Trico Lift, a privately owned full-service aerial lift company, announces the final closing of a unique asset purchase agreement with the Modern Group Ltd, one of the nation’s largest industrial equipment distribution firms. At the end of last year, Trico Lift entered into an agreement with Modern, based in Bristol, Pa., to buy the group’s aerial lift assets. The integration of Modern’s lift assets will expand the Millville, N.J.-based company’s fleet by more than 700 pieces of lift equipment, bringing its total fleet size to nearly 4,000.
Location assets included in the agreement include one in Baltimore, and another in Lancaster, Pa. The sharing of two Pennsylvania facilities in King of Prussia and Allentown, Pa., is also part of the deal, bringing Trico Lift’s location count to 13.
The unique aspect of the agreement includes a reciprocating marketing alliance whereby Modern will market Trico Lift’s aerial work platform products and services to its customer base and Trico Lift will assist in making referrals for Modern’s industrial forklift products and services to its customer base.
“The agreement with Modern aligns with our growth strategy to open new locations each year and will result in improved services to our respective customers and stakeholders,” Trico Lift CEO and president Ken Pustizzi said. “We’re very excited about the deal and we’re doing all that we can to successfully integrate these lift assets into our company. Most importantly, we’re making business decisions aimed at making the transition as seamless as possible.”
According to Pustizzi, Trico Lift also recruited more than 30 Modern Group employees to maintain and elevate customer service standards. “These top performing managers, territory managers, drivers, mechanics and administrative support persons have joined the Trico Lift team as part of the customer-focused arrangement,” he said.
Trico Lift serves customers in the Mid-Atlantic, Midwest and Gulf region markets. Its equipment fleet is made up primarily of boom lifts, scissor lifts and rough terrain forklifts.
Both companies are ranked on the RER 100 list of North America’s largest rental company: Trico is No. 45 and Modern No. 51.