Resolute Industrial Acquires American Equipment Group
Will expand Resolute's fleet and service offerings
INDIANAPOLIS — Resolute Industrial Holdings LLC (“Resolute”), an independent provider of specialty HVACR equipment rental solutions, compressor remanufacturing, and refrigerant storage services, announced that it has acquired American Equipment Group (“AEG”).
Terms of the transaction were not disclosed. 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.
“AEG expands Resolute’s existing rental fleet and service offerings, while also adding complementary power rental equipment products, enabling us to better serve our customers,” said Mike McGraw, CEO of Resolute. “This acquisition also broadens our existing geographic presence into a handful of key target markets and allows us to maximize our sales channel reach. We are excited to welcome the AEG team to the Resolute and Mobile Air family.”
“Joining Resolute is a win for our customers and employees, as we will have greater resources to support growth across the organization and deliver industry leading solutions to our customers,” said Tim Johnson. “We look forward to working with Mike and his team to grow the combined company.”
“The temporary HVACR market is growing and extremely fragmented,” said Charlie Santos-Buch, partner at AEI. “We remain strategically focused on additional acquisition opportunities that will allow Resolute to expand its product and geographic presence while also solidifying its leadership position in the industry.”
“The shared vision of both Resolute and AEG made this opportunity to join together very exciting,” said Lee Morse, VP of Sales and Operations at AEG. “The two companies complement each other very well.”
Kirkland & Ellis LLP served as legal advisor and PricewaterhouseCoopers LLP served as financial advisor to Resolute.
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