Kingsbridge Holdings LLC, based in Lake Forest, Ill., has acquired Western States Equipment Co. Inc. of Salt Lake City.
Kingsbridge Holdings LLC has a long history of lease financing in the industrial, healthcare, technology and general equipment spaces. This is its first acquisition into the “bricks and mortar” equipment rental industry.
“We researched the industry and looked at countless opportunities and when the opportunity was presented to us, we knew it was the right fit and the perfect entry point for our firm,” said Dan Flagstad, co-CEO of Kingsbridge Holdings LLC. “Western States Equipment is a great rental company with strong management, has the mix of equipment that we desired with a heavy emphasis on aerial equipment, has excellent facilities and is in a good market for us to enter into the traditional equipment rental space.”
Western States Equipment Co. Inc. is a leading independent rental company in Salt Lake City and has been in business for more than 20 years. It moved into its newly built facility in 2015.
“We are thrilled to have sold our business to the folks at Kingsbridge,” said David Costanzo, owner of Western States Equipment Co. “We had multiple qualified potential buyers and it was an easy decision once we met the principals of Kingsbridge, including John Morand, co-CEO, and Dan Flagstad. Our employees and customers alike are in very good hands and it will be exciting to see them take the company to the next level. I’d also like to thank Fred Hageman for his handling of the entire process and making this deal possible.”
The Company will continue to be operated as Western States Equipment Holdings, LLC and Mark Christison will continue with the company as general manager.
Western States’ headquarters, built in 2015, has a 17,000-square-foot building. The facility sits on five acres of land, with drive-around and drive-through capability.
Fred Hageman of Rental Acquisitions, LLC represented Western States Equipment Co. in the transaction. Terms of the transaction were not disclosed.