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Capitol Investment, Nesco close merger

Public investment vehicle Capitol Investment Corp. IV and Nesco Holdings I Inc., a provider of specialty rental equipment to the electric utility, telecom and rail end-markets, completed their merger.

Following the completion, the combined company was renamed Nesco Holdings Inc. Shares of common stock and warrants of Nesco Holdings will begin trading Aug. 1 on the New York Stock Exchange and NYSE MKT under the symbols NSCO and NSCO WS, respectively.

Capitol shareholders elected seven directors to serve on the board of Nesco Holdings. William Plummer, former CFO of United Rentals, will serve as chairman of the board.

SBA Communications Corp. CEO Jeffrey Stoops will also join the board, along with Capitol CEO Mark Ein and Capitol CFO Dyson Dryden; Doug Kimmelman, senior partner and founder of Energy Capital Partners LLC; Rahman D'Argenio, an Energy Capital partner; and Nesco Holdings CEO Lee Jacobson. Nesco Holdings' current management team, led by Jacobson and CFO Bruce Heinemann, will continue to run the combined company.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC served as financial and capital markets advisers to Capitol.

Morgan Stanley & Co. LLC served as exclusive financial adviser to Nesco.

Latham & Watkins LLP and Graubard Miller were the legal advisers to Capitol, and Kirkland & Ellis LLP acted as legal adviser to Nesco and Energy Capital.