Two of the rental industry’s largest independent regional companies, both based near Philadelphia, Trico Lift and Modern Equipment, announced that the two companies have entered into a strategic alliance to better serve their customers and stakeholders.
Under the agreement, Trico Lift will assist Modern with the marketing of Modern’s industrial forklift, power systems and material handling products and services to its customer base, and Modern will assist Trico Lift with marketing Trico Lift’s aerial products and services to its customer base. Modern will sell a portion of its aerial lift assets to Trico Lift, thereby increasing Trico’s fleet size to 4,000 units.
Also, Trico Lift and Modern will co-locate facilities in King of Prussia and Allentown, Pa., and Trico is acquiring Modern’s Baltimore branch.
“The arrangement with Modern enables both companies to remain focused on their core competencies and creates an even stronger opportunity for both organizations to grow in our common target markets,” said Ken Pustizzi, president and CEO of Millville, N.J.-based Trico. “However, the most important benefit will be the opportunities the partnership will bring to our employees, our customers, and our future customers.”
“The plans are to share space at Modern’s two current Pennsylvania facilities in King of Prussia and Allentown,” Pustizzi told RER. “These new locations will bring our branch count to 12, but the details are not yet final. However, this expansion aligns with our planned growth strategy to add new locations each year.”
“We admire Trico Lift as a market leader whose customer focus is aligned with Modern’s,” added Dave Griffith, president and CEO of Bristol, Pa-based Modern Group.
“Each company will maintain a separate sales staff,” Griffith told RER. “Several folks from the aerial business will transfer from Modern to Trico to maintain customer relationships. We plan to establish a lead program between the firms and a preferential re-rental program as well. We also anticipate joint executive calling on customers and again we anticipate learning as we go forward how to best leverage the relationship with our customers who are looking for a comprehensive set of solutions.”
In announcing the alliance, both executives said they are focused on the opportunity in the region’s industrial markets and the strength the partnership will bring to benefiting their common customers, employees and shareholders.
Trico Lift is No. 45 on the RER 100; Modern Group is No. 51.