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Equipment Rental / Ashtead Group (LSE: AHT)

Sunbelt Rentals

Relationship-Driven Growth Engine

Investment Thesis

Core's largest organic growth runway—a United-sized opportunity with better margins.

2,699
2025 Shipments
28%
Gross Margin
$827K
Net Revenue
1,200+
Branches
Why We Won
  • Operating inside Bennett-restricted broker ecosystem—closed pool, trust-based access
  • Field-based Account Managers build direct branch relationships—not bid-board commoditized
  • Superior margin profile (28-30%+) because freight decisions are relationship-driven
What's Next
  • Add 5-6 regional Account Managers to scale from ~15-20 to nationwide coverage
  • Shift mix toward pre-booked branch freight with less price competition
  • Target $3.4-$3.6M revenue in 2026 while protecting 28-30%+ margin

"Sunbelt is Core's cleanest organic growth lever with durable pricing power. Decentralized networks reward relationships over rates—and Core's field model is structurally advantaged."

Live TodayLIVE
  • Operating inside a Bennett‑restricted broker ecosystem with established branch relationships
  • 2,699 shipments in 2025 across all Sunbelt subaccounts with a superior margin profile
  • $2.95M revenue in 2025 at 28% gross margin ($827K net revenue)
In FlightIN FLIGHT
  • Field‑based Account Managers build direct branch trust and win repeatable freight
  • Branch playbook: visit cadence, escalation paths, service guarantees, emergency readiness
  • Expanding field coverage into additional regions; standardizing touchpoints across branches
Next 6-12 MoNEXT
  • NEXT (6–12 MO): Add 5–6 regional Account Managers to expand active‑branch coverage toward national density
  • NEXT (6–12 MO): Shift mix further toward pre‑booked branch freight with less price competition and higher yield
  • NEXT (6–12 MO): Protect 28–30%+ margin while scaling volume on complex, time‑sensitive moves
Timeline

How It Unfolded

2024
Initial Penetration
Established relationships across ~40-50 branches
2025
2,699 Shipments
$827K net revenue at 28% margin
2025 Revenue
$2.95M
$827K net revenue (28% margin)
2026 Target
3,000-3,200 Shipments
Branch expansion to 15-20 active branches
Investor Takeaway

Sunbelt offers a large, relationship-driven freight pool with structurally stronger margins because decisions are made at the branch level. Core is already operating inside a restricted broker ecosystem and has a repeatable scale plan: deploy field Account Managers, expand active-branch coverage, and use nearshore capacity to grow volume without proportional SG&A. This is Core’s cleanest organic growth lever with durable pricing power.

Core's field-based Account Manager model wins in decentralized networks
Relationship-driven freight creates pricing power and stickiness
Superior margin profile (28-30%+) is sustainable and scalable
"In our business, we need partners who understand that every branch operates differently. Core's team takes the time to learn our operations and delivers consistently—that's why they keep getting more of our freight."
Regional Operations Manager · Sunbelt Rentals
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