NewSpring Mezzanine Capital Announces Investment in Rental Equipment Investment Corporation
June 02, 2016
Radnor, PA - June 2, 2016 - NewSpring Capital, a family of private equity funds providing growth and expansion capital, announced today that NewSpring Mezzanine Capital ("NewSpring"), the firm’s dedicated mezzanine fund, has led an investment in Rental Equipment Investment Corporation (“REIC”). NewSpring partnered with REIC’s CEO and existing shareholders; proceeds will be used to acquire Pro Rental & Sales (“Pro Sales”), the fourth in a series of strategic acquisitions. Southfield Mezzanine (“Southfield”), based in Greenwich, CT, participated with NewSpring in the investment.
REIC is an equipment rental company that provides construction and industrial equipment for rent, as well as used equipment for sale. The Company operates equipment rental stores throughout the Mountain West region of the United States. As a result of the Pro Sales acquisition, REIC will now have 20 locations in five contiguous Mountain West states.
“Having made a string of acquisitions since our launch in 2014, this partnership is a step in the right direction for the future of REIC,” said Kevin Fitzgerald, Chairman and Chief Executive Officer at REIC. “It provides the opportunity to accelerate our continued growth trajectory through selective merger and acquisitions activity, and we look forward to working closely with NewSpring and Southfield.”
“REIC has experienced strong and consistent growth over the last two years,” added Greg Barger, NewSpring General Partner. “We are pleased to partner with this talented management team to help them successfully capitalize on their strategic growth initiatives.”
Formed in 2014, Rental Equipment Investment Corporation (“REIC”) is a holding company established to invest its capital in purchasing well-run, small to mid-sized rental equipment companies as well as opening new rental locations to grow a nationwide equipment rental company. Operations are headquartered in Kalispell, Montana with equipment rental stores throughout the Mountain West region of the United States. Corporate headquarters are based in Miami Beach, Florida.