Kinderhook Industries, New York, acquired Rental Equipment Investment Corp. (REIC) in conjunction with Keven Fitzgerald, founder and CEO. Financial terms of the transaction were not disclosed.
Founded in 2014 and headquartered in Kalispell, Mont., REIC offers its customers a broad selection of general and specialty rental equipment. REIC’s general rental fleet includes aerial, earthmoving, power, compression and other small equipment pieces, while a specialty fleet focuses on HVAC equipment. The company serves its customers from 32 locations spread across the Pacific Northwest to Upper Midwest.
“Partnering with Kinderhook will allow us to accelerate our organic growth plan and further penetrate underserved markets,” Fitzgerald said. “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.”
“Kevin has successfully grown REIC into one of the largest regional rental equipment companies in seven years,” said Paul Cifelli, managing director, Kinderhook. “REIC is a highly scalable, growth-oriented platform and we are thrilled to help facilitate the acceleration of the company’s already impressive growth.”
As part of the transaction, Kinderhook will be adding Chris Ragot to serve on the company’s board of directors. Ragot previously served as the chairman of Utility One Source (rebranded to Custom Truck One Source).