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.

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
Online registration open for IRE and APEX
Both shows are in Maastricht on 6 to 8 June 2023
Hybrid and fleet management launches from Bronto
Truck mount lithium Hybrid Pack and new customer cloud portal will be launched at Bauma 
LGH expands operations in Scotland
Lifting equipment specialist agrees deal for new distribution centre
Murray Pollok Managing Editor Tel: +44(0)1505 850 043 E-mail:
Simon Kelly Sales Manager Tel: +44 (0) 1892 786 223 E-mail: