A Hattiesburg-based company just sold for over $1 billion. What we know about the deal
A Hattiesburg-based company that makes it easier for builders to access to construction sites recently sold for over $1 billion.
United Rentals, based in Stamford, Connecticut, completed the $1.1 billion cash sale on March 15 and is now the owner of Yak Access, Yak Mat and New South Access and Environmental Solutions, collectively known as Yak.
“We are very excited to welcome Yak to the United Rentals family,” Matthew Flannery, chief executive officer of United Rentals, said in a company news release, “This is an acquisition with both strong strategic and financial merits.
“Not only does it augment our growth capacity with the addition of a leading North American matting solutions provider but it also further differentiates our one-stop-shop value proposition to customers. Combined, this has proven to be a winning strategy for building long-term value for our investors.”
The company provides temporary roadway solutions to remote construction sites, primarily serving U.S. oil and gas pipeline and powerline sectors, according to a Globe Newswire release.
Yak is a leader in the North American matting industry with a fleet of approximately 600,000 hardwood, softwood, and composite mats providing surface protection across both construction and maintenance, repair and operations applications, a PR Newswire release explained.
Platinum Equity acquired a controlling stake in Yak in 2018 from Jones Companies, a Hattiesburg-based company, and Beasley Forest Products in Hazlehurst, Georgia. It is unclear how much Platinum Equity paid for its share of Yak.
During Platinum’s stewardship, Yak diversified and expanded its service offerings, implemented digital tools to enhance the customer experience and invested in research and development to enhance mat longevity. The company also acquired Klein’s Restoration Services, expanding Yak’s footprint in the Midwest.
In 2023, Yak generated $171 million across 40 U.S. states.
Jones Companies has a number of diverse holdings in its portfolio, including software and business services. It also offers commercial and industrial services, including timber, trucking, lumber, recycling and more. The family-owned and operated business is building a new facility in midtown Hattiesburg to relocate its headquarters from Columbia.
