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Capitol Investment Corp. IV Completes Merger with NESCO

By | Article, Press Release

 

Combined Company Named Nesco Holdings, Inc. Will Trade on the NYSE under NSCO

WASHINGTON D.C. and FORT WAYNE, INDIANA, July 31, 2019 – Capitol Investment Corp. IV (NYSE: CIC; “Capitol”), a public investment vehicle, and Nesco Holdings I, Inc. (“Nesco”), a leading provider of specialty rental equipment to the electric utility, telecom and rail end-markets, announced today the closing of their merger. In connection with the consummation of the merger, the combined company was renamed Nesco Holdings, Inc. The shares of common stock and warrants of the combined company are expected to begin trading on the New York Stock Exchange and NYSE MKT on August 1, 2019 under the symbols NSCO and NSCO WS, respectively.

Nesco offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets including electric lines, telecommunications networks and rail systems. With a nationwide rental fleet of approximately 4,200 units, Nesco provides its customers a vast and comprehensive product offering along with an unrelenting focus on service. As a one-stop shop, Nesco also offers its customers the parts, tools and accessories needed to fully equip their crews for activity in the field. Nesco’s long-lived equipment assets offer highly attractive economic returns and the company has demonstrated strong financial performance with an Adjusted EBITDA margin of 49% in 2018 and a 24% compound annual growth rate of Adjusted EBITDA from 2016 to 2018.

“We are excited to have closed our merger with Nesco and look forward to working with the Nesco team and the company’s world class board to execute on the substantial opportunity that we believe Nesco’s infrastructure end markets present. With a combination of the strong demand for Nesco’s equipment across electric utility transmission and distribution, 5G deployment and rail development and its attractive unit economics, we believe that Nesco will create substantial long-term value for its shareholders,” said Mark Ein, Chairman and CEO of Capitol.

Capitol shareholders elected seven directors to serve on the board of the combined company. William Plummer, who served as the CFO of United Rentals during a decade of substantial growth and shareholder value creation, will serve as Chairman of the board. Jeffrey Stoops, who has been CEO of SBA Communications Corp. for the last seventeen years of transformational growth in wireless infrastructure, has also joined the board. The board also includes Mark Ein, Dyson Dryden, President and CFO of Capitol, Doug Kimmelman, Senior Partner and founder of Energy Capital Partners (“ECP”), Rahman D’Argenio, an ECP partner, and CEO Lee Jacobson.

Nesco’s current management team, led by Mr. Jacobson and CFO Bruce Heinemann, will continue to run the combined company.

“We are thrilled to embark on the next phase in Nesco’s growth story as a publicly listed company in partnership with Capitol, ECP, William Plummer and Jeffrey Stoops,” said Mr. Jacobson. “We continue to see robust growth in demand across all of our end markets and remain focused on executing our plan to deliver the significant growth we see ahead.”

Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC served as financial and capital markets advisors to Capitol, while Morgan Stanley & Co. LLC served as exclusive financial advisor to Nesco. Latham & Watkins LLP and Graubard Miller acted as legal advisors to Capitol and Kirkland & Ellis LLP acted as legal advisor to Nesco and ECP.

About Nesco

Nesco is one of the largest providers of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America. Nesco offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets including electric lines, telecommunications networks and rail systems. Nesco’s coast-to-coast rental fleet of approximately 4,200 units includes aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment, repair parts, tools and accessories. For more information, please visit https://nescospecialty.com.

About Capitol Investment Corp. IV

Capitol Investment Corp. IV was a public investment vehicle formed for the purpose of effecting a merger, acquisition or similar business combination. Capitol was led by Chairman and Chief Executive Officer Mark D. Ein, and President and Chief Financial Officer L. Dyson Dryden. Capitol’s securities have been quoted on the New York Stock Exchange under the ticker symbols CIC, CIC WS and CIC.U. The company, which raised $402.5 million of cash proceeds in an initial public offering in August 2017, is the Capitol team’s fourth publicly traded investment vehicle. The first, Capitol Acquisition Corp., created Two Harbors Investment Corp. (NYSE: “TWO”), a leading mortgage real estate investment trust (REIT) and the second, Capitol Acquisition Corp. II, merged with Lindblad Expeditions, Inc. (NASDAQ: “LIND”), a global leader in expedition travel. The third vehicle, Capitol Acquisition Corp. III, merged with Cision Ltd. (NYSE: “CISN”), a leading global provider of cloud-based earned media solutions.

Forward Looking Statements

This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Capitol’s or Nesco’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to recognize the anticipated benefits of the business combination; the ability to meet the NYSE’s continued listing standards; costs related to the business combination; Nesco’s ability to execute on its plans to develop and market new products and the timing of these development programs; Nesco’s estimates of the size of the markets for its solutions; the rate and degree of market acceptance of Nesco’s solutions; the success of other competing technologies that may become available; Nesco’s ability to identify and integrate acquisitions; the performance and security of Nesco’s services; potential litigation involving Capitol or Nesco; and general economic and market conditions impacting demand for Nesco’s services. Neither Capitol nor Nesco undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

NESCO Releases First Quarter 2019 Financial Report

By | Article, Press Release

To Read the Entire Financial Report, Including Financial Data, Click Here

FORT WAYNE, INDIANA, May 13, 2019 – Capitol Investment Corp. IV (NYSE: CIC; “Capitol”), a public investment vehicle, and Nesco Holdings I, Inc. (“Nesco”), a leading provider of specialty rental equipment to the electric utility, telecom and rail endmarkets, today reported Nesco’s financial results for the quarter ended March 31, 2019.

