Merger creates largest independent in Texas
12 August 2024
Photo: Catalyst Strategic Advisors
US-based rental companies Synergy Equipment and Opifex Enterprises are to combine operations, it has been announced.
The deal will see Avance Investment Management, a private invester that first invested in Synergy in 2022, acquire Opifex.
It will also create the largest independent equipment rental company in the markets of Florida and Texas in the process.
Founded in 2018, Opinex is headquartered in Austin, Texas, and also has locations in San Antonio and Bryan-College Station.
It operates a fleet that includes aerial platforms, forklifts, excavators, pumps and wheel loaders.
Meanwhile, Synergy was established in 2012 in Tampa, Florida, to focus on all segments of the Florida market.
The company operates 17 branches across the state of Florida, five in Georgia and one in Alabama.
As well as offering sales of equipment, the company’s rental portfolio includes aerial boom lifts, scissor lifts, generators and dozers.
The deal, which is part of a plan from from Avance and Synergy to accelerate growth across the southeastern US, is said to mark the largest acquisition completed by Synergy and Avance.
The combined company will retain the Synergy and Opifex brand names within their respective regions, with the aim of ensuring continuity for customers.
A five-person management committee that brings together leadership from both businesses will guide the strategic vision of the combined company going forward.
Synergy Chief Executive Officer JC Mas will lead the management committee alongside Opifex Chief Executive Officer Jay Vaughn III, joined by other key leaders from both teams, including Opifex President Stefan Gresham.
Catalyst Strategic Advisors served as the exclusive transaction advisor to Opifex.
