Waukesha-based DUECO Inc. has sold its sister company, Utility Equipment Leasing Corp. (UELC), to Bluffton, Ind.-based NESCO, LLC, one of the largest North American providers of specialty rental equipment for the electric power transmission and distribution industry.
NESCO anticipates using DUECO service operations in a 15-state territory to support its expanded rental fleet. The partnership should bring significant additional service and related parts business to DUECO.
DUECO also is expected to be one of the final stage manufacturers to build NESCO’s Terex bucket trucks and digger derricks. DUECO is adding a second shift to its body shop to keep pace with the growing industry demand.
NESCO plans to establish an office in the Waukesha area.
Judie Taylor, president of DUECO, said, “We are very excited that UELC’s legacy will carry on through NESCO. It was great timing for the business, as well as our family, to complete the sale. We took it as far as we could as a family, and had our most profitable year ever in 2012. Turning it over to a company who can take it to the next level is very gratifying. We feel that selling at the peak is the ultimate success story any family business can ask for. ”
UELC has been a family-owned, privately-held business run by the Dalum family for 45 years.
“My father, Thomas E. Dalum, founder of the company, started with one truck and grew it to a fleet of over 500 units. His entrepreneurial spirit, approach and strategies helped build a solid business through the years and the business will continue to flourish through the same vision and growth strategies of customer-focused responsiveness through the NESCO team. NESCO started off as a family-owned business as well, and the same core philosophies and focus on the customer are still woven into its culture today. It’s a perfect fit that will support the growth of both organizations while we jointly provide the utility industry with equipment rental and leasing solutions.”
DUECO was the Waukesha County Business Alliance’s Business of the Year in 2012.
“Acquiring UELC further broadens NESCO’s fleet offering and expands our customer base and ability to service our customers’ equipment needs nationwide,” said Lee Jacobson, NESCO‘s chief executive officer. “The acquisition solidifies our position as one of the premier service and equipment providers in the utility and telecommunications rental markets and demonstrates NESCO and Platinum Equity’s commitment to strategic consolidation.”
NESCO was acquired by Platinum Equity in October 2011.