As announced previously, Nesco and Capitol have entered into a definitive agreement in which Nesco will become a publicly listed company. The transaction is expected to close in the second quarter of 2019. For additional information on the transaction, see Capitol’s Registration Statement on Form S-4 filed with the Securities and Exchange Commission (“SEC”) on April 11, 2019, including any amendments thereto (as amended, the “Registration Statement”), which is available on the SEC’s website at www.sec.gov, or Capitol’s website at www.capinvestment.com.

First Quarter 2019 Financial Highlights

  • Revenue of $61.5 million (+6.6% from first quarter of 2018)
  • Adjusted EBITDA of $30.4 million (+4.3% from first quarter of 2018)
  • Full year 2019 revenue and Adjusted EBITDA outlook reaffirmed

Review of First Quarter 2019 Results
Lee Jacobson, Nesco’s CEO, remarked: “Nesco is off to a great start in 2019 and I’m very pleased with our first quarter results which reflected continued robust growth in demand across all our end markets. We look forward to completing our merger with Capitol which will allow us to enter into the next phase of Nesco’s growth story by investing in our fleet to meet the demand we have been unable to serve in recent years and continue our strong trajectory as our end markets continue to grow. We have secured hard commitments from our leading suppliers in accordance with our growth plan and fully expect to realize deliveries to meet that plan. We are also progressing in-line with our plan to establish a parts, tools and accessories presence across the country by 2020
and opened two new facilities in April.”

Total revenue in the first quarter was $61.5 million, an increase of $3.8 million or 6.6% from the first quarter of 2018. The increase was driven by growth of $2.1 million in the Equipment Rental and Sales segment and growth of $1.7 million in the Parts, Tools and Accessories segment.

Equipment Rental and Sales segment total revenue grew 4.3% to $52.1 million for the quarter from $50.0 million for the same period in 2018. This growth was primarily due to an increase in used equipment sales and market share gains in telecom and rail. The prior year’s revenue included a net benefit of $1.3 million of equipment rental revenue related to power restoration work in Puerto Rico.

Parts, Tools and Accessories (“PTA”) segment revenue grew 21.9% to $9.4 million for the quarter from $7.7 million for the same period in 2018. The increase was due to the acquisition of N&L Equipment, which was completed in July 2018, and expanding demand for PTA products among Nesco’s customer base. The strategic acquisition of N&L added a new location and rounded out Nesco’s PTA offering for a complete product suite including insulated and non-insulated tools as well as test and repair services.

Total fleet count in the quarter averaged 4,075 compared to 3,879 in the first quarter of 2018, representing a growth rate of 5.1%. Capital expenditures in the quarter were predominately in the bucket and truck categories, driven by high demand in the transmission and distribution, telecom and rail end-markets. The company recorded an average rental rate per day of $137 and fleet utilization of 80.0% for the quarter. Equipment on rent increased to $453.6 million for the quarter from $445.9 million in 2018 due primarily to increased fleet size.

Adjusted EBITDA, a non-GAAP financial measure, for the three months ended March 31, 2019 grew 4.3% to $30.4 million from $29.2 million in the same period in 2018. A reconciliation between Adjusted EBITDA and GAAP net income is included in the accompanying financial data.

Non-Binding Letter of Intent
On May 13, 2019, Nesco entered into a non-binding letter of intent with a potential acquisition target in the equipment rental business. The purchase price is approximately $42 million, implying an approximately 5x multiple of reported Adjusted EBITDA prior to synergies and the full year impact of recent fleet additions. The acquisition remains subject to further diligence, negotiation of definitive agreements and satisfaction of the conditions negotiated therein. Accordingly, there can be no assurance that the potential acquisition will be concluded. Investors are further cautioned that those portions of the letter of intent that describe the proposed transaction, including the consideration to be issued therein, are non-binding and subject to change. If a definitive agreement is signed, the acquisition would not be expected to close until after consummation of the merger between Nesco and Capitol.

New President of Nesco
On May 13, 2019, Nesco entered into an employment agreement pursuant to which Robert Blackadar will serve as President. He will join Nesco on May 20, 2019. Mr. Blackadar brings 25 years of experience in the rental and equipment industry and demonstrated success in driving strong financial and operating results in senior leadership roles across sales and operations. He joins Nesco from Blueline Rental, where he served as Senior Vice President and Division Vice President with responsibility for company-wide operations across the U.S., Canada and Puerto Rico, including fleet management, service, equipment sales and safety. Mr. Blackadar also held responsibility for the financial results of Blueline’s Eastern division, which represented half of the company’s business. As one of the senior leaders of Blueline, he led major growth initiatives and operational improvements across the company’s nationwide network, driving a turnaround in the business and supporting the ultimate sale of the company to United Rentals. Prior to joining Blueline, Mr. Blackadar held a range of leadership and sales roles with United Rentals, Herc Rentals and Ritchie Bros. Auctioneers.

Reaffirmation of 2019 Outlook
Nesco management reaffirms its outlook on revenue and Adjusted EBITDA for the full-year 2019 as set forth in the investor presentation related to the merger with Capitol Investment Corp. IV, filed on April 8, 2019. This guidance is subject to the risks and uncertainties described in the “Forward Looking Statements” below.

Additional Information and Where to Find It
Capitol has filed a preliminary proxy statement/prospectus and other relevant documents with the SEC to be used at its annual meeting of stockholders to approve the proposed transaction with Nesco. The proxy statement will be mailed to stockholders as of a record date to be established for voting on the proposed business combination. INVESTORS AND SECURITY HOLDERS OF CAPITOL AND NESCO ARE URGED TO READ THE REGISTRATION STATEMENT AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement/prospectus and other documents containing important information about Capitol and Nesco through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Capitol and/or Nesco when and if available, can be obtained free of charge on Capitol’s website at www.capinvestment.com or by directing a written request to Capital Investment Corp. IV, 1300 N 17th Street, Suite 820, Arlington VA 22209 or by emailing info@capinvestment.com.

