US private equity firm Kinderhook Industries has acquired REIC (Rental Equipment Investment Corporation) in partnership with REIC founder and chief executive Kevin Fitzgerald.
As part of the deal Chris Ragot, chairman of Utility One Source/Custom Truck One Source and co-founder of NorthOcean Capital Partners, has been appointed to the board as Kinderhook’s representative.
REIC was established in 2014
with a strategy to acquire well run, small to medium size rental equipment companies across the United States, retaining the brand and ‘local feel’, while providing access to the resources to upgrade and expand. Last year it added Rent Me Rentals of Cle Elum, Washington
and now operates from 32 locations spread across the Pacific Northwest to Upper Midwest operating under the Pro Rentals & Sales, C.H.I, ERS, Midway Rental and Hillside Rentals brands.
Founded in 2003, New York-based Kinderhook manages over $4 billion of committed capital and has made more than 275 investments and follow on acquisitions since inception.
REIC's Fitzgerald said: “Partnering with Kinderhook will allow us to accelerate our organic growth plan 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.”
Kinderhook managing director Paul Cifelli added: “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.”