Nesco Holdings, Inc. Announces Management Appointments
August 28, 2019 at 02:21 am IST
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In connection with the consummation of initial business combination of Nesco Holdings, Inc. on July 31, 2019, the size of the board of directors of the company was set at nine members pursuant to that certain Stockholders' Agreement, dated as of July 31, 2019, by and among the company, certain affiliates of Energy Capital Partners (ECP) and the other stockholders signatory thereto. At the closing of such initial business combination, seven of the nine board members were appointed to the Board, with the two remaining vacancies to be selected by affiliates of ECP pursuant to the Stockholders' Agreement. On August 22, 2019, ECP, pursuant to its rights under the Stockholders' Agreement and through its affiliates, designated, and the board appointed, Mr. Matthew Himler and Ms. Jennifer Gray to fill the two vacancies of the Board. Mr. Himler was appointed as a Class B director with a term ending at the Company's 2021 Annual Meeting. Ms. Gray was appointed as a Class A director with a term ending at the company's 2020 Annual Meeting. Mr. Himler and Ms. Gray will not receive separate compensation as members of the Board, and there has been no transaction, or proposed transaction, since January 1, 2019, to which any of Mr. Himler, Ms. Gray or any member of either of their immediate family had or is to have a direct or indirect material interest or would otherwise be reportable under Item 404(a) of Regulation S-K. The company has entered into standard indemnification agreements with each of Mr. Himler and Ms. Gray on the same terms contained in the Company's standard form previously filed with the SEC on August 1, 2019. Effective as of August 22, 2019, the Board designated Mr. R. Todd Barrett as the Company's principal accounting officer as defined by the Securities and Exchange Commission (the SEC"). Mr. Bruce Heinemann, the Company's Chief Financial Officer and Secretary, had served as the Company's principal financial officer and principal accounting officer prior to Mr. Barrett's designation and will continue to serve as the Company's principal financial officer. Mr. Barrett, has served as the Chief Accounting Officer of the Company since the closing of its initial business combination on July 31, 2019. Prior to joining the Company, Mr. Barrett served as an engagement director for the accounting advisory firm, CLA (CliftonLarsonAllen LLP) from January 2019 to June 2019. Before joining CLA, Mr. Barrett was a Partner at Ernst & Young LLP from July 2008 to December 2018, prior to which he held multiple managerial roles for over a decade. Mr. Barrett does not have any family relationship with any director or executive officer of the Company or any person chosen by the Company to become a director or executive officer. There is no arrangement or understanding between Mr. Barrett and any other person pursuant to which he (i) was appointed as the Company's Chief Accounting Officer or (ii) subsequently designated as the Company's principal accounting officer. There has been no transaction, or proposed transaction, since January 1, 2019, to which Mr. Barrett or any member of his immediate family had or is to have a direct or indirect material interest or would otherwise be reportable under Item 404(a) of Regulation S-K. The company has entered into a standard indemnification agreement with Mr. Barrett on the same terms contained in the company's standard form previously filed with the SEC on August 1, 2019.
Custom Truck One Source, Inc. is a provider of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America. The Company offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets. Its segments include Equipment Rental Solutions (ERS), Truck and Equipment Sales (TES), and Aftermarket Parts and Services (APS). ERS segment owns a range of new and used specialty equipment, including truck-mounted aerial lifts, cranes, service trucks, dump trucks, trailers, digger derricks and other machinery and equipment. TES segment offers a variety of new equipment for sale to be used across its end-markets. APS segment includes the sale of specialized aftermarket parts, including captive parts related to its Load King brand, used in the maintenance and repair of the equipment the Company sells and rents.