Lingate completes sale of Construction Heaters Inc. to Rental Equipment Investment Corp.

Lingate completes sale of Construction Heaters Inc. to Rental Equipment Investment Corp.

Rental Equipment Investment Corp. (REIC) has purchased the assets and business of Construction Heaters Inc. (CHI) based in Minneapolis, MN. CHI is a specialty equipment rental company focused on the rental of heaters, air conditioners, coolers, fans and dehumidifiers. CHI started operations 35 years ago and operates over a 19-state region out of three offices in Minneapolis, Seattle and Denver. REIC is an equipment rental holding company operating 25 general rental stores in 7 states.  REIC operates its stores under several brand names each of which is a leading local rental operator in their respective area. This is REIC’s eleventh acquisition since its inception in October 2014 and continues REIC’s plan to purchase well run locally operated rental companies.

Mr. Kevin Fitzgerald, Chief Executive Officer of REIC commented, “We are excited to complete the purchase of CHI. As a specialty rental company, CHI will complement REIC’s general rental stores and we expect significant cross selling opportunities among the respective customer bases.  CHI’s management team will continue to operate the company and the CHI name will be maintained. REIC will look to expand CHI’s footprint across the country and to add more rental fleet to its existing locations.”

Mr. Dave Obee, Owner of CHI added, “Having started CHI 35 years ago, I am proud to be able to complete the sale of the company and I want to thank all of my employees, customers and suppliers for their work over the past years in building CHI into what it is today. With REIC as the new owner of CHI, I am confident that the legacy and quality of service that we have provided all these years will continue.”

Lingate Financial Group represented Owner Dave Obee of Construction Heaters Inc. in the transaction and conducted a national marketing effort on the company’s behalf. Founded in 1945, Lingate helps business owners with market-based valuations, business sales, mergers, acquisitions, recapitalizations, and internal transitions among family members, partners and management.