Specialty oil and gas rental investment company Cahill Services has made its first acquisition in the form of Drive Rental Corp.
Drive Rental Corp is a flameless heating rental business with operations in Canada and the US. Headquartered in Alberta, Canada, Drive Rental has developed heating technologies that deliver high levels of heat and airflow with substantial energy efficiency.
The company's equipment is self-contained and portable, and does not require any electrical power.
Drive Rental has managed projects in some of the most remote cold-weather climates, ranging from northern Alberta to the north slope of Alaska. In climates such as these, the Company's ability to reliably deliver effective heat with high airflow has proven critical.
The company currently serves more than 100 customers from its locations in Leduc, Alberta and Anzac, Alberta in Canada and Prudhoe Bay, in Alaska. The business will rebrand and operate as Cahill Heating.
"Drive Rental is a very exciting specialty rental business that has already proven to be a market winner in a very short time," said George Walker, Cahill Services CEO.
"In addition to great technology and products, the Company's attention to customer service was very attractive to us as every heating application has its own unique challenges and projects in very remote areas simply must perform.
"We look forward to working with management to help Drive Rental expand to an even broader customer base across North America."
Cahill Services was formed in 2015 by a group of former Aggreko executives. As well as CEO Mr Walker, the management includes COO Keith Sanner, and chief sales and marketing officer Dennis Haller. Cahill is backed by a US$100 million (€88 million) investment from Pine Brook.