Kinderhook Industries announced the acquisition of Jack Doheny Companies, a Northville, Michigan-based lessor and distributor of specialized equipment for use in the environmental, industrial, and utility sectors. The financial terms of the deal were undisclosed.
JDC represents Kinderhook’s 143rd Environmental / Industrial Services acquisition since its founding and its seventh platform investment within the specialty industrial rental vertical.
Founded in 1973, JDC is a leading provider of specialty equipment rentals, sales, and service solutions for mission-critical applications within the electric transmission and distribution (T&D), sewer maintenance and inspection, and utility markets. And the company leases and sells a comprehensive suite of products, including vacuum trucks, hydro-excavators, aerial boom trucks, sewer cleaning equipment, and other high-performance machinery, to a diverse base of customers.
The company also operates a network of 16 branch locations across the U.S. and Canada, utilizing its footprint to effectively provide ongoing support to its rental fleet of 1,300+ pieces of equipment.
Kirkland & Ellis served as legal counsel to Kinderhook. The financing for the transaction was provided by a syndicate led by Comerica Bank with participation from Truist Bank, Huntington Bank, KeyBank, Citizens Bank, Fifth Third Bank, and First Merchants Bank.
Schwartz Advisors served as JDC’s financial advisor. Taft Stettinius & Hollister served as legal counsel to JDC.
KEY QUOTES:
“This partnership with Kinderhook represents an exciting opportunity to accelerate our growth and enhance our ability to deliver best-in-class equipment and service solutions to our customers. By partnering with Kinderhook, we are well-positioned to further invest in our fleet and expand our geographic reach across existing and new markets, enhance our service offerings, and execute on a robust pipeline of strategic growth initiatives. Our team is excited for this next phase of growth!”
– Steve Shafer, CEO of JDC
“JDC exemplifies the type of business Kinderhook seeks to partner with — an industry leader with a proven track record of performance, a management team committed to operational excellence, and a clear path forward for growth. In our experience as environmental and industrial services investors, we have observed the value provided by quality heavy equipment supported by reliable customer service. Our portfolio companies have previously been consumers of JDC’s products and can validate the Company’s reputation as a preferred provider in the market.”
– Robert Michalik, Managing Director of Kinderhook
