Rental Equipment Investment Corp. Acquires Indian Peaks Rental
Rental Equipment Investment Corp. has acquired IPR of CO, LLC d/b/a Indian Peaks Rental LLC. Headquartered in Tabernash, Colo., Indian Peaks is a full-service general rental business providing a variety of equipment to the Grand County market. Indian Peaks represents REIC’s eighth add-on acquisition under Kinderhook’s ownership and the company’s 20th since its inception.
Financial terms of the transaction were not disclosed. The Stansberry Firm represented Indian Peaks for the transaction.
“The acquisition of Indian Peaks strengthens REIC's regional presence in the Mountain West, enhancing our ability to respond quickly to customer needs and further supporting our customer-first value proposition,” said Greg Gallagher, CEO of REIC.
Joe Penn, owner of Indian Peaks, said: “We are pleased to announce the sale of the company to REIC. The combined resources and footprint of the businesses position Indian Peaks to capitalize on growth in the region while continuing our combined goal of providing top notch service for our customers.”
“Indian Peaks is positioned strategically to benefit from the growth and capital investments in the Winter Park ski area,” said Paul Cifelli, managing director, Kinderhook. “The REIC team has an exceptional track record of efficiently and seamlessly integrating prior acquisitions, garnering a reputation as the acquirer of choice in the continued consolidation of the equipment rental industry.”
Kevin Fitzgerald, executive chairman of REIC, said, “We are excited to add Indian Peaks to our general equipment rental network. The company’s entrenched local presence combined with proximity to other REIC locations will create tailwinds to support future growth.”
Caldera Law served as legal counsel to REIC. Financing for the transaction was provided by a syndicate led by PNC Bank, National Association with participation from Flagstar Bank, N.A., Axos Bank, BancAlliance Inc., Bank Hapoalim B.M., First Merchants Bank, U.S. Bank National Association, Stifel Bank, MUFG Bank, Ltd., Capital One, National Association.
Headquartered in Tabernash, Colo., Indian Peaks Rental is a full-service general rental business providing a variety of equipment to the Grand County market. For more information, visit: https://www.indianpeaksrental.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.