June 2, 2024
Rental Equipment Investment Corp. (REIC), Kalispell, Mont., a portfolio company of Kinderhook Industries, has acquired IPR of CO d/b/a Indian Peaks Rental. Headquartered in Tabernash, Colo., Indian Peaks is a full-service general rental business providing a variety of equipment to the Grand County market.
Indian Peaks represents REIC’s eighth add-on acquisition under Kinderhook’s ownership and the company’s 20th since its inception. Financial terms of the transaction were not disclosed.
“The acquisition of Indian Peaks strengthens REIC’s regional presence in the Mountain West, enhancing our ability to respond quickly to customer needs and further supporting our customer-first value proposition,” said Greg Gallagher, CEO, REIC.
“We are pleased to announce the sale of the company to REIC,” said Joe Penn, owner, Indian Peaks Rental. “The combined resources and footprint of the businesses positions Indian Peaks to capitalize on growth in the region while continuing our combined goal of providing top notch service for our customers.”
“Indian Peaks is positioned strategically to benefit from the growth and capital investments in the Winter Park ski area,” said Paul Cifelli, managing director, Kinderhook Industries. “The REIC team has an exceptional track record of efficiently and seamlessly integrating prior acquisitions, garnering a reputation as the acquirer of choice in the continued consolidation of the equipment rental industry.”
Kevin Fitzgerald, executive chairman, REIC, said, “We are excited to add Indian Peaks to our general equipment rental network. The company’s entrenched local presence combined with proximity to other REIC locations will create tailwinds to support future growth.”
Caldera Law served as legal counsel to REIC. Financing for the transaction was provided by a syndicate led by PNC Bank, National Association (N.A.) with participation from Flagstar Bank, N.A.; Axos Bank; BancAlliance; Bank Hapoalim B.M.; First Merchants Bank; U.S. Bank N.A.; Stifel Bank; MUFG Bank; Capital One, N.A.
The Stansberry Firm represented Indian Peaks Rental in the transaction.
