Synergy Equipment & Opifex Enterprises Join Forces
Two heavy equipment rental companies that are household names for construction pros in Florida and Texas are joining forces to better serve fast-growing markets across the Southeast.
Today, Tampa-based Synergy Equipment and Austin-based Opifex Enterprises announced that they have merged to create one of the largest independent equipment rental businesses in the United States.
According to company officials, the combined entity would become the ninth largest general equipment rental provider based on Rental Equipment Register’s (RER) annual Top 100 list.
The merger gives Florida-based Synergy Equipment immediate access to the lucrative Texas construction rental market, and specifically the Texas Triangle megaregion connecting the Lone Star state’s four main urban centers: Austin, Dallas-Fort Worth, Houston and San Antonio.
Conversely, Austin-based Opifex becomes part of the established Synergy network which extends across 23 branches in the Southeast. The merged entity will also receive incremental equity capital from Synergy CEO JC Mas, according to today’s announcement.
"Impressive Growth and Strong Profitability"
In today’s announcement, Synergy CEO JC Mas shared some background on the merger and what factors have impressed him about the more recent upstart Opifex which was founded in 2018.
“We have been very impressed with the rapid growth, high asset utilization, and strong profitability that Opifex has produced over the last several years. We are excited to combine the resources and best practices of the two businesses to create one of the leading market participants in Florida, Texas, and other high-growth equipment rental markets in the South.” – Synergy CEO JC Mas
Founded in 2012, Synergy Equipment serves customers across multiple segments including construction, infrastructure, manufacturing, mining and utilities. The company offers over 7,500 compact and heavy equipment rental units across 23 branches in Florida, Georgia and Alabama.
"Building The Next Great Equipment Rental Platform"
Founded in 2018 in Austin, Opifex offers a broad line of compact and heavy duty rental equipment including aerial, earthmoving, material handling, compaction, specialty pumps, and other tools and machinery. The company serves customers with branches in Austin, San Antonio, and College Station.
In today’s deal announcement, Opifex CEO Jay Vaughn shared his enthusiasm over the new equipment rental partnership with Synergy and what the two companies hope to achieve together.
“We are thrilled to be partnering with a first-class organization like Synergy. JC Mas has been a leader in the equipment rental industry for decades and I look forward to working with him and the experienced Synergy team to build the next great equipment rental platform.” – Opifex CEO Jay Vaughn
The Largest Equipment Rental Companies In North America
As mentioned above, the Synergy and Opifex management believe the combined entity will create the ninth largest equipment rental provider in the U.S. based on the Rental Equipment Register (RER) Top 100.
The RER Top 100 rental companies in North America topped over $40 billion in equipment rental volume in 2023 which was a 16% increase over total rental volume in 2022.
Drilling down further, the Top 10 equipment rental companies in North America account for $31 billion or 76% of the Top 100’s $40 billion in equipment rental volume.
To download the latest edition of the RER 100, visit the official website.
Contact CII Today
If you own an established equipment rental business in Florida or Georgia and would like to get a better understanding of the current market value of your company and important steps you can take today to maximize that value, get in touch with a CII business advisor today.