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.
