Rental Equipment Investment Corp. Acquires Industrial Drying Solutions
Rental Equipment Investment Corp., a portfolio company of Kinderhook Industries LLC, this week acquired Industrial Drying Solutions LLC, a subsidiary of Power Rental Solutions LLC. Founded in 2020 and headquartered in Franklin Park, Ill., IDS is a provider of specialty rental equipment, including heating, dehumidification and power solutions. IDS has four locations.
IDS represents REIC’s fourth add-on acquisition under Kinderhook’s ownership and the company’s 16th since its inception. Financial terms of the transaction were not disclosed.
“The IDS acquisition continues the substantial growth of our specialty rental division, REIC Specialty,” said Kevin Fitzgerald, CEO of REIC. “IDS is an excellent company with strong management that enables us to expand our geographic footprint and significantly broaden our equipment offering with an impactful fleet of desiccant dehumidifiers and air conditioners, while providing us a strong position in the restoration services market.”
Dennis Haller, CEO of REIC Specialty, added, “We are very excited to welcome the IDS team to REIC’s specialty rental division. The acquisition of IDS provides us with a multitude of cross-selling opportunities across REIC Specialty that we can execute on immediately.”
“REIC Specialty and IDS remain focused on preserving the company’s vision of a safety and customer first operation,” said Scott Milligan, CEO of Power Rental Solutions. “We will continue to support our employees and provide outstanding service to our customers.”
“The acquisition of IDS will add four new locations to our specialty rental footprint, resulting in a total of 21 REIC Specialty locations across North America,” said Paul Cifelli, managing director at Kinderhook.
Founded in 2003, Kinderhook Industries, LLC is a private investment firm that manages more than $5.4 billion of committed capital. REIC was founded in 2014 and headquartered in Kalispell, Mont. 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 48 locations spanning North America (43 locations in the U.S. and five in Canada). For more information visit: https://www.reicorporation.com/
Rental Equipment Investment Corp. 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.