audit Committee of the Board, and Messrs. Munfa, Wolf and D'Argenio and Ms. Nelson were appointed as members of the Compensation Committee of the Board. In connection with the Acquisition, the previously announced appointments of Ryan McMonagle as President and Chief Operating Officer of the Company became effective on the Closing Date (April 1, 2021). Also, as previously announced, Robert Blackadar ceased to serve as the President of the Company, Kevin Kapelke ceased to serve as the Chief Operating Officer of the Company each effective as of the Closing Date(April 1, 2021).
Custom Truck One Source, Inc. is a provider of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America. The Company offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets. Its segments include Equipment Rental Solutions (ERS), Truck and Equipment Sales (TES), and Aftermarket Parts and Services (APS). ERS segment owns a range of new and used specialty equipment, including truck-mounted aerial lifts, cranes, service trucks, dump trucks, trailers, digger derricks and other machinery and equipment. TES segment offers a variety of new equipment for sale to be used across its end-markets. APS segment includes the sale of specialized aftermarket parts, including captive parts related to its Load King brand, used in the maintenance and repair of the equipment the Company sells and rents.