REIC makes inroads in Canada
31 May 2022
Rental Equipment Investment Corp (REIC) has made a further rental acquisition, adding Cahill Services, LLC, a Michigan-based company renting climate control and lighting equipment to oil and gas, infrastructure and industrial customers in the US and Canada. The purchase price was not disclosed.
Founded in 2015 and based in Livonia, Michigan, Cahill operates four service centres in Canada and two in the US. Its fleet includes patented flameless heaters and hybrid light towers.
It is REIC’s second acquisition since it was acquired by private equity business Kinderhook Industries in January, and the 14th since its founding by CEO Kevin Fitzgerald. REIC now has 39 rental locations, including four in Canada.
REIC said the deal represented a unique opportunity to add a growing, specialty rental business that has its own technology and local market expertise.
Fitzgerald said; “Cahill’s patented JetHeat is the HVAC industry’s premier flameless heater, and a unique product offering that we are excited to roll out throughout our fleet.
“The JetHeat helps customers achieve fuel savings, which in turn generates significant cost savings over the duration of a project.”
Dennis Haller, CEO of Cahill, added, “My team is thrilled about the opportunity to join REIC’s specialty rental division. Cahill has experienced tremendous growth in the past twenty-four months and will now have access to the additional resources of REIC to scale our business and continue capturing market share.”
Paul Cifelli, Managing Director at Kinderhook, said the transaction boosted REIC’s mission of becoming a national specialty rental company; “We are eager to partner with Cahill’s seasoned management team who have deep sector expertise and a long history of growing businesses in specialty rental.”
Kinderhook Industries manages funds of more than $5.2 billion and has made in excess of 300 investments and follow-on acquisitions since its inception in 2003.