Participants in the Solicitation
Capitol and Nesco and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of Capitol’s stockholders in connection with the proposed business combination. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed transaction of Capitol’s directors and officers in Capitol’s filings with the SEC, including Capitol’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which was filed with the SEC on March 4, 2019. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Capitol’s shareholders in connection with the proposed business combination is set forth in the Registration Statement. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination is also included in the Registration Statement.

No Offer or Solicitation
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Nesco
Nesco is one of the largest providers of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America. Nesco offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets including electric lines, telecommunications networks and rail systems. Nesco’s coast-to-coast rental fleet of approximately 4,000 units includes aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment, repair parts, tools and accessories. For more information, please visit https://nescospecialty.com.

About Capitol Investment Corp. IV
Capitol Investment Corp. IV is a public investment vehicle formed for the purpose of effecting a merger, acquisition or similar business combination. Capitol is led by Chairman and Chief Executive Officer Mark D. Ein, and President and Chief Financial Officer L. Dyson Dryden. Capitol’s securities are quoted on the New York Stock Exchange under the ticker symbols CIC, CIC WS and CIC.U. The company, which raised $402.5 million of cash proceeds in an initial public offering in August 2017, is the Capitol team’s fourth publicly traded investment vehicle. The Capitol team’s three prior deals are all in the top 10 of the best performing SPACs out of over 130 raised since October 2009 in terms of total returns since merger. The first, Capitol Acquisition Corp., created Two Harbors Investment Corp. (NYSE: “TWO”), a leading mortgage real estate investment trust (REIT) and the second, Capitol Acquisition Corp. II, merged with Lindblad Expeditions, Inc. (NASDAQ: “LIND”), a global leader in expedition travel. The third vehicle, Capitol Acquisition Corp. III, merged with Cision Ltd. (NYSE: “CISN”), a leading global provider of cloud-based earned media solutions. For more information, please visit https://capinvestment.com.

Forward Looking Statements
This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and within the meaming of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Capitol’s or Nesco’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to complete the transactions contemplated by the proposed business combination; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by Capitol stockholders; the ability to meet the NYSE’s listing standards following the consummation of the transactions contemplated by the proposed business combination; costs related to the proposed business combination; the inability to enter into or complete the proposed transaction governed by the non-binding letter of intent; the inability to recognize the anticipated benefits of the transaction contemplated by the non-binding letter of intent; Nesco’s ability to execute on its plans to develop and market new products and the timing of these development programs; Nesco’s estimates of the size of the markets for its solutions; the rate and degree of market acceptance of Nesco’s solutions; the success of other competing technologies that may become available; Nesco’s ability to identify and integrate acquisitions; the performance and security of Nesco’s services; potential litigation involving Capitol or Nesco; and general economic and market conditions impacting demand for Nesco’s services. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. Neither Capitol nor Nesco undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Key Operational and Financial Metrics

Non-GAAP Measures: Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA are non-GAAP financial measures as defined under the rules of the SEC. Adjusted EBITDA is a financial performance measure that we use to monitor our results from operations and to measure our performance against our debt covenants. This common metric is intended to align Nesco’s shareholder, debt holders, and management.

The presentation of these financial measures enhances an investor’s understanding of our financial performance because these measures are useful financial metrics to assess our operating performance from period to period by excluding certain items that we believe are not representative of our core business. Such items are excluded pursuant to the definition of Adjusted EBITDA in our credit agreements; Adjusted EBITDA is the basis for several financial covenants therein. These financial measures will provide investors with a useful tool for assessing the comparability between periods of our ability to generate cash from operations sufficient to pay taxes, to service debt and to undertake capital expenditures. We use these financial measures for business planning purposes, for loan compliance purposes, and in measuring our performance relative to that of our competitors.

In analyzing and planning for our business, we supplement our use of financial measures based on U.S. GAAP with non-GAAP financial and other measures, as well as, use measures related to our specialized fleet of rental equipment, which are defined below. Nesco’s use of the terms EBITDA and Adjusted EBITDA may vary from that of others in its industry and therefore are limited in their usefulness as comparative measures. These financial measures should not be considered as alternatives to net income (loss), operating income (loss) or any other performance measures derived in accordance with GAAP as measures of operating performance or operating cash flows or as measures of liquidity. Our non-GAAP financial measures should not be relied upon to the exclusion of U.S. GAAP financial measures. We encourage investors to review our non-GAAP financial measures together with our U.S. GAAP results and historical consolidated financial statements, and not in isolation. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by other companies.

Adjusted EBITDA includes an adjustment to exclude the effects of purchase accounting adjustments when calculating the cost of used equipment sold. When equipment is purchased in connection with a business combination, the equipment is revalued to its then current fair value for accounting purposes. The consideration transferred (i.e., the purchase price) in a business combination is allocated to the fair value of equipment as of the acquisition date, with depreciation recorded thereafter following our accounting policies; however, this may not be indicative of our actual cost to acquire new equipment that we add to our fleet apart from a business acquisition. Additionally, the pricing of our rental contracts and equipment sales prices for our equipment is based off of OEC, and we measure a rate of return from our rentals and sales using OEC. As indicated above, our credit agreements define this adjustment to EBITDA, as such, and we believe this metric is a better indication of our true cost of equipment sales due to the removal of the purchase accounting adjustments.

