REIC gets private equity growth boost

By Murray Pollok06 January 2022

US private equity firm Kinderhook Industries, LLC has acquired rental consolidator Rental Equipment Investment Corporation (REIC), in conjunction with its founder and CEO Kevin Fitzgerald. The financials were not disclosed.

REIC operates from 32 locations in the USA.

Founded in 2014 and based in Kalispell, Montana, REIC operates from 32 locations from the Upper Midwest to the Pacific Northwest. It has grown through multiple acquisitions.

Fitzgerald said the partnership would help REIC accelerate its organic growth and further penetrate underserved markets; “In addition, I’m very excited to pursue strategic add-on acquisitions and continue opening new specialty greenfield sites which will help grow our business and increase market share.”

Kevin Fitzgerald, Founder and CEO, REIC.

Kinderhook is based in New York City and manages funds of more than US$4.7 billion. It has made over 300 investments since its founding in 2003.

Paul Cifelli, Managing Director at Kinderhook, said; “Kevin has successfully grown REIC into one of the largest regional rental equipment companies in seven years.

“REIC is a highly scalable, growth-oriented platform and we are thrilled to help facilitate the acceleration of the company’s already impressive growth.”

As part of the transaction, Kinderhook will add Chris Ragot to REIC’s board of directors. Ragot was previously Chairman of Utility One Source (now Custom Truck One Source), which is the largest rental and sales business in the utility equipment market.

Paul Cifelli, Managing Director at Kinderhook.

Nate Druckenmiller, Vice President at Kinderhook, added that REIC had the reputation as “a consolidator of choice in the rental services industry. We believe that REIC’s complementary divisions, deep customer relationships and proven track record of success position the business to capitalise on numerous positive industry tailwinds.”

REIC’s fleet comprises aerials, earthmoving equipment, power, compressors, small equipment, and it has a specialty HVAC rentals business.

Its most recent acquisitions have included Rent Me Rentals, Construction Heaters and the rental activities of Draco.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, International Rental Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Latest News
Sunbelt partners on circular economy initiative
Company aims to reduce construction material waste
Nationwide to increase telemetry in its fleet
100% of machines to be telemetry enabled by end of 2023
Boom lifts: Testing the limits
Capacity, flexibility and lowering emissions are seeing new introductions for telescopic lifts
CONNECT WITH THE TEAM
Ollie Hodges Publisher Tel: +44 (0)1892 786253 E-mail: ollie.hodges@khl.com
Belinda Smart
Belinda Smart Editor Tel: 44 (0)1892 786209 E-mail: belinda.smart@khl.com
CONNECT WITH SOCIAL MEDIA