Private equity firm Eberhart Capital LLC has entered the Iowa market with its recent acquisition of Contractor Sales & Service Inc., an aerial equipment rental company based in Des Moines.
Eberhart Capital specializes in long-term investments in key industries, such as oilfield services, freight transportation, construction and manufacturing. The firm has a strong presence throughout the United States, including 30 locations with bases in Phoenix, Denver and Los Angeles.
Under the terms of the acquisition agreement, which were not disclosed, Eberhart Capital will acquire CSS' Des Moines' location and its assets.
CSS co-founder Roger Vorhies, who started the company with partner Gus Schaus in 2006, said he is eager to work with new owner. "Eberhart Capital has the financial resources and scale advantages to help CSS realize its full potential," Vorhies said in a press release.
Dan Eberhart, managing director for Eberhart Capital, said Iowa's thriving and diverse business community makes the state a good fit for companies like his.
"Iowa, particularly Central Iowa, has seen tremendous population and GDP growth, and we expect this pattern to continue," he said.
He said that Contractor Sales & Service - which rents high-quality, specialized industrial construction equipment, such as forklifts, boom lifts and scissor lifts - is well-positioned to benefit from a number of high-profile construction projects in recent years, among them the Facebook Inc. and Microsoft Corp. data centers.
"We are very bullish on the Iowa economy, which is why we think CSS is a good investment for us," he said.