Custom Truck One Source Acquires HiRail Leasing Group

Custom Truck One Source, Inc. (NYSE: CTOS) acquired HiRail Leasing Group — including HiRail Leasing, Northshore Rail Contracting and Heavy Equipment Repairs — for $46.0 million. The deal adds over 600 rental units, two Canadian locations in Ontario and Alberta, and expands Custom Truck’s rental footprint and rail customer relationships in Canada; the purchase was funded with cash on hand and drawings on the company’s credit facility.