Synergy Equipment, a Southeastern construction equipment rental business, and Opifex Enterprises, a Texas equipment rental company, announced this week that they have combined to form one of the largest independent equipment rental businesses in the United States.
The companies said that the combined new company will become the ninth largest general equipment rental provider in the U.S., based on the RER 100 listing, excluding companies focused on cranes, power generation, temperature control, customized trucks, and pumps.
Opifex was founded in 2018 in Austin, Texas, to provide equipment rentals to high-growth infrastructure and industrial construction markets across Texas. Synergy was established in 2012 in Tampa, Fla., to focus on all segments of the expanding Florida market.
Avance Investment Management, a private equity firm that invests in founder-owned, middle-market businesses in the services, technology and consumer areas, invested in Synergy in 2022 to accelerate growth across the southeastern U.S. This transaction marks the largest acquisition completed by Synergy and Avance. In connection with the combination, the new company received incremental equity capital from Synergy CEO JC Mas as well.
With 25 branch locations in Texas, Florida, Georgia, and Alabama, the company will continue to concentrate 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 team continuing to drive the future growth of the business.
Five person management committee to lead
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 CEO Mas will lead the management committee along with Opifex CEO Jay Vaughn, Synergy chief operating officer Jeff Karter, Synergy chief financial officer Scott McPhail, and Opifex president Stefan Gresham.
“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,” said Mas. “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 also is bullish on the combination, adding: “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.” Avance has offices in New York and Miami.
Catalyst Strategic Advisors LLC acted as financial advisor to Opifex.