Adjusted EBITDA: EBITDA represents net income before interest, income tax (benefit) provision, depreciation and amortization. Adjusted EBITDA is defined as net income (loss) plus interest expense, provision for income taxes, depreciation, and amortization, as further adjusted for (1) non-cash purchase accounting impact, (2) transaction and process improvement costs, (3) major repairs, (4) share-based payments, and (5) other non-recurring items. These metrics are subject to certain limitations.

Fleet count represents the average equipment units held in our rental fleet over any period.

Fleet utilization, with respect to the average equipment units held in our rental fleet over any period, is defined as the total number of days the rental equipment was rented during the period divided by the total number of days such rental equipment could have been rented during the same period, assuming that each piece of equipment could have been rented every day in the period (i.e. no maintenance or planned downtime is included in the calculation).

Equipment on rent is the original equipment cost (“OEC”) of units rented to customers at a given point in time.

Average equipment on rent is calculated as the weighted average equipment on rent during the stated period. OEC represents the original equipment cost by fleet type over a period of time, exclusive of the effect of adjustments to rental equipment fleet acquired in business combinations. This adjusted measure of OEC is used by our creditors pursuant to our credit agreements, wherein this is a component of the basis for determining compliance with our financial loan covenants. Additionally, the pricing of our rental contracts and equipment sales prices for our equipment is based off of OEC, and we measure a rate of return from our rentals and sales using OEC. OEC is a widely-used industry metric to compare fleet dollar value independent of depreciation.

Rental rate per day for the period is calculated as total rental revenue divided by the total billed rental days.

To Read the Entire Financial Report, Including Financial Data, Click Here

NESCO Specialty Rentals Named Finalist in 2019 Nintex Solution Innovation Awards

By | Article, News

Fort Wayne, IN—May 8, 2019— NESCO Specialty Rentals announced it is a finalist in the 2019 Nintex Solution Innovation Awards in the Industry Breakthroughs – Energy Category.

The Nintex Solution Innovation Awards recognize customer organizations who are driving impactful and innovative business solutions leveraging the powerful and easy-to-use Nintex Platform.

“Nintex is honored to recognize NESCO Specialty Rentals as a 2019 Nintex Solution Innovation Award finalist,” said Nintex Chief Customer Officer Josh Waldo. “We were truly impressed by the innovative ways organizations are using the Nintex Platform to improve the way people work and drive impactful business results.”

“NESCO needed to strengthen our business controls around the updating of data regarding our company financials in our ERP system,” said NESCO IT Director, Matt Brown. “The problem that we needed to solve was ensuring that postings to the MAS General Ledger by the accounting team were controlled in a manner that we could prove that they were reviewed & approved by the appropriate personnel on the team, while eliminating the ability for any team members to manually post to the system. This was accomplished by developing an automated workflow that the accounting team uses to submit journal entries that need to be posted for review. NESCO utilizes the Nintex workflow application in our SharePoint environment to route the requests to the appropriate resources and captures their approval or rejection of the proposed journal entries to be made in SharePoint as evidence needed to retain for auditing purposes. If a submitted request is approved, our workflow calls a web service application that automatically posts the entries into MAS. This not only has speed up the month-end accounting processes but has allowed us to disable manual updates to the General Ledger and retain the auditing evidence required.”

Award finalists were selected based on nominations submitted by Nintex customers and partners earlier this year. Nominations were open to every organization that turns to Nintex capabilities for successfully managing, automating and optimizing a wide-range of business processes including visual process mapping – Nintex Promapp™, process intelligence – Nintex Process Intelligence, Nintex Workflow, Nintex Forms, Nintex Mobile, Nintex Drawloop DocGen® for Salesforce, and Nintex Drawloop DocAutomation.

The worldwide winners of 2019 Nintex Solution Innovation Awards will be announced on June 3, 2019 and will also be celebrated at the 2019 Nintex ProcessFest conference in Bellevue, Wash., Sept. 30 – October 3, 2019, at the W Hotel.

About NESCO Specialty Rentals:
NESCO provides everything the utility, telecom and rail professional needs to get the job done from aerial lifts, cranes, diggers and stringing gear to blocks, aftermarket parts, tools and accessories. NESCO maintains one of the industry’s largest rental fleets and service networks in the country. With over 50 locations in the U.S. and Canada, 30+ years of industry experience, and as an authorized distributor for your most trusted manufacturers: Terex, Hogg & Davis, Versalift, ETI and Manitex to name a few; NESCO’s extensive fleet and knowledgeable staff offer the right specialty rental equipment and service you need to get the job done. For more information, visit www.nescospecialty.com.

Contact Information
Matt Brown, IT Director
6714 Pointe Inverness Way, Suite 220 | Fort Wayne, IN 46804
Matt.Brown@nescorentals.com

Capitol Investment Corp. IV to Combine with NESCO

By | Article, Press Release

SPAC Leader Capitol Using Fourth Investment Vehicle to Acquire Industry Leading Company Poised for Significant Growth

Growth in Infrastructure Investments for Electric Utility, Telecom and Rail Fueling Demand for Nesco’s Products and Services Drove 24% Adj. EBITDA CAGR Over Last Two Years

Business Combination to Provide Capital and a Public Currency to Expand Nesco’s Specialty Equipment Rental Fleet to Support Customers That Are Building, Maintaining, Repairing and Upgrading Critical Infrastructure Assets across North America

Prominent and Proven Public Company Value Creators Bill Plummer and Jeff Stoops Joining Nesco as Chairman and Board Member, Respectively

Investor Conference Call Scheduled for Monday, April 8th, at 11:00 AM EDT

WASHINGTON D.C. and FORT WAYNE, INDIANA, April 8, 2019 – Capitol Investment Corp. IV (NYSE: CIC; “Capitol”), a public investment vehicle, and Nesco Holdings I, Inc. (“Nesco”), a leading provider of specialty rental equipment to the electric utility, telecom and rail end-markets, announced that they have entered into a definitive agreement in which Nesco will become a publicly listed company with an anticipated initial enterprise value of approximately $1.1 billion. Nesco is currently a portfolio company of Energy Capital Partners (“ECP”).

