Resolute Industrial Acquires the Assets of Dri Express and Empire Holdings
Further Expands Specialty HVAC&R Equipment Offering and Geographic Reach
Indianapolis, IN – August, 2020 – Resolute Industrial Holdings, LLC (“Resolute” or the “Company”), a leading independent provider of specialty HVAC&R equipment rental solutions, compressor remanufacturing, and refrigerant storage services, announced today that it has acquired the assets of both Dri Express, LLC (“DriExpress”) and Empire Holdings, LLC (“Empire”), two specialty HVAC&R equipment rental and logistical support businesses primarily serving the emergency and restoration services market. 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. Terms of the transaction were not disclosed.
DriExpress and Empire both provide 24/7 HVAC&R equipment rental, temporary power and logistical support to restoration and disaster mitigation industry professionals in response to both catastrophic and everyday events, as well as the broader temporary HVAC&R solutions market. Equipment offerings include air movers, desiccant and refrigerant dehumidifiers, negative air machines, HEPA air scrubbers, DX chillers, drying systems and generators. DriExpress and Empire, founded in 2008 and 2015, respectively, have long served the U.S. market with operations in the Northeast, Gulf Coast and Southeast, Midwest, and West Coast.
William Leo is the owner of Empire and a well-respected specialty rental and restoration services industry specialist. William Leo and a team of project managers have joined Resolute following the transaction and will continue to serve their longstanding customers. Pete Miko is the owner of DriExpress and brings years of knowledge to the team. Pete will be a partner in Resolute’s continued growth, with a focus on new projects as an independent sales representative.
“Dri Express and Empire strongly complement Resolute’s growing rental fleet and service offerings, allowing us to better serve our customers,” said Mike McGraw, CEO of Resolute. “With this acquisition we will now have new rental division, Mobile DR – Disaster Resource Solutions. This not only enables both companies to better serve our customers, but brings us a wider geographic coverage and specific expertise in a fragmented and rapidly evolving restoration services industry. William Leo and his team are an incredible addition to our team.”
“Joining Resolute is an exciting next step for our customers and employees. With access to Resolute’s financial and operational resources and support, we look forward to continuing our track record of growth and customer excellence,” said Mr. Leo. “We are pleased to share a bright future with our new company.”
“With Resolute’s history as an industry leader in temporary climate control & power solutions and the support of additional locations, our team can bring their experience in disaster restoration enhancing Mobile Air & Power Rental’s large loss and storm work support.” said Pete Miko, Owner/Principle of DRi.
Lewis Brisbois Bisgaard & Smith LLP served as the legal advisor to Resolute. GM Law, PC was the legal advisor to DriExpress, while Fabozzi & Miller, APC served as legal advisor to Empire.
About Resolute Industrial
Resolute Industrial is a leading independent provider of specialty HVAC&R rental services, compressor remanufacturing, and refrigerant storage solutions for mission critical applications across North America. Headquartered in Indianapolis, IN, Resolute Industrial is strategically positioned across seven [depot facilities and 18 branch locations,] which supports rapid delivery of temporary temperature control solutions anywhere in the country. For more information, please visit The Resolute Industrial Website.
Mobile Air & Power Rental is the rental branch of Resolute and offers equipment rentals of HVACR and power generation in addition to full turn-key solutions and 24/7 support. For more information please visit the Mobile Air Website.
Based in Santa Barbara, CA, DriExpress offers disaster resource solutions including 24/7 support and turn-key solutions for large loss equipment including dehumidifiers, air movers, air scrubbers/negative air machines, DX chillers, generators, and all the accessories to complement. For more information please visit the Dri Express Website.
About AE Industrial Partners
AE Industrial Partners is a private equity firm specializing in Aerospace, Defense & Government Services, Power Generation, and Specialty Industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from its deep industry knowledge, operating experience, and relationships throughout its target markets. Learn more on the Aeroequity Website.
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