Two fast-growing U.S. rental companies – Synergy Equipment and Opifex Enterprises – will merge, creating the ninth or tenth largest rental company in the United States.
Synergy Equipment based in Tampa, Florida was founded in 2012 and covers the southeast region from 22 locations in Florida, Georgia and Alabama, while Opifex Enterprises based in Texas Founded in 2018, the company operates three locations in Austin/Buda, San Antonio, and Bryan/College Station – between Austin and Houston. In 2022, it secured $65 million in debt financing from a consortium led by Houston-based GP Capital Partners.
The new “combined” company has received new equity from Synergy founder and CEO JC Mas and private equity firm Avance Investment Management.
The two rental companies offer a similar range of products, including aerial work platforms and telehandlers, as well as earthmoving equipment. They will combine their operations but continue to operate under their existing brand names. The combined company will be led by a five-person management committee led by Synergy CEO JC Mas, Synergy COO Jeff Karter and Chief Financial Officer Scott McPhail. They will work with Opifex CEO Jay Vaughn and its president Stefan Gresham.
Mas said, “We are very impressed with the rapid growth, high asset utilization and strong profitability Opifex has achieved over the past few years and we look forward to working with Jay and his team to expand Opifex’s presence throughout the Texas Triangle and beyond. We look forward to combining the resources and best practices of the two companies to create one of the leading market players in Florida, Texas and other high-growth equipment rental markets in the South.”
Vaughn added, “We are thrilled to partner with a world-class company 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.”
Avance co-founder Luis Zaldivar said: “Synergy and Opifex are both market leaders with impressive growth tracks. As partners, they are well positioned to continue to deliver outstanding services for infrastructure and commercial projects. We are excited about the potential this combination offers.”