Nesco offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets including electric lines, telecommunications networks and rail systems. With a nationwide rental fleet of approximately 4,000 units, Nesco provides its customers a vast and comprehensive product offering along with an unrelenting focus on service. As a one-stop shop, Nesco also offers its customers the parts, tools and accessories needed to fully equip their crews for activity in the field. Nesco’s long-lived equipment assets offer highly attractive economic returns and the company has demonstrated strong financial performance with an Adjusted EBITDA margin of 49% in 2018 and a 24% compound annual growth rate of Adjusted EBITDA over the past two years.

Capitol is the fourth public investment vehicle of Chairman and CEO Mark Ein and President and CFO Dyson Dryden, following three prior successful transactions. The Capitol team has the best track record of public investment vehicle sponsors, with all three of its prior investments consistently beating the broader markets with an average annualized return of 17%1.

“We work hard to set ourselves apart from other investment vehicles by scouring the world for outstanding companies where our team, and our capital, can be a catalyst to accelerate growth and then we actively engage with the businesses post-merger to help execute the business plan and create substantial long-term shareholder value. Nesco perfectly fits our model as it is uniquely positioned to benefit from the increased demand for its equipment as the result of the significant, consistent growth in infrastructure spending in each of its core end-markets – electric utility transmission and distribution, 5G deployment and rail development,” said Mark Ein, Chairman and CEO of Capitol. “With the substantial end-market demand, attractive unit economics, capital from this transaction, a world class board and an experienced team all coming together, we believe the combined company will deliver superior returns for investors long into the future.”

Joining the combined company’s board of directors as Chairman is William Plummer who served as the CFO of United Rentals, Inc. from 2008 until he left the company in January 2019. Over a pivotal decade of substantial growth and shareholder value creation during his tenure, the company’s stock price increased more than 21 times as the market capitalization grew from $385 million to $11.4 billion.

Jeffrey Stoops will also join the combined company’s board of directors. Mr. Stoops has served as the CEO of SBA Communications Corp. for the last seventeen years, overseeing transformational growth of the wireless tower infrastructure company leading to a market capitalization increase from $553 million to $22.6 billion and a stock price increase of 15 times.

Nesco’s current management team, led by CEO Lee Jacobson and CFO Bruce Heinemann, will continue to run the combined company post-transaction.

Mark Ein and Dyson Dryden, as well as Doug Kimmelman, the Senior Partner and founder of ECP, Rahman D’Argenio, an ECP partner, and CEO Lee Jacobson will also serve as directors on the combined company’s board of directors.

The annual investment spend in Nesco’s end-markets exceeds $100 billion and grew at a 7.8% annual growth rate from 2001 to 2017 compared to a 3.9% annual growth rate in U.S. GDP over the same period2. Nesco’s end-markets have demonstrated limited correlation with GDP growth and resiliency throughout prior economic cycles3.

Continued future growth is supported by multiple important, fundamental and transformative long-term trends across Nesco’s end-markets:

The electric utility market, which has an annual infrastructure spend of over $60 billion, is in the early years of a secular investment upcycle expected to persist through the 2020s, driven by utilities’ investment to replace or strengthen an aging electric grid, to integrate growing gas and renewable generation mandated by regulation and to meet the expanding demand from electric vehicles and electric heating with a growing focus on decarbonization.4

The 5G upgrade cycle is driving a new wave of telecom infrastructure spending with 5G capex by the Big 4 wireless providers expected to total $240 billion over the next decade as deployment is expected to add 20 times more cells than the existing macro structure.5

Urban congestion and increased freight transportation needs have driven a nationwide investment in improving rail infrastructure with the U.S. Senate approving over $16 billion of spending to support commuter rail and transit projects in 2019 alone.

ECP and its affiliates will retain 70% of their investment in the combined company upon completion of the transaction. “Nesco has built a terrific platform in highly attractive end-markets as demonstrated by its strong financial performance,” said Doug Kimmelman, Senior Partner and Founder of ECP. “We are excited about the prospect of partnering with Capitol to continue Nesco’s growth as a public company with access to new sources of capital.”

“We are thrilled about our new partnership with Capitol and to continue our strong relationship with ECP as we shift into the next phase of Nesco’s growth story,” said CEO Lee Jacobson. “This transaction enables us to invest in our fleet to fulfill the increased demand that we have been unable to serve in recent years and that we expect to only increase as the result of the continued investment in our end-markets, all of which will drive significant and sustained growth for our business.”

“We are excited to have two tremendous public market value creators in Bill Plummer and Jeff Stoops join us as active participants on the board and helping the Nesco team as they continue to execute on the significant opportunities that the company’s compelling and stable end-markets present,” said Dyson Dryden, President and CFO of Capitol.

Summary of Transaction

Under the terms of the proposed transaction, Capitol will become the owner of all the equity of Nesco and will be renamed Nesco Holdings, Inc. Capitol will become a Delaware domiciled corporation immediately prior to the closing of the transaction. The combined company will have an anticipated initial enterprise value of approximately $1.1 billion, implying a 7.9x multiple of projected 2019 Adjusted EBITDA and a 6.4x multiple of projected 2020 Adjusted EBITDA.

