May 4, 2022
Miami, FL – Rental Equipment Investment Corp. (“REIC”), a portfolio of Kinderhook Industries, LLC (“Kinderhook”), announced today the acquisition of Total Construction Rentals, Inc. (“TCR”). TCR represents REIC’s first add-on acquisition under Kinderhook’s ownership and the Company’s 13th since inception. Financial terms of the transaction were not disclosed.
TCR is a specialty equipment rental company focused on the rental of heaters, air conditioners, coolers, fans and dehumidifiers. Founded 13 years ago, TCR operates over a seven-state region, including Delaware, Pennsylvania, Virginia, New Jersey, Washington D.C., New York and Maryland. REIC is an equipment rental holding company operating 33 locations, including 27 general rental stores and six specialty rental stores. REIC operates its stores under several brand names, each of which, is a leading local rental operator in its respective region. REIC’s acquisition of TCR accelerates its strategic growth in the specialty rental segment, where REIC employs a differentiated floating fleet strategy.
Mr. Kevin Fitzgerald, Chief Executive Officer of REIC, commented, “We are excited to continue our growth story with the addition of TCR, a business that shares our customer-first orientation. With this acquisition, REIC will now have seven specialty rental locations and our first location on the East Coast. Following this acquisition, REIC will offer specialty rental equipment in 27 states. Our goal is to become a nationwide specialty rental operation which will allow us to better serve our growing customer base.”
Mr. Tim Cairo, Owner of TCR, added, “I am excited to have completed the sale of the company and I want to thank all of my employees, customers and suppliers for their work over the years building TCR into what it is today. I look forward to partnering with REIC to continue growing the TCR name and expanding its geographic coverage area.”
“The acquisition of TCR is consistent with REIC’s strategy for growing its specialty rental business and gives the company an established HVAC provider in the Mid-Atlantic”, said Paul Cifelli, Managing Director at Kinderhook. “We are excited to continue aggressively invest and grow the specialty rental business going forward.”
“TCR is a highly strategic acquisition for REIC, and we are excited for REIC to emerge as the partner of choice in the ongoing specialty equipment rental industry consolidation,” said Nate Druckenmiller, Vice President at Kinderhook.