Davis Polk is advising J.P. Morgan Securities LLC as financial adviser to Nesco Holdings, Inc. in connection with its $1.475 billion acquisition of Custom Truck One Source. In connection with the transaction, an affiliate of Platinum Equity, LLC committed to invest over $850 million into Nesco in exchange for newly issued common stock at a price of $5.00 per share. The transaction has been unanimously approved by the Nesco Board of Directors and is expected to close in the first quarter of 2021, subject to shareholder approval and other customary conditions.

Nesco is one of the largest providers of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America. Custom Truck One Source is a leading provider of specialized truck and heavy equipment solutions to the utility, telecommunications, rail and infrastructure markets in North America. Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $23 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world.

The Davis Polk corporate team includes partner Phillip R. Mills and associate Doug Howell. All members of the Davis Polk team are based in the New York office.

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