Rental Equipment Investment Corp. (REIC), Miami, a portfolio company of Kinderhook Industries, has acquired Cahill Services, Livonia, Mich. Cahill represents REIC’s second add-on acquisition under Kinderhook’s ownership and the company’s 14th since inception. Financial terms of the transaction were not disclosed.
Cahill is a provider of specialty rental solutions for high-demand, critical applications across infrastructure, construction and industrial maintenance markets, the company says. It operates four service centers in Canada and two service centers in the U.S. and is one of the largest “pure-play” specialty rental service providers of critical climate control and lighting equipment including proprietary flameless heaters and hybrid light towers. REIC’s acquisition of the company represents a unique opportunity to add a growing, differentiated specialty rental model that leverages both proprietary technology and local-market expertise to provide critical specialty rental solutions, according to the company.
“We are excited to welcome the Cahill team to REIC,” says Kevin Fitzgerald, CEO, REIC. “Cahill’s patented JetHeat is the HVAC industry’s premier flameless heater, and a unique product offering that we are excited to roll out throughout our fleet. The JetHeat helps customers achieve fuel savings, which in turn generates significant cost savings over the duration of a project.”
Dennis Haller, CEO, Cahill, adds, “My team is thrilled about the opportunity to join REIC’s specialty rental division. Cahill has experienced tremendous growth in the past 24 months and will now have access to the additional resources of REIC to scale our business and continue capturing market share.”
“The acquisition of Cahill furthers REIC’s mission of becoming a national specialty rental provider and results in 12 standalone specialty rental locations across North America”, says Paul Cifelli, managing director, Kinderhook. “We are eager to partner with Cahill’s seasoned management team who have deep sector expertise and a long history of growing businesses in specialty rental.”
“Cahill’s built a strong foundation in the specialty rental market industry and will add new geographies and products to REIC’s existing fleet,” says Nate Druckenmiller, vice president. “Kinderhook and REIC look forward to leveraging the capabilities of the combined businesses to accelerate growth.”