Canadian mid-market private equity firm Clairvest Group has invested in the recapitalization of Durante Rentals LLC, a Flushing, New York-based construction equipment rental provider.
Terms weren’t released for the deal, which saw Clairvest partner with Anthony Durante, the company’s co-founder and CEO.
Established in 2009, Durante primarily serves small to mid-sized contractors through 10 branches across New York, New Jersey and Connecticut.
The platform investment is Clairvest’s third in the equipment rental sector and the ninth by Clairvest Equity Partners V. Earlier this year, Clairvest closed its sixth mid-market fund, raising about $1.1 billion (US$850 million).
Clairvest Completes Its Third Investment In The Equipment Rental Space With An Equity Investment In Durante Rentals
TORONTO, July 02, 2019 (GLOBE NEWSWIRE) — Clairvest Group Inc. (TSX: CVG) (“Clairvest”) today announced that it, together with limited partnerships controlled by it, made an investment in Durante Rentals (“Durante” or the “Company”) to support the recapitalization of the Company.
Durante is the leading independent construction equipment rental provider in the New York Metropolitan area. The Company primarily serves small to mid-sized contractors through a network of 10 branches across New York, New Jersey and Connecticut. Durante’s co-founder and CEO, Anthony Durante, is a significant shareholder alongside Clairvest. The opportunity was originated through Clairvest’s 10-year domain effort in the equipment rental space.
“We met Anthony and his team in 2014 and have been impressed by the Company’s progress since then. Under Anthony’s leadership, Durante emerged as a leader in its markets, outpacing the competition by providing superior service and steadily growing its footprint across the tri-state area. We are thrilled to partner with this outstanding team to help drive additional growth. Our partnership with Durante fits perfectly with Clairvest’s investment criteria: partnering with an accomplished and committed management team to support a proven business with strong company fundamentals, in a growing market and in our chosen industry,” said Mitch Green, Managing Director of Clairvest.
“It was important for me and my team to find the right partner for our company’s next growth stage. Clairvest impressed us with their deep understanding of our industry and partnership mentality. I am excited to have a strong capital partner who is focused on supporting me and Durante Rentals as we continue to grow,” said Anthony Durante.
Durante is Clairvest’s 53rd platform investment and the ninth investment by CEP V. The Clairvest / CEP V co-investment pool is capitalized at $600 million and focuses on equity investments in growth companies.
Clairvest Group Inc. is a private equity management firm that invests its own capital, and that of third parties through the Clairvest Equity Partners limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.
Clairvest Contact Information
Director, Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270 | Fax: (416) 925-5753