Episode Overview
In this episode, United Rentals co-founder Joe Kondrup and longtime rental leader Josh Mosko share insider insights on the industry’s growth, valuations, and exit strategies. They discuss United’s rapid rise through 240 acquisitions, the biggest trends shaping equipment rental, and what owners need to know about timing a sale and maximizing value.
Timestamps:
- 00:00 – Joe Kondrup and Josh Mosko join the Rental Roundtable to discuss M&A, valuation, United Rentals’ growth, and technology’s impact on rental.
- 01:50 – Joe explains how he co-founded United Rentals in 1997, completed 240 acquisitions in three years, and built a $3 billion platform before starting Catalyst.
- 05:30 – United Rentals’ strategy relied on a first-mover advantage, aggressively acquiring quality businesses despite widespread skepticism.
- 10:15 – After rapid growth, the company shifted to operational excellence with tight financial controls.
- 14:21 – Josh shares his experience across buy-side M&A, private equity, software exits, and specialty rentals before joining Catalyst.
- 16:12 – Entrepreneurs start rental companies for many reasons, from grit and market opportunity to family legacy or financial strategy.
- 20:30 – The capital-intensive nature of rental leads to high failure rates, requiring both discipline and sufficient funding.
- 30:20 – Industry growth today is driven by specialty rentals, engineered solutions, mega projects, sustainability, and tech adoption.
- 38:55 – Valuation depends on diversified customers, strong teams, well-managed fleets, quality facilities, and attractive markets.
- 42:30 – Technology is now a cornerstone of operations, with data and systems becoming essential to long-term competitiveness.
