January 26, 2023
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. 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, 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.