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HiRail Leasing Group is a customer-owned truck business located in Custom Truck One Source

HiRail Leasing Group is a customer-owned truck business located in Custom Truck One Source

KANSAS CITY, Mo., January 14, 2022 /PRNewswire/ -- Custom Truck One Source, Inc. (NYSE:, "CTOS" or the "Company") today announced that the acquisition of HiRail Leasing, Northshore Rail Contracting, and Heavy Equipment Repairs (collectively, "HiRail" or the "HiRail Leasing Group") was completed for $46.0 million, subject to fleet and other customary purchase price adjustments.

HiRail has over 600 rental units, and is one of Canada's largest rail equipment rental companies. Custom Truck's locations in Ontario and Alberta will expand Custom Truck's geographic reach in the region.

HiRail is a proud asset to the Custom Truck team, according to the CEO. "This acquisition will allow us to continue expanding our core rental business. We will leverage our one stop shop capabilities in rental, sales, equipment upfitting, and service to meet the critical equipment needs of new and existing customers across Canada."

"HiRail has earned the trust of Canada's leading rail customers by providing reliable, best-in-class service for over thirty years," Ryan McMonagle, Custom Truck President & COO, said. "We look forward to continuing that tradition and building on that reputation to grow our presence in Canada and to support our customers, employees, and communities."

The HiRail acquisition was funded with cash on hand as well as drawings on Custom Truck's existing credit facility.

CTOS offers a diverse range of services to electric utility transmission and distribution, telecommunications and rail markets. The Company's coast-to-coast rental fleet of more than 9,000 units includes aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment, repair parts, and accessories.

Certain factors, including public health concerns, industrial fluctuations, and economic limitations, are not construed as exhaustive. Generally speaking, these statements are not intended to be exhaustive because they are based on reasonable assumptions, as is expected in the past. such as: limitations in the transportation industry or reliance on third-party companies to provide services to our customers; adverse reaction to technical difficulties; decreased ability to conduct our business; and increased availability of supplies.

CONTACTBrian Perman, Vice President, Investor Relations, 19844-403-6138 INVESTOR CONTACTBrian Perman

SOURCE Custom Truck One Source, Inc.

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