Fluor sells AMECO for $73 million

Fluor divests AMECO, focuses on core business

Fluor Corp. has sold the North American arm of its AMECO rental business to One Equity Partners (OEP) for $73 million.

In January, Texas-based Fluor announced its plan to realign its operations into three new business segments: Urban Solutions, Mission Solutions and Energy Solutions. The updated organizational and reporting structure aligns Fluor’s business with identified growth markets.

The latest deal will see the role of CEO return to Gary Bernardez, who led AMECO from 2001 to 2012.

“We’re excited about our partnership with OEP, a firm with an excellent reputation and proven experience in building industrial services businesses into market leaders,” Bernardez said. “We are looking forward to leveraging AMECO’s significant experience on construction sites and operating facilities to more broadly serve the market as we transition to an independently operated business.”

Headquartered in Greenville, SC, AMECO offers rental and sales of heavy equipment, tools and vehicles worldwide. It supplies construction support services and fleet management solutions, mainly focused on clients’ capital projects and ongoing operations.

The company’s customers include capital construction project owners, contractors and facility operators in the chemical, power, energy, life sciences and manufacturing sectors across the U.S. and Canada.

Fluor announced plans to divest AMECO in September 2019, and sold the AMECO Caribbean business in Jamaica in August last year. It said it was “actively marketing” its remaining AMECO South America and ServiTrade Mozambique operations.

Joseph Huffsmith, managing director, OEP, said the firm was “thrilled to be partnering with Gary and the entire AMECO team on this next phase of the company’s development as an independent entity.

“For over 70 years AMECO has been helping customers manage their most complex equipment and site service needs. Working with the management team, we look forward to building upon that legacy.”

Listed on the New York Stock Exchange, Texas-headquartered Fluor had revenues of $15.7 billion in 2020 and is ranked 181 among Fortune 500 companies.