Adam Smith Awards 2017

Spin-off creates unique challenge for treasury at Herc

Company profile

Herc Holdings Inc. (Herc), which operates through its Herc Rentals Inc. subsidiary, is one of the leading equipment

rental suppliers in North America with approximately 270 company-operated locations in the United States and

Canada. With its business extending back over 50 years, Herc is a full-line equipment-rental supplier in diverse end

markets, including large and small companies in the construction industry, the industrial sector (such as large

industrial manufacturing plants, refineries and petrochemical operations) and other customers in more fragmented

industries (governmental entities/contractors, disaster recovery and remediation firms, infrastructure, railroads, utility

operators, individual homeowners, entertainment production companies, agricultural producers, special event

management and facility management firms). Herc reported revenues of nearly US$1.6bn with US$3.5bn in assets

and approximately 4,800 employees in its 2016 10-K.

The challenge

Herc began its new listing on NYSE in June 2016, following its separation from the vehicle rental operations of Hertz Global Holdings. The spin-

off created unique challenges for the new treasury department (“Herc Treasury”). As a newly stand-alone public company, the enterprise had to

quickly create an independent treasury organisation while transitioning and optimising the work streams within six months of the separation.

OVERALL WINNER

Treasury Today’s Top Treasury Team

Herc Rentals Inc.

US and Canada

Mustally Hussain, Vice President and Treasurer

Peter Jameson, Bank of America Merrill Lynch, John Murray, Citi, Mustally Hussain and Chet Stefanski, Herc Rentals Inc. and Phil Lamariana, J.P. Morgan