At closing, current stockholders of Capitol and current Nesco shareholders will hold approximately 72% and 28%, respectively, of the issued and outstanding shares of the combined company’s common stock, assuming no public shareholders of Capitol exercise redemption rights. The current Nesco shareholders will also receive $75 million of cash consideration and incentive earnout shares totaling up to 1.8 million common shares, issued in 0.9 million increments when the combined company’s stock price reaches $13.00 and $16.00 per share.

The net cash proceeds from the transaction are expected to be used to pay down Nesco’s existing debt.

In addition, Capitol has entered into a $400 million debt commitment agreement with J.P. Morgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc., Citigroup Global Markets Inc., Deutsche Bank AG and Fifth Third Bank, the proceeds of which will be used to repay existing Nesco indebtedness. It is currently anticipated that Nesco will issue a notice of redemption with respect to its outstanding second lien notes immediately prior to the merger and that these notes would be redeemed concurrently with the close of the merger. Capitol has also secured commitments from lenders to provide a $350 million asset-based credit facility at closing.

The boards of directors of both Capitol and Nesco have unanimously approved the proposed transaction. Completion of the transaction, which is expected in the second quarter of 2019, is subject to approval by Capitol stockholders and other customary closing conditions.

For additional information on the transaction, see Capitol’s website at www.capinvestment.com and Capitol’s Current Report on Form 8-K, which will be filed promptly and which can be obtained, without charge, on the Securities and Exchange Commission’s website (http://www.sec.gov).

Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC served as financial and capital markets advisors to Capitol, while Morgan Stanley & Co. LLC served as exclusive financial advisor to Nesco. Latham & Watkins LLP and Graubard Miller acted as legal advisors to Capitol and Kirkland & Ellis LLP acted as legal advisor to Nesco and ECP.

Additional Information and Where to Find It

Capitol intends to file a proxy statement, prospectus and other relevant documents with the Securities and Exchange Commission (“SEC”) to be used at its annual meeting of stockholders to approve the proposed transaction with Nesco. The proxy statement will be mailed to stockholders as of a record date to be established for voting on the proposed business combination. INVESTORS AND SECURITY HOLDERS OF CAPITOL AND NESCO ARE URGED TO READ THE PROXY STATEMENT, PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement, prospectus and other documents containing important information about Capitol and Nesco once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Capitol and/or Nesco when and if available, can be obtained free of charge on Capitol’s website at www.capinvestment.com or by directing a written request to Capital Investment Corp. IV, 1300 N 17th Street, Suite 820, Arlington VA 22209 or by emailing info@capinvestment.com.

Participants in the Solicitation

Capitol and Nesco and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of Capitol’s stockholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed transaction of Capitol’s directors and officers in Capitol’s filings with the SEC, including Capitol’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which was filed with the SEC on March 4, 2019. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Capitol’s shareholders in connection with the proposed business combination will be set forth in the Registration Statement for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination will be included in the Registration Statement that Capitol intends to file with the SEC.

No Offer or Solicitation

This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

Conference Call Scheduled

Capitol will host a conference call to discuss the proposed business combination with the investment community on Monday, April 8, at 11:00 AM EDT. Investors may listen to the conference call by dialing (888) 567-1602 toll-free in the U.S. or (862) 298-0701 internationally. The presentation slides will be available at www.capinvestment.com. To access a replay of the conference call, investors can dial (888) 539-4649 toll-free in the U.S. or (754) 333-7735 internationally and provide the replay code 147217.

About Nesco

Nesco is one of the largest providers of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America. Nesco offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets including electric lines, telecommunications networks and rail systems. Nesco’s coast-to-coast rental fleet of approximately 4,000 units includes aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment, repair parts, tools and accessories. For more information, please visit https://nescospecialty.com.

About Capitol Investment Corp. IV

Capitol Investment Corp. IV is a public investment vehicle formed for the purpose of effecting a merger, acquisition or similar business combination. Capitol is led by Chairman and Chief Executive Officer Mark D. Ein, and President and Chief Financial Officer L. Dyson Dryden. Capitol’s securities are quoted on the New York Stock Exchange under the ticker symbols CIC, CIC WS and CIC.U. The company, which raised $402.5 million of cash proceeds in an initial public offering in August 2017, is the Capitol team’s fourth publicly traded investment vehicle. The Capitol team’s three prior deals are all in the top 10 of the best performing SPACs out of over 130 raised since October 2009 in terms of total returns since merger. The first, Capitol Acquisition Corp., created Two Harbors Investment Corp. (NYSE: “TWO”), a leading mortgage real estate investment trust (REIT) and the second, Capitol Acquisition Corp. II, merged with Lindblad Expeditions, Inc. (NASDAQ: “LIND”), a global leader in expedition travel. The third vehicle, Capitol Acquisition Corp. III, merged with Cision Ltd. (NYSE: “CISN”), a leading global provider of cloud-based earned media solutions.

Forward Looking Statements

This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Capitol’s or Nesco’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to complete the transactions contemplated by the proposed business combination; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by Capitol stockholders; the ability to meet the NYSE’s listing standards following the consummation of the transactions contemplated by the proposed business combination; costs related to the proposed business combination; Nesco’s ability to execute on its plans to develop and market new products and the timing of these development programs; Nesco’s estimates of the size of the markets for its solutions; the rate and degree of market acceptance of Nesco’s solutions; the success of other competing technologies that may become available; Nesco’s ability to identify and integrate acquisitions; the performance and security of Nesco’s services; potential litigation involving Capitol or Nesco; and general economic and market conditions impacting demand for Nesco’s services. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. Neither Capitol nor Nesco undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

1 Comparison data only includes SPACs that raised >$100 million since October 2009 and is based on IPO investors’ returns since business combination.
2 Evercore research, Deutsche Bank research, FactSet, USTelecom research and Federal Reserve Economic Data.
3 Evercore research, FactSet, USTelecom research and Federal Reserve Economic Data.
4 Evercore research and The Brattle Group.
5 Morgan Stanley research and Deutsche Bank research.

