REIC seals Illinois acquisition
30 January 2023
US-based Rental Equipment Investment Corp (REIC) has acquired dehumidification and heating specialist Industrial Drying Solutions.
IDS is based in Franklin Park in Illinois and is a subsidiary of Power Rental Solutions.
It provides dehumidification, climate control and power generation rental products to multiple sectors, including industrial, construction, manufacturing, marine and emergency response.
Kevin Fitzgerald, CEO of REIC, said, “The IDS acquisition continues the substantial growth of our specialty rental division, REIC Specialty.
“IDS is an excellent company with strong management that enables us to expand our geographic footprint and significantly broaden our equipment offering with an impactful fleet of desiccant dehumidifiers and air conditioners, while providing us a strong position in the restoration services market.”
The financial details of the transaction have not been disclosed by REIC, or by its owner private equity firm Kinderhook Industries.
The acquisition will see IDS employees retain their positions. It will also add four IDS branches to REIC Speciality’s network, which now numbers 21 locations, and brings the company’s total footprint to more than 50 sites.
Commenting on the deal, Dennis Haller, CEO of REIC Specialty, said, “The acquisition of IDS provides us with a multitude of cross-selling opportunities across REIC Specialty that we can execute on immediately.”
The IDS takeover is REIC’s 16th since it was founded by Fitzgerald in 2014, and the fourth acquisition since Kinderhook took ownership of REIC.
Under Kinderhook, REIC has added North Dakota-based heating and lighting rental specialist Blackout Energy and Michigan-based climate control and lighting rental company Cahill Services. Prior to that, it acquired Delaware-based temperature control rental Total Construction Rentals.