Able acquires Elite Construction
US rental company Able Equipment has purchased the rental fleet, associated assets and service operations of Elite Construction Rentals of Wallingford, Connecticut.
The transaction is intended to extend Able’s footprint further into southern New England while also adding to its fleet and customer base.
Able will retain the Elite Construction Rental team and continue to operate from the Wallingford location under the name Elite Construction Resources. It also plans to develop the relationship with Elite's other operations - Site Services and General Trade.
A statement from Elite said: “This acquisition is a perfect fit for both Elite and Able, bringing together two organisations that will continue to provide a personal touch. With our combined expertise in rentals and Able’s multiple locations, the acquisition will allow for better servicing capabilities for our customers. This partnership offers increased market penetration into the New England, New Jersey, Pennsylvania, Virginia and New York markets, including the five boroughs of New York City.”
Able chief executive Steve Laganas added: "Elite and its affiliates have dependably served the needs of contractors, sub-contractors and building concerns throughout our mutual footprint for many years. The company offered a wide range of rental products while providing site and general trade services to a loyal customer base. We are extremely excited that the Elite Construction Rental team has joined the Able Equipment Rental team."
Chief operating officer Chris Pera said: "Strategically, this partnership with Elite will allow us to continue to serve as a dependable provider of aerial equipment and service to Elite's current customer base. Additionally, we'll be able to offer a broader product range for both rent and sale, further fulfilling Elite's customer equipment needs."
Founded in 2003, Elite Construction Resources runs a mixed fleet, although aerial lifts make up a good portion of it, together with telehandlers. The company has worked directly with JLG and Genie for some time. In 2019 revenues from the equipment rental business were in the region of $6 million. The group’s General Trades business has however been growing at a much faster pace than the construction rentals in recent years, thus the idea to sell the construction rental operation in order to focus on the other businesses while working with Able for rental equipment.
Privately owned Able was established in 1996, and is based in Deer Park, New York, and opened a second location in Edison, New Jersey adding a third – Pennsauken, New Jersey
- in 2014. It currently has with five branch locations in addition to its headquarters, three in New Jersey and two in Pennsylvania.
The Elite location takes the branch network to six, while adding another state, allowing it better service its target north-eastern markets of New York, New Jersey, Connecticut, Pennsylvania, Delaware and Maryland.
This is the fifth acquisition over the past seven years, the others being:
GAR in 2020
Mobile Lifts in 2018 along with link[https://vertikal.net/en/news/story/29670/able-acquires-key](Key Equipment of Norristown P.A
Altitude in 2015].