Combination creates one of the largest independent equipment rental companies serving Florida, Texas, and other fast-growing markets in the South
TAMPA, Fla. and AUSTIN, Texas, Aug. 7, 2024 /PRNewswire/ -- Synergy Equipment ("Synergy"), a Southeastern construction equipment rental business, and Opifex Enterprises ("Opifex"), a Texas equipment rental company, today announced that they have combined to form one of the largest independent equipment rental business in the United States (collectively, the "Company"). Together, the Company will become the ninth largest1 general equipment rental provider in the U.S. based on the RER 100.
With 25 branch locations across Texas, Florida, Georgia, and Alabama, the Company will continue to capitalize on market opportunities in infrastructure, commercial, and related projects throughout the Southern U.S. Synergy and Opifex will continue to operate under their existing brands, with each organization's best-in-class team continuing to drive the future growth of the business. In connection with the combination, the Company received incremental equity capital from JC Mas as well as Avance Investment Management ("Avance"), a leading investment firm that partners with founder-owned businesses in the Services, Technology, and Consumer areas.
The Company will be led by a five-person management committee that brings together leadership from both businesses to steer the go-forward strategic vision. Synergy Chief Executive Officer JC Mas will lead the management committee alongside Opifex Chief Executive Officer Jay Vaughn, Synergy Chief Operating Officer Jeff Karter, Synergy Chief Financial Officer Scott McPhail, and Opifex President Stefan Gresham.
JC Mas commented, "We have been very impressed with the rapid growth, high asset utilization, and strong profitability that Opifex has produced over the last 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."
Jay Vaughn added, "We are thrilled to be partnering with a first-class organization 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. We will continue to bring a high level of customer service through our local service and leading service response times. With our combined resources, we will be optimally positioned to support the needs of our current and future customers as an independent rental company with national scale."
"Synergy and Opifex are both market leaders with track records of impressive growth," said Luis Zaldivar, Co-Founder of Avance. "As partners, Synergy and Opifex are well-positioned to continue delivering exceptional service across infrastructure and commercial projects. We are excited about the potential this combination presents."
Catalyst Strategic Advisors LLC acted as financial advisor to Opifex.
About Synergy Equipment
Founded in 2012 by JC Mas, Synergy Equipment is a construction equipment rental business in the Southeast US. With 22 locations across Florida, Georgia, and Alabama, Synergy serves customers from a variety of end markets within the infrastructure, utility, construction, manufacturing, government, mining, and agricultural segments. Synergy offers a broad line of equipment ranging from aerial, earthmoving, material handling, compaction, specialty pumps, and other tools and machinery. Avance Investment Management made an investment in Synergy in January 2022.
About Opifex Enterprises
Founded in 2018 in Austin, Opifex is a fast-growing equipment rental company in the United States with branches in Austin, San Antonio, and College Station. Opifex services contractors working on large, long-term infrastructure, institutional commercial, and industrial projects. Opifex offers a broad line of equipment including aerial, earthmoving, material handling, compaction, specialty pumps, and other tools and machinery.
About Avance Investment Management
Avance is a private equity firm with a passion for building great businesses in partnership with talented management teams. Avance focuses on thematic investments within the Services, Technology and Consumer areas in the U.S., seeking attractive opportunities with catalysts for growth and fragmented spaces with consolidation opportunities. Avance's team has a long history of partnering with founder-owned businesses, industry executives, and management teams and aims to add value to each investment. Avance has offices in New York and Miami.
Avance Media Contact
Woomi Yun / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449
1 Ranking based on Rental Equipment Register's 2024 RER 100 list. Based on rental revenue volume for US-based companies that specialize in general equipment rental, including aerial and earthmoving equipment. Excludes companies with a primary focus on renting cranes, power generation, temperature control, customized trucks, and pumps.
SOURCE Synergy Equipment; Opifex Enterprises