Rental Equipment Investment Corp., a portfolio of Kinderhook Industries LLC, announced today the acquisition of Total Construction Rentals Inc. TCR represents REIC's first add-on acquisition under Kinderhook's ownership and the company's 13th since its inception. Financial terms of the transaction were not disclosed.
TCR is a specialty equipment rental company focused on the rental of heaters, air conditioners, coolers, fans and dehumidifiers. Founded 13 years ago, TCR operates over a seven-state region, including Delaware, Pennsylvania, Virginia, New Jersey, Washington D.C., New York and Maryland. REIC is an equipment rental holding company operating 33 locations, including 27 general rental stores and six specialty rental stores.
REIC operates its stores under several brand names, each of which is a leading local rental operator in its respective region. REIC’s acquisition of TCR accelerates its strategic growth in the specialty rental segment, where REIC employs a differentiated floating fleet strategy.
Kevin Fitzgerald, CEO of REIC, 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 locations on the East Coast. Following this acquisition, REIC will 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.”
“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 TCR into what it is today,” said Tim Cairo, owner of TCR. “I look forward to partnering with REIC to continue growing the TCR name and expanding its geographic coverage area.”
“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,” said Paul Cifelli, managing director at Kinderhook. “We are excited to continue to aggressively invest and grow the specialty rental business going forward.”
A strategic acquisition for REIC
“TCR is a highly strategic acquisition for REIC, and we are excited for REIC to emerge as the partner of choice in the ongoing specialty equipment rental industry consolidation,” said Nate Druckenmiller, vice president, Kinderhook.
Founded in 2003, Kinderhook Industries LLC is a private investment firm that manages more than $5.2 billion of committed capital. The company has made more than 300 investments and follow-on acquisitions since inception.
REIC was founded in 2014 and headquartered in Kalispell, Mont. REIC is a premier, super-regional rental equipment services platform with a broad selection of general and specialty rental equipment. The company’s general rental fleet includes aerial, earthmoving, power, compression and other small equipment pieces, while the specialty rental segment is focused on HVAC products. In addition to its Kalispell headquarters, REIC serves its customers out of a strategic footprint of 33 locations stretching from the Pacific Northwest to the Upper East Coast.
