Rental Equipment Investment Corp. Acquires Calgary-Based Midstream Equipment Corp.
Rental Equipment Investment Corp., a portfolio company of Kinderhook Industries LLC, has acquired Midstream Equipment Corp. Founded in 2015 and headquartered in Calgary, Alberta, Canada, Midstream is a leading provider of specialty rental solutions for high-demand, critical applications in the oil & gas and large industrial sectors. Midstream represents REIC's sixth add-on acquisition under Kinderhook's ownership and REIC’s 18th acquisition since its inception. Financial terms of the transaction were not disclosed.
“We are excited to welcome the Midstream team to REIC,” said Kevin Fitzgerald, CEO of REIC. “Midstream’s product offering and technical knowledge lead the market and we look forward to helping Kyle Twa and Jay Formenti grow the business.”
Twa and Formenti (co-presidents of Midstream) said, “We are looking forward to leading Midstream to the next phase of our growth and we are delighted at the opportunity to join the REIC / Kinderhook portfolio. Increasing our access to the additional resources of REIC will help scale our business and, most importantly, continue to service our customers.”
“The acquisition of Midstream further enhances REIC’s specialty rental offering,” said Paul Cifelli, managing director, Kinderhook. “We are eager to partner with Midstream’s experienced management team who have deep sector expertise and a long history of growing businesses in this market.”
“The REIC team has demonstrated ongoing success in organic growth and seamless integration of acquisitions, leading to enhanced synergies, expanded market share, and accelerated overall growth,” said Nate Druckenmiller, vice president, Kinderhook. We are excited to continue supporting their strategic growth plan.”
Kinderhook Industries was founded in 2003. A private investment firm, it manages more than $5.4 billion of committed capital and has made more than 415 investments and follow-on acquisitions. For more information, visit: www.kinderhook.com
REIC, No. 31 on the RER 100, was founded in 2014 and is headquartered in Kalispell, Mont. REIC is a premier, super-regional rental equipment services platform. REIC offers a broad selection of general and specialty rental equipment. It has 52 locations spanning North America (46 locations in the U.S. and six in Canada). For more information visit: https://www.reicorporation.com/.
Midstream Equipment, based in Calgary, is a provider of specialty rental solutions including compressors, generators, skids, and vapor recovery units. For more information, visit: https://www.midstreamequipment.com.
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.