McGrath RentCorp completes CIT test equipment rental acquisition

Fiber Optics Weekly Update, June 4, 2004

On June 2, McGrath RentCorp, a leading rental provider of test equipment for communications, fiber optic, and general purpose needs, announced that it has completed its acquisition of substantially all the assets of Technology Rentals & Services (TRS), a division of a CIT Group Inc unit, for approximately $118 million in cash.

McGrath RentCorp's Ren Telco division rents and sells electronic test equipment and is recognized as the leader in communications and fiber-optic test equipment rentals throughout the U.S. Based in Dallas, Texas, TRS is a leading rental provider of general purpose and communications test equipment in North America.

"With the closing behind us, we are excited about moving forward with the integration of Ren Telco and TRS," said Dennis Kakures, President and CEO of McGrath RentCorp. "The new enterprise will be named TRS-RenTelco. We will be consolidating both businesses into TRS' Dallas facility, which should provide us with some favorable operating and staffing economies. We have done a significant amount of planning in order to create a smooth integration of the two businesses and are ready to move these initiatives forward."