June 4, 2023
Rental Equipment Investment Corp. (REIC), Kalispell, Mont., a portfolio company of Kinderhook Industries, has acquired Midstream Equipment Corp.
Founded in 2015 and headquartered in Calgary, Alberta, Canada, Midstream is a provider of specialty rental solutions for applications in the oil and gas and large industrial sectors. Midstream represents REIC’s sixth add-on acquisition under Kinderhook’s ownership and the company’s 18th since inception.
Financial terms of the transaction were not disclosed.
“We are excited to welcome the Midstream team to REIC,” said Kevin Fitzgerald, chief executive officer of REIC. “Midstream’s product offering and technical knowledge lead the market and we look forward to helping Kyle Twa and Jay Formenti grow the business.”
“We are looking forward to leading Midstream to the next phase of our growth and we are delighted at the opportunity to join the REIC/Kinderhook portfolio. Increasing our access to the additional resources of REIC will help scale our business and, most importantly, continue to service our customers,” said Twa and Formenti, co-presidents at Midstream.
“The acquisition of Midstream further enhances REIC’s specialty rental offering,” said Paul Cifelli, managing director, Kinderhook. “We are eager to partner with Midstream’s experienced management team who have deep sector expertise and a long history of growing businesses in this market.”
Nate Druckenmiller, vice president at Kinderhook, said the REIC team “has demonstrated ongoing success in organic growth and seamless integration of acquisitions, leading to enhanced synergies, expanded market share and accelerated overall growth. We are excited to continue supporting their strategic growth plan.”
