Rental Equipment Investment Corp. Acquires Cahill Services

Cahill represents REIC's second add-on acquisition under Kinderhook's ownership and REIC’s 14th since its inception.
June 1, 2022
3 min read

Rental Equipment Investment Corp., a portfolio company of Kinderhook Industries LLC, announced the acquisition of Cahill Services. Cahill represents REIC's second add-on acquisition under Kinderhook's ownership and REIC’s 14th since its inception. Financial terms of the transaction were not disclosed.

Cahill is a leading provider of specialty rental solutions for high-demand, critical applications across infrastructure, construction, and industrial maintenance markets. Founded in 2015 and headquartered in Livonia, Mich., Cahill operates four service centers in Canada and two service centers in the United States. Cahill is one of the largest “pure-play” specialty rental service providers of critical climate control and lighting equipment including proprietary flameless heaters and hybrid light towers. REIC’s acquisition of Cahill represents a unique opportunity to add a growing, differentiated specialty rental model that leverages both proprietary technology and local-market expertise to provide critical specialty rental solutions.

“We are excited to welcome the Cahill team to REIC,” said Kevin Fitzgerald, CEO of REIC. “Cahill's patented JetHeat is the HVAC industry's premier flameless heater, and a unique product offering that we are excited to roll out throughout our fleet. The JetHeat helps customers achieve fuel savings, which in turn generates significant cost savings over the duration of a project.”

Dennis Haller, CEO of Cahill, added, “My team is thrilled about the opportunity to join REIC’s specialty rental division. Cahill has experienced tremendous growth in the past 24 months and will now have access to the additional resources of REIC to scale our business and continue capturing market share.”

“The acquisition of Cahill furthers REIC’s mission of becoming a national specialty rental provider and results in 12 standalone specialty rental locations across North America,” said Paul Cifelli, managing director at Kinderhook. “We are eager to partner with Cahill’s seasoned management team who have deep sector expertise and a long history of growing businesses in specialty rental.”

“Cahill’s built a strong foundation in the specialty rental market industry and will add new geographies and products to REIC's existing fleet,” said Nate Druckenmiller, vice president, Kinderhook. “Kinderhook and REIC look forward to leveraging the capabilities of the combined businesses to accelerate growth.”

Kirkland & Ellis LLP served as legal counsel to Kinderhook. Prestwick Partners served as the Kinderhook Industries’ exclusive financial advisor and Winston & Strawn LLP acted as legal advisor to Cahill. Financing for the transaction was provided by a PNC Capital Markets bank syndicate, which included Flagstar Bank, Axos Bank, BancAlliance, Banc Hapoalim, First Merchants Bank, MUFG Union Bank and Stifel Bank & Trust.

Founded in 2003, Kinderhook Industries, LLC is a private investment firm that manages more than $5.2 billion of committed capital. Visit: www.kinderhook.com

REIC was founded in 2014 and is headquartered in Kalispell, Mont. It now has 39 branches, with 35 in the U.S. and four in Canada. The company is No. 43 on the RER 100.

About the Author

Michael Roth

Editor

Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.

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