McGrath RentCorp., a diversified business-to-business rental company, has agreed to acquire privately held Adler Tank Rentals for about $90 million in a cash-and-stock deal.

Under the arrangement, McGrath will pay about $89 million in cash and 40,000 shares of its common stock in the deal. The company intends to finance the transaction from its $350 million revolving line of credit.

McGrath expects the transaction to be accretive to earnings in 2009.

The Newark, New Jersey-based Adler Tank Rentals was founded in 1998 and is a rental provider of liquid containment solutions for storage of hazardous and non-hazardous liquids. The company rents temporary storage tanks used in energy, environmental, industrial and construction applications.

The deal, subject to customary closing conditions, is expected to close before the end of 2008.