13.08.2024

New rental major in US

Two fast growing US rental companies - Synergy Equipment and Opifex Enterprises – are to merge, creating the ninth or tenth largest rental company in the USA.

Tampa, Florida based Synergy Equipment was established in 2012 and covers the southeast region from 22 locations across Florida, Georgia, and Alabama, while Texas based Opifex Enterprises was set up in 2018 and operates from three locations, in Austin/Buda, San Antonio and Bryan/College Station - between Austin and Houston. In 2022 it secured $65 million of debt financing from a consortium led by Houston based GP Capital Partners.
The new 'combined' venture has received new equity capital from Synergy founder and chief executive JC Mas as well as private equity firm Avance Investment Management.

The two rental companies offer a similar range of products, including aerial work platforms and telehandlers, as well as earthmoving equipment. While they will combine their operations they will continue to operate under their existing brands. The merged company will be led by a five person management committee led by Synergy chief executive JC Mas with Synergy chief operating Officer Jeff Karter and chief financial officer Scott McPhail, working alongside Opifex chief executive Jay Vaughn, and its president Stefan Gresham.

Mas said: "We have been very impressed with the rapid growth, high asset utilisation, and strong profitability that Opifex has produced over the past several years, and we look forward to working with Jay and his team to expand Opifex's footprint throughout the 'Texas Triangle' and beyond. We are excited to combine the resources and best practices of the two businesses to create one of the leading market participants in Florida, Texas, and other high growth equipment rental markets in the South."

Vaughn added: "We are thrilled to be partnering with a first class organisation like Synergy. JC Mas has been a leader in the equipment rental industry for decades and I look forward to working with him and the experienced Synergy team to build the next great equipment rental platform."

The co-founder of Avance Luis Zaldivar said: "Synergy and Opifex are both market leaders with track records of impressive growth. As partners, they are well positioned to continue delivering exceptional service across infrastructure and commercial projects. We are excited about the potential this combination presents."