Equipment leasing company valuation

Depends on the type of equipment you are leasing. Heavy machinery like excavators and cranes etc or smaller tools like drills, compressors etc. In the end, you need to know if the company bought the equipment or leased it themselves from OEM. Check how long each has been operating (mileage, years in operation etc.). You can get the serial number and have a chat with the OEM to see lifespan of such equipment and the mainenance cost involved. Value them against buying newer equipment. The idea behind someone leasing instead of buying is they don't take care of maintenance and can get the newest equipment on the market (with no overhead cost). It's a tough buiness but there are ways to make it work all depending on the price you pay and the client base they have.

They may not actually own the equipment. There are lots of different ways that equipment leases/financing can be structured and that impacts how the finance company operates. If you are not experienced in it, then I'd probably stay away. Valuation is different than what you are probably used to as well - typically valued using net income or tangible book value multiples, not EV/EBITDA. Accounting can also get complicated. Even after buying the business, you'll likely have to invest additional capital for growth.