'Digging' Its Way Into Florida

Volvo Rents acquires Casco Rents; Looks to capitalize on projected construction recovery

August 12, 2011 // Franchising.com // Asheville, NC – Volvo Rents announces the acquisition of Casco Rents, a three location equipment rental company based in Florida, with stores in Tampa, Port St. Lucie and Pompano Beach.

The acquisition comes at a time when Volvo Rents is embarking on a new course, where it will not only operate a franchise network of rental stores, but also manage and grow a network of company-owned stores.

Volvo Rents now operates four rental centers in Florida. The other store is located in Orlando.

Volvo Rents' continued expansion throughout Florida comes on the heels of a new forecast by economists at IHS Global Insight that positions Florida as a leader in a nationwide construction recovery. According to IHS stats, Florida will have the third most construction dollars spent among the states from 2011-16; will have the second largest gain in yearly spending dollars between 2011 and 2016; and have the fourth highest annual average percentage gain through 2016.

"I have great admiration for the integrity of the Volvo Rents management team and their commitment to local decision-making. The company's culture of taking care of its employees and customers made becoming part of Volvo Rents an attractive decision for my family and my employees," said Enrique Irizarry, owner of Casco Rents. "Volvo Rents is embarking on a significant expansion and I looking forward to facilitating their growth."

In addition to Volvo Rents' expanding line of Volvo compact equipment – such as backhoe and skid steer loaders, compact wheel loaders and compact excavators – the new centers will carry a comprehensive line of essential equipment and tools for the construction, commercial, industrial and homeowner markets. The focus is on daily, weekly and monthly rentals.

"Casco Rents' commitment to customer care and local decision-making has enabled Enrique to assemble an excellent team that is fully committed to VIP customer service," said Mike Crouch, Vice President of Business Development for Volvo Rents. "We look forward to continuing that level of service."

About Volvo Rents

Volvo Rents, a wholly-owned subsidiary of the Volvo Group, operates ~70 rental stores in North America. The company operates a network of company-owned rental stores and franchised rental stores in North America. Each of the North American rental centers offers a comprehensive line of essential equipment for the construction, commercial and industrial markets, as well as an extensive line of Volvo compact excavators, compactors, wheel loaders, backhoe loaders, compaction equipment, and skid steer loaders. For more information, visit www.volvorents.com.

The Volvo Group, one of the world's leading manufacturers of trucks, buses and construction equipment, drive systems for marine and industrial applications, aerospace components and services, and is one of the world's leading producers of heavy-diesel engines (9-18 liter). The Group also provides complete solutions for financing and service. The Volvo Group, which employs about 100,000 people, has production facilities in 19 countries and sells their products in more than 180 markets. The Volvo Group is a publicly-held company headquartered in Gothenburg, Sweden. Volvo Shares are listed on NASDAQ OMX Nordic Exchange Stockholm and are traded OTC in the US.



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