Private equity acquires in Florida

Private equity firm Eberhart Capital of Scottsdale, Arizona has acquired Florida based rental company The Equipment Source.

The Equipment Source is based in Naples, Florida and was established in 1999 by Billy Martinez, operating from the back yard of his home. Today the company offers a wide range of equipment including telehandlers and aerial work platforms. It is the exclusive dealer for Manitou and Mustang equipment in Collier and Lee Counties. Terms of the deal have not been disclosed.

Martinez has handed over the management of the company to Steve Acquafresca, who becomes general manager. Speaking of the take over he said: “The acquisition by Eberhart Capital is the beginning of a positive new chapter for The Equipment Source and its customers. The Eberhart Capital leadership team seems very customer service oriented. 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.”

Eberhart Capital has made 19 acquisitions since it was established and runs a portfolio of four main divisions: oil & gas, construction, trucking and industrial. The firm has a primary objective of building an investment portfolio focused on long term capital appreciation. The company also owns Contractor Sales & Service of Des Moines, Iowa.

Dan Eberhart, managing director of Eberhart Capital, said: “In the best and worst of times, The Equipment Source has been a reliable partner to help their customers run a smooth worksite. Today, when reliability is needed more than ever, The Equipment Source is reinforcing everything that they have stood for. This acquisition gives us another incredible team focused on helping America rebuild.”

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