A significant acquisition recently shook the construction industry as United Rentals, headquartered in Stamford, Connecticut, finalized the purchase of Hattiesburg-based Yak Access, Yak Mat, and New South Access and Environmental Solutions, collectively known as Yak, for a staggering $1.1 billion in cash. The acquisition, completed on March 15, marks a strategic move for United Rentals, expanding its capabilities in providing temporary roadway solutions to remote construction sites, particularly catering to the U.S. oil and gas pipeline and powerline sectors.
Expressing his enthusiasm for the acquisition, Matthew Flannery, CEO of United Rentals, emphasized the strategic and financial benefits it brings to the company. He highlighted the addition of Yak as a leading North American matting solutions provider, enhancing United Rentals’ one-stop-shop value proposition to customers and ultimately contributing to long-term value creation for investors.
Yak’s prominence in the North American matting industry is underscored by its vast fleet of approximately 600,000 hardwood, softwood, and composite mats, offering surface protection across various construction and maintenance applications. Under the ownership of Platinum Equity, which acquired a controlling stake in Yak in 2018 from Jones Companies and Beasley Forest Products, Yak underwent significant growth and diversification. Platinum Equity’s stewardship saw Yak expand its service offerings, implement digital tools to enhance customer experience, invest in research and development to improve mat longevity, and acquire Klein’s Restoration Services to further broaden its footprint in the Midwest.
Despite the exact amount Platinum Equity paid for its stake in Yak remaining undisclosed, the acquisition marks a pivotal moment for both companies involved. Yak’s robust performance in 2023, generating $171 million in revenue across 40 U.S. states, underscores its market leadership and growth potential.
Meanwhile, Jones Companies, the Hattiesburg-based entity from which Platinum Equity acquired Yak, boasts a diverse portfolio encompassing software, business services, timber, trucking, lumber, recycling, and more. As a family-owned and operated business, Jones Companies is poised for growth, evidenced by its ongoing expansion efforts, including the construction of a new headquarters in midtown Hattiesburg. This relocation signals the company’s commitment to enhancing its operations and further solidifying its position as a key player in the industry.