Eberhart Capital LLC, a Scottsdale, Arizona-based private equity firm, has acquired Naples, Florida-based The Equipment Source LLC, a tool and equipment rental company for contractors and consumers.
The Equipment Source was founded in 1999 by Billy Martinez, who originally ran the business from his backyard. Today, the southwest Florida store provides a wide range of equipment for large commercial contracts and home projects.
The Equipment Source is the exclusive provider for Manitou and Mustang equipment in Collier and Lee Counties. It is also Collier County's Kobelco mini excavator dealer.
"In the best and worst of times, The Equipment Source has been a reliable partner to help their customers run a smooth worksite," said Dan K. Eberhart, managing director of Eberhart Capital. "Today, when reliability is needed more than ever, The Equipment Source is reinforcing everything that they've stood for. This acquisition gives us another incredible team focused on helping America rebuild."
Through this acquisition, The Equipment Source joins sister Eberhart Capital company, Contractor Sales & Service of Des Moines, Iowa. Like Contractor Sales & Service, The Equipment Source will benefit from the ability to provide more complete solutions to clients and expanded services.
Terms of the deal were not disclosed. The company also announced that with the close of the acquisition, it has successfully completed its management transition from Martinez to Steve Acquafresca, who is now general manager of The Equipment Source.
The acquisition by Eberhart Capital is the beginning of a positive new chapter for The Equipment Source and its customers, Acquafresca said.
"The Eberhart Capital leadership team seems very customer-service oriented," Acquafresca said. "That's how I built my reputation in the 25 years I've been renting equipment in Collier County: providing strong service and making sure the customer is happy."
Acquafresca played an important role in allowing The Equipment Source to continue meeting customers' needs after the COVID-19 pandemic forced the business to temporarily close its doors. He developed a contactless drive-up service that allows customers to order and pay for items in advance and call the business when they arrive for pickup. The store has re-opened since then, but the drive-up service is still available.