Another acquisition for REIC
US based holding company REIC (Rental Equipment Investment Corp) has acquired oil and gas service company Midstream Equipment Corporation of Calgary, Alberta in Canada. Financial terms of the transaction have not been disclosed.
Midstream’s joint chief executives Kyle Twa and Jay Formenti will remain on board to manage the business. Speaking of the deal they said: “We are looking forward to leading Midstream to the next phase of our growth and we are delighted at the opportunity to join REIC/Kinderhook. Increasing our access to the additional resources will help scale our business and, most importantly, continue to service our customers.”
REIC was established as a holding company in 2015 by chief executive Kevin Fitzgerald of KCE Capital, who had previously served as chief executive of Neff Rentals from 1995 to 2000. The company’s first acquisition was Midway Rental & Power Equipment
of Kalispell, Montana, since then it has made 18 acquisitions – including this one and was itself acquired by Kinderhook Industries
last January. If anything, the pace of its expansion programme has increased since then, this being is sixth in less than 16 months.
Fitzgerald said: “We are excited to welcome the Midstream team to REIC. Midstream’s product offering, and technical knowledge lead the market and we look forward to helping Kyle Twa and Jay Formenti grow the business.”
Kinderhook managing director Paul Cifelli added: “The acquisition of Midstream further enhances REIC’s specialty rental offering. We are eager to partner with Midstream’s experienced management team who have deep sector expertise and a long history of growing businesses in this market.”