Rental Equipment Investment Corp. (REIC), a portfolio company of Kinderhook Industries, LLC, has announced its acquisition of Bigfork Rentals, Inc., based in Kalispell, Montana. This move is part of REIC’s strategic aim to expand its footprint in Montana, enhancing its rental equipment offerings and market presence. Kinderhook Industries, known for its focus on middle-market businesses, supports REIC in leveraging growth opportunities within the equipment rental sector. By integrating Bigfork Rentals into its operations, REIC aims to bolster its service capacity and customer reach in the region.
Bigfork represents REIC’s ninth add-on acquisition under Kinderhook’s ownership and its 21st since inception. Financial terms of the transaction were not disclosed.
Greg Gallagher, REIC CEO, said: “Bigfork has established a reputation for providing high-quality equipment and service. The acquisition enhances REIC’s presence in Flathead and Lake counties in Montana, enabling us to better serve our customers in the region.”
“I am excited to have completed the sale of the company to REIC,” said Steve Ricci, Bigfork owner. “I want to thank all of our employees and customers for their work and loyalty over the years to build Bigfork into what it is today. I also want to thank the rental industry for all their support and for the opportunity to serve their members.”
“The geographic proximity of Bigfork to our other general rental locations makes this acquisition highly strategic for REIC as we continue to build density,” said Paul Cifelli, managing director, of Kinderhook. “We are excited for REIC to continue its acquisitive track record that has established the business as the partner of choice in the ongoing consolidation of the equipment rental industry.”
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.
