Another acquisition for REIC
US rental group REIC (Rental Equipment Investment Corp) has acquired TCR (Total Construction Rentals), from owner and chief executive Tim Cairo. It is REIC’s 13th acquisition since it was established in 2014. No details of the transaction have been disclosed.
Wilmington, Delaware-based TCR was founded 2009 and specialises in the provision of temporary heating and ventilation equipment for job sites, covering Delaware, Pennsylvania, Virginia, New Jersey, Washington D.C. New York and Maryland.
REIC chief executive Kevin Fitzgerald said: "We are excited to continue our growth story with the addition of TCR, a business that shares our customer first orientation. With this acquisition, REIC will now have seven specialty rental locations and our first location on the East Coast, and offer specialty rental equipment in 27 states. Our goal is to become a nationwide specialty rental operation which will allow us to better serve our growing customer base."
Tim Cairo of TCR added: "I am excited to have completed the sale of the company and I want to thank all of my employees, customers, and suppliers for their work over the years building TC into what it is today. I look forward to partnering with REIC to continue growing the TC name and expanding its geographic coverage area."
This is REIC’s first deal since it was acquired by the Kinderhook earlier this year See: REIC acquired
. REIC is a small holding company which now operates from 33 locations - 27 general rental and six specialty rental stores. REIC mostly operating under their original brand names.
REIC's acquisitions have included: Midway Rental in Montana, Pro Rentals and Sales/Draco in Idaho, Washington, Utah and Oregon, Hillside Rental located in Colorado and Wyoming, Equipment Rentals, Sales & Services/All Rents in Oregon and Washington and last year Construction Heaters of Minnesota, Colorado and Washington.
Kinderhook managing director Paul Cifelli said: "The acquisition of TCR is consistent with REIC's strategy for growing its specialty rental business and gives the company an established HVAC provider in the Mid-Atlantic. We are excited to continue aggressively invest and grow the specialty rental business going forward."