Platinum Equity on Tuesday said that it has agreed to acquire Volvo Rents from Sweden’s Volvo Group in a deal valued at $1.1 billion.

Volvo Rents in Shippensburg, Pa, provides small-to-medium sized rental vehicles and equipment to industries that include construction, oil and gas and industrial manufacturing. It has operations in the United States and Canada and employs about 2,100 people.

"This transaction is the culmination of hard work on both sides,’ Gores said in his firm’s announcement of the deal. “We appreciate Volvo's trust in selling us the business and in our ability to execute a complex carve out."

Platinum’s portfolio also includes Maxim Crane, a crane rental company, and Nesco, an equipment rental company with customers in the electrical transmission and distribution markets.

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