June 6, 2016
HOUSTON, TEXAS - Cahill Services, LLC ("Cahill"), a specialty rental services business serving companies in energy and related industries, today announced the acquisition of Drive Rental Corp., a specialty flameless heating rental business with operations in Canada and the U.S. Terms of the private transaction were not disclosed. This is the first platform acquisition by Cahill Services, which was formed in 2015 by a group of former Aggreko executives.
Headquartered in Alberta, Canada, Drive Rental has innovated unique heating technologies that deliver high levels of heat and airflow with substantial energy efficiency. The Company's equipment is fully self-contained and portable, and does not require any electrical power. Drive Rental has managed projects in some of the most remote cold-weather climates, ranging from northern Alberta to the north slope of Alaska. In climates such as these, the Company's ability to reliably deliver effective heat with high airflow has proven critical.
"Drive Rental is a very exciting specialty rental business that has already proven to be a market winner in a very short time," said George Walker, Cahill Services CEO. "In addition to great technology and products, the Company's attention to customer service was very attractive to us as every heating application has its own unique challenges and projects in very remote areas simply must perform. We look forward to working with management to help Drive Rental expand to an even broader customer base across North America."
The Company currently serves more than 100 customers from its locations in Red Deer, Alberta and Anzac, Alberta in Canada and Prudhoe Bay, in Alaska. The business will rebrand and operate as Cahill Heating Rentals.
"We are very excited to be joining Cahill and entering the next phase of our company's evolution," said Lance Wolgemuth, a co-founder of Drive Rental who will continue with the business as President of Cahill Heating. "The Cahill team's over 100 years of experience in the specialty rental business will prove invaluable as we continue the company's strong growth trajectory."
Cahill Services, LLC is a Houston-based provider of specialty rental services to customers in the oil & gas, refining, industrial, petrochemicals, utilities and related industries where a high level of technical knowledge of the business and customer needs is required. Cahill management includes George Walker, Chief Executive Officer; Derek Foster, Chief Financial Officer; Keith Sanner, Chief Operating Officer; and Dennis Haller, Chief Sales and Marketing Officer, who have more than 100 years combined experience in the specialty rental industry. Cahill is backed by a $100 million line of equity from Pine Brook.