Eberhart Capital LLC, a Scottsdale, Arizona-based private equity firm, completed its second Florida acquisition this year in the construction equipment rental industry, purchasing Barrett’s Equipment in Englewood, Florida, from founder/owner Joe Barrett.
“Florida is an attractive place to invest because of its pro-business attitude and continuing economic growth,” said Dan Eberhart, managing director of Eberhart Capital. “While the 2020 outlook may look different due to the pandemic, the construction industry on the west coast of Florida achieved revenue growth of 15% in 2019, which helps fuel construction projects and rentals.”
Eberhart said he is particularly impressed with what Barrett’s Equipment has accomplished and looks forward to building on the strong foundation created by Joe Barrett. Barrett’s has been a pillar of the Sarasota, Florida, community for more than 20 years, winning several dealership awards for providing tractors, earthmoving equipment, trenchers, aerial lifts, and other construction equipment on a rental or rent-to-own basis. The company is an authorized dealer for some of the best-known names in the industry, including Gehl excavators and loaders, Kioti tractors, Atlas loaders, JLG aerial lifts, and IHI compact excavators.
“We’re very excited to have Eberhart Capital to take the business to the next level,” said Joe Barrett. “They have the business knowledge and the power to compete in today’s aggressive market.”
Eberhart is looking forward to working with the company’s skilled staff to continue to support the area’s commercial construction companies. Jake Strickland, a long-standing Barrett Equipment’s employee, will serve as the new branch manager. He comes with high praise from his former employer.
“Strickland is a dedicated and loyal employee who is very knowledgeable with all aspects of the rental business,” Barrett said.
This newest Barrett’s acquisition furthers Eberhart Capital’s strategy of combining multiple, smaller rental properties under the rental umbrella. Previously, Eberhart Capital acquired equipment rental companies Contractor Sales & Service in Des Moines, Iowa, and The Equipment Source in Naples, Florida. This is Eberhart Capital’s 20th acquisition since founding in 2009.
Eberhart Capital intends to strengthen all of the companies through increased market share and best practices implemented across the entire portfolio. All three rental acquisitions align with his firm’s strategy of buying successful equipment rental businesses and helping them achieve their full potential by providing scale, capital, and analytics.