January 26, 2023
Rental Equipment Investment Corp. Acquires Industrial Drying Solutions, LLC
Kalispell, MT – Rental Equipment Investment Corp. (“REIC”), a portfolio company of Kinderhook Industries, LLC (“Kinderhook”), announced today the acquisition of Industrial Drying Solutions, LLC (“IDS” or the “Company”), a subsidiary of Power Rental Solutions, LLC (“Power Rental Solutions”). Founded in 2020 and headquartered in Franklin Park, IL, IDS is a provider of specialty rental equipment, including heating, dehumidification and power solutions. IDSrepresents 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, Chief Executive Officer 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, Chief Executive Officer 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,” says Scott Milligan, Chief Executive Officer 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.
Kinderhook Industries, LLC 505 Fifth Avenue, 25th Floor New York, New York 10017
About Kinderhook Industries
Founded in 2003, Kinderhook Industries, LLC is a private investment firm that manages over $5.4 billion of committed capital. We have made in excess of 375 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. We have a track record of successfully and consistently building industry leaders.
For more information, please visit: www.kinderhook.com
Founded in 2014 and headquartered in Kalispell, MT, REIC 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 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 5 in Canada).
For more information please visit: https://www.reicorporation.com/
About Industrial Drying Solutions
Headquartered in Franklin Park, IL, IDS is a provider of specialty rental equipment, including heating, dehumidification, and power solutions. IDS serves its customers out of a strategic footprint of four locations spanning the United States.
For more information please visit: https://www.idsdrying.com/