M&A Deal Summary

Wincove Private Holdings and Ironwood Capital Acquire Elite Equipment Rental

On May 20, 2024, private equity firm Wincove Private Holdings and growth capital firm Ironwood Capital acquired business services company Elite Equipment Rental

Acquisition Highlights
  • This is Wincove Private Holdings’ 3rd and Ironwood Capital’s 7th transaction in the Business Services sector.
  • This is Wincove Private Holdings’ 18th and Ironwood Capital’s 94th transaction in the United States.
  • This is Wincove Private Holdings’ 1st and Ironwood Capital’s 1st transaction in Utah.

M&A Deal Summary

Date 2024-05-20
Target Elite Equipment Rental
Sector Business Services
Buyer(s) Wincove Private Holdings
Ironwood Capital
Deal Type Recapitalization

Target

Elite Equipment Rental

Roosevelt, Utah, United States
Elite Equipment Rental is a provider of hydro excavation trucks (“hydrovacs”) and ancillary equipment to industrial, utility, construction, and municipal service providers. Elite Equipment Rental is based in Roosevelt, Utah.

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Buyer(S) 2

Buyer

Wincove Private Holdings

New York, New York, United States

Investor Investor


Category Private Equity Firm
Founded 2008
Size Small
Type Sector Agnostic
DESCRIPTION

Wincove Private Holdings is an independent private equity firm that invests in smaller, profitable companies in partnership with management. Wincove looks to support family and/or seller succession transactions, recapitalizations, management buyouts, consolidations, and corporate divestitures. Wincove is a generalist firm, and will consider opportunities in a variety of industries. The Firm targets companies located in the US and Canada. Prospective companies typically have less then $50 million in revenue. Wincove Private Holdings was formed in 2008 and is based in New York City.


DEAL STATS #
Overall 18 of 18
Sector (Business Services) 3 of 3
Type (Recapitalization) 7 of 7
State (Utah) 1 of 1
Country (United States) 18 of 18
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-22 Integrated Warehouse Solutions

Fort Worth, Texas, United States

Integrated Warehouse Solutions is a manufacturer of material handling equipment focused on enhancing the safety and efficiency of loading docks and warehouses. The Company’s products, which include yard ramps, dock boards, pit levelers, seals and shelters, safety barriers, mezzanines, lift tables, pallet trucks, and carts, are sold under the leading Bluff, Wesco, and Nordock brands. IWS serves virtually every end market throughout the U.S., Canada, Central and South America, and the Caribbean through a broad distributor network supported by production facilities in Texas, Pennsylvania, Ohio, and Ontario (Canada).

Sell -
Buyer

Ironwood Capital

Avon, Connecticut, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1986
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ironwood Capital is a private investment firm that makes equity and subordinated debt investments in lower middle-market companies. Investment proceeds are generally used to support leveraged buyouts, growth financings, and recapitalizations. Investments typically range from $10 to $40 million in companies generating $20 to $250 million in annual sales. Target sectors include healthcare products/services, value-added manufacturing, business services, consumer products, specialty distribution, and education. Ironwood prefers opportunities East of the Mississippi, but will selectively consider investments in the Western US. The Firm's investment horizon is three to five years. Ironwood Capital was formed in 2002 and is based in Avon, Connecticut.


DEAL STATS #
Overall 94 of 95
Sector (Business Services) 7 of 7
Type (Recapitalization) 14 of 14
State (Utah) 1 of 1
Country (United States) 94 of 95
Year (2024) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-12 Oak Ridge Waste & Recycling

Danbury, Connecticut, United States

Oak Ridge Waste & Recycling is a provider of solid waste collection, transportation, and disposal services for residential and commercial customers in the Northeast. Oak Ridge Waste & Recycling is based in Danbury, Connecticut.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-15 Certified Aviation Services

Ontario, California, United States

Certified Aviation Services is an aircraft maintenance repair and overhaul (MRO) service provider. It provides MRO services for fleet operators, lessors, OEMs, and adjusters globally conducting line maintenance services, modifications, and worldwide aircraft recovery and repairs. Certified Aviation Services is based in Ontario, California.

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