Contact:

L. Dyson Dryden
President and Chief Financial Officer
Capitol Investment Corp. IV
(646) 661-2002

NESCO Rentals Renaming to NESCO Specialty Rentals

By | Press Release

Fort Wayne, IN, Release: August 15, 2018.

NESCO LLC., DBA – NESCO Rentals – a North American leader in rental and sales of specialized equipment, as well as parts, tools and accessories, announced today that it is changing its name to NESCO Specialty Rentals. The name change reflects the company’s continued commitment to providing specialized equipment to the transmission and distribution markets, as well as increased investment and growth in the specialized assets needed to support the telecom, rail and other markets NESCO operates in.

“The new name – NESCO Specialty Rentals – is a reflection of our long-time primary focus, to supply and support the Specialty equipment needs of our T&D customer base. In recent years, we have added telecommunications and rail to our focus markets and broadened our Specialty equipment portfolio to match the needs of these markets,” said Lee Jacobson, CEO of NESCO Specialty Rentals. “As a company with its roots in specialty equipment rental, sales and service, we are committed to deliver products and services that will help each of our customers in these target markets address the complex needs of their applications.”

NESCO Specialty Rentals is a leading specialty equipment and service provider to the utility, transmission and distribution, rail and telecommunication industries, providing bucket trucks and other specialized aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment, repair parts, tools and accessories (PTA). NESCO maintains one of the industry’s largest specialty equipment rental fleets, PTA inventories and service networks in North America.

The new name is effective immediately and will be implemented across the company’s product and services throughout the calendar year 2018.

About NESCO Specialty Rentals
NESCO provides everything the utility, telecom and rail professional needs to get the job done from aerial lifts, cranes, diggers and stringing gear to blocks, aftermarket parts, tools and accessories. NESCO maintains one of the industry’s largest rental fleets and service networks in the country. With over 50 locations in the U.S. and Canada, 30+ years of industry experience, and as an authorized distributor for your most trusted manufacturers: Terex, Hogg & Davis, Versalift, ETI, and Manitex to name a few; NESCO’s extensive fleet and knowledgeable staff offer the right specialty rental equipment and service you need to get the job done. For more information, visit www.nescospecialty.com.

Contact Information:

Name: Dennis DePazza, Chief Business Development Officer
Address: 6714 Pointe Inverness Way, Suite 220, Fort Wayne, IN 46804
Email: dennis@nescorentals.com Phone: 800.252.0043

NESCO, LLC to Acquire N&L Line Equipment

By | Press Release

n&l line equipment
Fort Wayne, IN, Release: July 3, 2018. For Immediate Release

NESCO, LLC announced today that it has completed the acquisition of N&L Line Equipment. N&L manufactures many products related to the live-line maintenance of electric utility lines. The N&L offering includes transmission tools up to 800 kV, substation maintenance tools, as well as distribution hotline tools. N&L has paired the manufacturing of their premium line of tools with a industry leading rubber testing laboratory and tool repair service. They have the capability to test and certify all types of insulating rubber goods and insulated tools, as well as repair and refurbish all commonly used tools, hot sticks, and grounds. N&L also offers calibration services for dynamometers, gas monitors, voltage detectors. For customers needing new tools, N&L is a top-line distributor for many of the most recognized brands in the industry, along with offering a custom ground and jumper manufacturing service, to exactly meet the needs of their customers.

NESCO customers will also receive access to N&L’s state of the art tracking and reporting software, which allows their customers to see the status or history of any order, repair, or calibration in real-time, and communicate directly with the technician assigned to each individual item. This software is accessible anywhere, through any device with an internet connection.

N&L Line Equipment’s main facility is located in Poulsbo, Washington, just west of Seattle.

N&L Line Equipment will become part of NESCO’s Utility Equipment Outfitters (UEO) offerings, accelerating growth to be an even more comprehensive resource for parts, tools and accessories for powerline professionals in North America today. In 2015, NESCO created UEO to focus on offering parts, tools and accessories (PTA) to the Utility, Rail and Communication markets, as well as other specialized industries. This acquisition will now make UEO a better rental, sales and online resource in providing all the PTA needs for these specialty markets.

According to Lee Jacobson, CEO of NESCO; “I was thoroughly impressed the first time I visited the N&L facility. It is a first-class operation Nick Bair has developed. The N&L package offers tools and services that are essential to satisfying today’s demands for servicing the utility grid. Our customers will certainly benefit from the acquisition.”

Kent Upton, President of UEO; “The newly created partnership with N&L will add key elements to the UEO/NESCO offerings in products, services, as well as geographic coverage. N&L brings the same dedication to supplying first-in-class products and customer service as the entire NESCO organization.

N&L is a great fit and will be a key element in driving NESCO’s vision of being a complete supplier to our current and prospective customers.”

Nichols Bair former Owner & President of N&L now Vice President, GM of N&L added; “Over the years, we have been able to grow our business to better support our customers. We were waiting for the right partner to establish our presence throughout the USA as well as the rest of North America. We feel honored and highly motivated to make this partnership a great success.”

