Resolute Industrial Holdings LLC, which is backed AE Industrial Partners LP, has acquired the assets of DriExpress and Empire Holdings, two specialty HVAC&R equipment rental and logistical support businesses primarily serving the emergency and restoration services market. No financial terms were disclosed. Lewis Brisbois Bisgaard & Smith LLP served as legal advisor to Resolute on the deal. And, GM Law, PC was legal advisor to DriExpress while Fabozzi & Miller, APC served as legal advisor to Empire.
INDIANAPOLIS, Aug. 12, 2020 /PRNewswire/ — Resolute Industrial Holdings, LLC (“Resolute” or the “Company”), a leading independent provider of specialty HVAC&R equipment rental solutions, compressor remanufacturing, and refrigerant storage services, announced today that it has acquired the assets of DriExpress, LLC (“DriExpress”) and Empire Holdings, LLC (“Empire”), two specialty HVAC&R equipment rental and logistical support businesses primarily serving the emergency and restoration services market. Resolute is a portfolio company of AE Industrial Partners, LP (“AEI”), a private equity firm specializing in Aerospace, Defense & Government Services, Power Generation, and Specialty Industrial markets. Terms of the transaction were not disclosed.
DriExpress and Empire both provide 24/7 HVAC&R equipment rental, temporary power and logistical support to restoration and disaster mitigation industry professionals in response to both catastrophic and everyday events, as well as the broader temporary HVAC&R solutions market. Equipment offerings include air movers, desiccant and refrigerant dehumidifiers, negative air machines, HEPA air scrubbers, DX chillers, drying systems and generators. DriExpress and Empire, founded in 2008 and 2015, respectively, have long served the U.S. market with operations in the Northeast, Gulf Coast and Southeast, Midwest, and West Coast.
William Leo, the owner of Empire and a well-respected specialty rental and restoration services industry specialist, and a team of project managers have joined Resolute and will continue to serve their longstanding customers. Pete Miko, the owner of DriExpress, will continue to support Resolute as an independent sales representative for new projects.
“DriExpress and Empire strongly complement our growing rental fleet and service offerings, allowing us to better serve our customers,” said Mike McGraw, CEO of Resolute. “With this acquisition of over 5,000 assets, we have expanded our rental division to include Mobile DRI – Disaster Resource Solutions, while increasing our geographic coverage and specific expertise in a fragmented and rapidly evolving restoration services industry. We welcome William and his team, who are incredible additions to our Company.”
“Joining Resolute is an exciting next step for our customers and employees. With access to Resolute’s financial and operational resources and support, we look forward to continuing our track record of growth and customer excellence,” said Mr. Leo. “We are pleased to share a bright future with our new team.”
“We’re proud to become part of Resolute, a longstanding industry leader in temporary climate control and power solutions, and we look forward to enhancing Resolute’s offerings with our team’s experience in disaster restoration and storm work support,” said Mr. Miko.
Lewis Brisbois Bisgaard & Smith LLP served as the legal advisor to Resolute. GM Law, PC was the legal advisor to DriExpress, while Fabozzi & Miller, APC served as legal advisor to Empire.
About Resolute Industrial
Resolute Industrial the leading independent provider of specialty HVAC&R rental services, compressor remanufacturing, and refrigerant storage solutions for mission critical applications across North America. Headquartered in Indianapolis, IN, Resolute Industrial is strategically positioned across more than 40 locations supporting rapid delivery of temporary temperature control solutions anywhere in the country. For more information, please visit https://resolute-industrial.com/.
Mobile Air & Power Rental is the rental division of Resolute Industrial and offers equipment rentals of HVACR and power generation in addition to full turn-key solutions and 24/7 support. For more information please visit https://mobileair.com/.
About AE Industrial Partners
AE Industrial Partners is a private equity firm specializing in Aerospace, Defense & Government Services, Power Generation, and Specialty Industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from its deep industry knowledge, operating experience, and relationships throughout its target markets. Learn more at www.aeroequity.com.