Synergy Equipment, a construction equipment rental company in the Southeastern United States, and Opifex Enterprises, a Texas-based equipment rental company, announced this week that they have merged to form one of the largest independent equipment rental companies in the United States.
The companies said the new company will be the ninth largest equipment rental provider in the United States, based on Train 100 listing, without comPursue Focus: Cranes, power generation, Temperature control, custom trucks and pumps.
Opifex was founded in 2018 in Austin, Texas to provide equipment rental services to high-growth infrastructure and industrial construction markets throughout Texas. Synergy was founded in 2012 in Tampa, Florida to focus on all segments of the expanding Florida market.
Avance Investment Management, a private equity firm that invests in founder-led middle-market companies in the services, technology and consumer goods sectors, invested in Synergy in 2022 to accelerate growth in the Southeastern United States. This transaction is the largest acquisition completed by Synergy and Avance. As part of the merger, the new company also received additional equity from Synergy CEO JC Mas.
With 25 offices in Texas, Florida, Georgia and Alabama, the company will continue to focus 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 and teams from both organizations will continue to drive the company’s future growth.
Five-member management committee to take over leadership
The company will be led by a five-member management committee that brings together leaders from both companies to drive the strategic vision for the future. Synergy CEO Mas will lead the management committee along with Opifex CEO Jay Vaughn, Synergy CEO Jeff Karter, Synergy CEO Scott McPhail and Opifex President Stefan Gresham.
“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,” said Mas. “We are excited to combine 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 is also confident about the merger, adding: “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. We will continue to provide a high level of customer service through our local service and leading service response times. With our combined resources, we are optimally positioned to meet the needs of our current and future customers as an independent rental company with national reach.”
“Synergy and Opifex are both market leaders with impressive growth tracks,” said Luis Zaldivar, co-founder of Avance. “As partners, Synergy and Opifex are well positioned to continue to deliver exceptional services for infrastructure and commercial projects. We are excited about the potential this combination offers.”
Catalyst Strategic Advisors LLC acted as financial advisor to Opifex. Avance has offices in New York and Miami.
