NES Rentals Completes Tank Sale to Odyssey Investment Partners

Business Wire, April 9, 2007

Transaction valued at approximately $196 million

CHICAGO -- NES Rentals Holdings, Inc., one of the largest aerial equipment rental and traffic safety service providers in the country, announced today the completion of the sale of its Tank business to Odyssey Investment Partners, a private equity firm. The proceeds from the sale will be used to reduce debt thereby strengthening the company's financial position.

Andrew P. Studdert, NES Rentals Chairman and Chief Executive Officer, commented, "The sale of the tank business is consistent with the company's strategy to concentrate on the aerial equipment rental business. We have made significant investments in our fleet, having spent almost $300 million in new equipment since 2004, and have increased our emphasis on equipment maintenance, reliability and enhanced customer service. Meeting our customers' needs continues to be our number one priority."

About NES Rentals Holdings, Inc.

NES Rentals Holdings, Inc. is one of the largest companies in the $31 billion equipment rental industry. The company focuses on renting aerial equipment to industrial and construction end-users. It rents more than 750 types of machinery and equipment, and distributes new equipment for nationally recognized original equipment manufacturers. NES Rentals also sells used equipment as well as complementary parts, supplies and merchandise, and provides repair and maintenance services to its customers. In addition to the rental business, NES Rentals is the second largest supplier of traffic and safety services to the construction industry. The company is a leading competitor in many of the geographic markets it reaches with over 100 locations in 33 states. For more information on NES Rentals, visit www.nesrentals.com.

About Diamond Castle Holdings, LLC

Diamond Castle is a New York-based private equity firm founded in September 2004 by five former partners from DLJ Merchant Banking Partners including Ari Benacerraf, Mike Ranger, Andy Rush, Larry Schloss and David Wittels. The firm invests in a wide variety of transaction structures, including leveraged buyouts, recapitalizations, growth capital, and equity-like investments in both public and private companies. The firm's typical investments range in size from $75 million to $200 million. Diamond Castle has $1.85 billion of capital under management. For more information on Diamond Castle Holdings, visit www.diamondcastleholdings.com.

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