REIC makes second acquisition in 10 days
09 June 2023
Rental company’s North American expansion set to continue, says parent company Kinderhook.
REIC (Rental Equipment Investment Corp) has added a US equipment rental company to its portfolio - in what is its second business acquisition of the past ten days.
A subsidiary of Kinderhook Industries, REIC has now expanded its operations with the purchase of Colorado-based Aim High Equipment Rental.
Aim High, which was established in 1999, provides rental, sales and servicing for a range of general construction equipment, boom lifts, scissors lifts and forklifts, serving customers across the Denver area and beyond.
Amy Sepin, owner of Aim High, said, “We are elated to complete the sale of the Company to REIC. Our combined teams have a common mission of providing exceptional services, and our customers and employees will benefit tremendously.”
Kevin Fitzgerald, Chief Executive Officer of REIC, added, “Aim High has established a strong reputation of providing high quality rental equipment and services that will fit seamlessly with our existing geographic footprint for our General Rental Division. The addition of this location in Colorado will enable us to better serve our customers with additional equipment.”
The takeover deal, which was agreed for an undisclosed amount, was described as a strategic move designed to increase REIC’s footprint in the North America region.
Aim High is the seventh company REIC has acquired since becoming part of private equipment firm Kinderhook in January of 2022.
While REIC announced the acquisition of Canada-based oil and gas rental specialist Midstream Equipment just last week, the past six months have seen the rental consolidator make a number of other purchases - including that of Wyoming-based Black Mountain Rentals in February and Illinois-headquartered dehumidification and heating specialist Industrial Drying Solutions in January.
Revealing more about the company’s planned trajectory, Paul Cifelli, Managing Director at Kinderhook, said, “We are excited for REIC to continue its acquisitive track record as a partner of choice in the ongoing equipment rental industry consolidation.”