Nesco Holdings Finalizes Major Acquisition and Rebrands to Custom Truck One Source Under Platinum Equity Partnership

A significant corporate consolidation has taken shape in the specialized equipment rental sector. Nesco Holdings, Inc., trading on the NYSE under ticker NSCO, has formally concluded its merger with Custom Truck One Source, L.P., marking a transformative moment for both organizations. The transaction, valued at approximately $1.475 billion, brings together two major players in the heavy equipment and truck rental industry.

The newly consolidated entity, now operating as Custom Truck One Source, Inc., shifts its stock ticker to CTOS beginning April 5, 2021. Platinum Equity, LLC secured majority control through strategic investment, while existing stakeholders—including Blackstone-managed funds and certain CTOS management personnel—retain minority positions. Notably, Energy Capital Partners and Capitol Investment preserved their full ownership stakes, which previously represented roughly 70% of Nesco’s equity structure.

A Unified Platform Emerges

The merged organization establishes what industry observers view as one of North America’s most comprehensive specialty rental fleets. Headquartered in Kansas City, Missouri, the company now positions itself to serve expanding infrastructure markets, particularly within electrical grid transmission and distribution, 5G telecommunications infrastructure expansion, and rail transportation initiatives.

Leadership reflects the integration strategy: Fred Ross, co-founder of Custom Truck One Source, assumes the CEO role, while Ryan McMonagle continues as President and Chief Operating Officer. Brad Meader retains his position as Chief Financial Officer. Mark Ein, Capitol’s CEO, joins the board as Vice-Chairman, signaling continued investor alignment.

Market Positioning and Service Scope

The combined entity operates across an integrated North American network, delivering rental solutions, equipment sales, aftermarket components, specialized tooling, comprehensive service offerings, and asset management. This breadth positions the company as a comprehensive provider to utility, telecommunications, rail, and infrastructure sectors.

CEO Fred Ross articulated the strategic rationale: “The combination creates meaningful value through expanded service capabilities and operational efficiency. Our customer base gains access to an enhanced platform while maintaining the service standards both organizations have established separately.”

Platinum Equity Partner Louis Samson emphasized the financial perspective: “Our investment reflects confidence in management’s execution ability and the sector’s underlying growth trajectory. Infrastructure modernization trends present substantial long-term opportunities.”

Forward Considerations

The integration phase will test the organizations’ ability to harmonize operations, systems, and corporate cultures while capturing anticipated synergies. External factors—including broader economic conditions, pandemic-related disruptions, and infrastructure spending initiatives—will influence execution outcomes. The company’s detailed risk assessment remains available in regulatory filings with the Securities and Exchange Commission.