The sale of Noble Iron's Los Angeles-based subsidiary, Noble Rents, to Sunbelt Rentals has been completed. For $46.5 million, Sunbelt Rentals acquires all of the rental equipment fleet, vehicles, inventory, accounts receivable and other tangible personal property used in the business.
The sale does not include Noble Iron's software subsidiary, Texada Software. Texada Software offers cloud or client-based software applications to for equipment and fleet management to equipment rental companies, equipment dealerships, construction companies, general contractors, and construction or industrial equipment operators, including mechanics, and logistics and service technicians.
The company says Noble Iron will continue to operate in the construction and industrial equipment sector through its software services, and plans to expand further through other potential strategic ventures.
Nabil Kassam, Noble Iron founder, chairman and CEO said, “Sunbelt, a leading company in the industry, appreciated the value of the equipment fulfillment platform Noble Iron established in Los Angeles, and we are pleased to pass on our L.A. operations to a company who also embraces continuous improvement and technology. Our L.A. fulfillment center also served as a lab for us to develop additional software applications, such as FleetLogic and Gateway, which improves the productivity of equipment rental companies and dealerships, and equipment owners and users. Our goal at Noble Iron is to make construction easy and instant, and we look forward to scaling our software products and other services to achieve our vision.”
Source: Noble Iron