Rental Equipment Investment Corp. Acquires Indian Peaks Rental, LLC

May 28, 2024

Kalispell, MT – Rental Equipment Investment Corp. (“REIC”), a portfolio company of

Kinderhook Industries, LLC (“Kinderhook”), announced today the acquisition of IPR of CO, LLC

d/b/a Indian Peaks Rental, LLC (“Indian Peaks” or the “Company”). Headquartered in Tabernash,

CO, 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.

Mr. Greg Gallagher, Chief Executive Officer of REIC, commented, “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.”

Joe Penn, owner of Indian Peaks, also commented, “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 at 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.”

Mr. Kevin Fitzgerald, Executive Chairman of REIC, commented, “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.

About Kinderhook Industries

Founded in 2003, Kinderhook Industries, LLC is a private investment firm that has raised $5.7

billion of committed capital. We have made in excess of 450 investments and follow-on acquisitions

since inception. Kinderhook’s investment philosophy is predicated on matching unique, growth-

oriented investment opportunities with exceptional financial expertise and our proprietary network

of operating partners. Our focus is on middle market businesses with defensible niche market

positioning in the healthcare services, environmental / business services, and automotive / light

manufacturing sectors.

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About REIC

Founded in 2014 and headquartered in Kalispell, MT, REIC is a is a premier, super-regional rental

equipment services platform. REIC offers a broad selection of general and specialty rental

equipment. 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 and

compression products. In addition to its Kalispell headquarters, REIC serves its customers out of a

strategic footprint of 53 locations spanning North America (47 locations in the U.S. and six in


For more information please visit:

About Indian Peaks

Headquartered in Tabernash, Colorado, Indian Peaks Rental is a full-service general rental business

providing a variety of equipment to the Grand County market.

For more information please visit:

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