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Sep 26, 2019Two location construction equipment rental, sales and service company operating in two mid-sized northern Florida markets. Company is experiencing impressive growth trend, increasing rental revenues by 85% from $4.4 million in 2014 to $8.1 million of the most recent twelve month period ended July 31, 2019.

Both markets that Company operates in show strong positive long term trends with a number of long-term projects underway or in planning stages. In addition to rentals, Company has four additional revenues streams each adding roughly $1 million in annual revenues; sale of new equipment, sale of used equipment from its rental fleet, sale of construction related merchandise and a service shop that provides parts and labor for customer owned equipment. Ownership believes that the "full service" product and services offered to contractors promote loyalty among its customer base.

Rental fleet with original cost of $18 million (approx.) as of July 31, 2019; 75% of rental fleet consists of aerial equipment (boom lifts, reach forklifts, scissor lifts) while the remaining fleet consists mainly of smaller dirt, compaction and general rental equipment. Loyal customer base of small-to-mid-sized locally based contractors (general, electrical, concrete, site prep, roofers, mechanical, utility). Low customer concentration: top 10 customers generate 26% of total revenues.

Company operates from a four acre main facility (60% of total revenues, owned by affiliate of ownership group) that includes large and impressive 25,000 s.f. service shop and additional inside storage space and attractive showroom area. Satellite location (40% of total revenues) on five acres approximately 60 miles from main facility leased from third party landlord.

Company has experienced general manager and operational staff overseeing day-to-day operations; 41 total employees. Owner (late 60s) serves in support role, dedicated to mainly reviewing financial performance and major purchasing decisions. Transaction can be structured as purchase of assets from the "S" Corp, excluding real estate. Owner is seeking retirement but willing to stay on for transitional role or longer-term advisory role.

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