About NESCO Specialty Rentals
NESCO Specialty Rentals is a leading equipment and service provider to the infrastructure, transmission, distribution, communications and rail, industries, providing aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment, repair parts, tools and accessories. NESCO maintains one of the industry’s largest specialty rental fleets and service networks in North America. For more information, please visit http://nescospecialty.com

About N&L Line Equipment
N&L Line Equipment is a leading manufacturer of hot line tools and a distributor for lineman’s equipment and supplies in the utility industry. In addition to distributing for a wide variety of manufacturers, N&L also has the capability to test, repair and certify most of all equipment that is sold. For more information about the N&L product line that will be added, please visit https://linemansequipment.com

Contact Information:
Name: Dennis DePazza, Chief Business Development Officer
Address: 6714 Pointe Inverness Way, Suite 220, Fort Wayne, IN 46804
Email: Dennis@NESCORentals.com Phone: 800.252.0043

NESCO Rentals Drive to Achieve Zero Harm

By | Uncategorized

Zero Injuries. Zero property damage. Zero negative affects to customers and the environment.
ZERO HARM. This is our safety initiative at NESCO Rentals.

Achieving ZERO HARM is a journey. The entire NESCO team is committed to creating a safe work environment which benefits employees and customers.  The NESCO Safety Program consist of many tools. The greatest tool is the SLAM process.

SLAM: Stop. Look. Assess. Manage. This very simple risk assessment is what NESCO team members use at start of every work day and before starting a new task. Thinking about hazards associated with a job and managing risk to reduce injury are key parts of SLAM.

NESCO Team Members need to ask themselves these five questions:
1. How can I be injured?
2. How can others be injured?
3. How can equipment be damaged?
4. What is the safe, productive and quality way to do the job?
5. What information do I need?

This check list keeps the team focused on a task and what it takes to complete it safely.

Weekly safety huddles and alerts, shared learning, training, process and policies keep employees on track to achieve ZERO HARM, using the process of SLAM. At NESCO we strive to be the employer of choice and specialty equipment vendor of choice. We do all this with one thing in mind… ACHIEVING ZERO HARM!

 

Joe Dixon is the Safety Manager for NESCO Rentals

NESCO, LLC announces acquisition of Bethea Tool and Equipment Company

By | Press Release

NESCO, LLC announced today that it has acquired Bethea Tool and Equipment Company (Bethea). Bethea has manufactured a complete range of Handline Blocks, Stringing Blocks, and Bundle Blocks and other similar products, which have been sold to electrical utilities and contractors worldwide, for over fifty years.

The acquisition includes Bethea’s facility and distribution center in Brighton, Tennessee. This location provides 60,000 square feet of warehouse and service space. NESCO plans to maintain significant inventory levels here to assure excellent customer service. Sales, rental and services are also provided from this location just north of Memphis, Tennessee.

Bethea Tool and Equipment Company will become part of NESCO’s Utility Equipment Outfitters (UEO) offerings, establishing one of the most complete offerings of Stringing Blocks in North America today. NESCO created the UEO to focus on offering Parts, Tools and Accessories (PTA) to the Utility, Rail, and Communication markets, as well as other specialized industries. UEO offers both the rental of tools and equipment, as well as the sale of new and used products. This acquisition will make UEO one of the largest providers of block rentals, as well as PTA in North America. In addition, NESCO will have the ability to offer highly engineered and specialty designed products to our customer base. NESCO will offer service support and repair of all products that are offered by Bethea, ensuring customers they will continue to get the service they have come to expect, while also expanding nationwide through NESCO’s sales, service and supply footprint in North America.

“This is an exciting opportunity to grow our business. This acquisition allows us to continue to grow our offering as the most complete rental and equipment sales company in our industry. This provides us with a great advantage as it will increase our product portfolio with quality equipment and best in class service.” said Kent Upton, President of UEO.

Utility Equipment Outfitters (UEO) is a one stop shop for parts, tools and accessories for the Utility, Rail and Communication industries. With an extensive selection of PTA, UEO provides total job-site solutions for safety accessories, auger rentals, hydraulic tooling, roping needs, and much more! NESCO’s North American geographic footprint allows UEO to warehouse and stock what you need in-house making the fulfillment process fast and easy. For your convenience, UEO provides total flexibility in outfitting your trucks and crews and offers a variety of customizable toolkits. UEO also understands the pressures of cash allocation, so we make available to qualified customers our handy installment purchase plan.

NESCO Rentals is a leading equipment and service provider for the utility, rail and communication industries, providing aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment, repair parts, tools and accessories. NESCO maintains one of the industry’s largest rental fleets and service networks in the country.

Bethea Tool & Equipment Company is one of America’s top manufactures of Handline Blocks, Stringing Blocks, and Bundle Blocks which have been sold to electrical utilities and contractors worldwide for over fifty years. Bethea specializes in manufacturing top quality highly engineered products. “Our team provides the best in design, engineering, and manufacturing of these products. The Bethea organization is excited about our opportunity to become part of NESCO. We look forward to a bright and prosperous future, with a company like NESCO, to partner and help grow our business.” Said Bobby Allen, President of Bethea.

NESCO Night with V&H Trucks at Hotel Tango!

By | Uncategorized

We are so excited about NESCO Night with the support of our partners at V&H Trucks! Networking, food and a mixology class. Why haven’t you RSVPED yet?!

REMSA sponsors the largest exhibit of maintenance-of-way equipment, products and services in the United States. It’s members exhibit rail and track products, track maintenance equipment and services, safety devices and software that enables the railroad industry to work smarter.

Railway Interchange showcase the latest technology in the rail industry with freight railroad executives, operating officers, transportation officials and a large number of rail supply companies from the mechanical, communications and signaling and railway maintenance industries as attendees.

NESCO Specialty Rentals is a division of NESCO Rentals specializing the rail, lighting, sign and telecom industries.