Industrial Hoist – whose customers include power plants, refineries and shipyards nationwide – said the acquisitions deepen its product line, extends its geographic coverage and reaches new industry segments, including offshore petrochemical markets.
Founded in 1972, B&H Air Tools specialises in industrial equipment rentals, sales and servicing, primarily to petrochemical refinery, offshore drilling and shipbuilding industries.
In addition to hoists, winches and rigging, the company rents, sells and repairs pneumatic, electrical and hydraulic tools as well as lifting and handling equipment and accessories typically used for construction projects, plant turnarounds and manufacturing plants.
Port Rentals is a four-year-old company that quickly penetrated the offshore and onshore oilfield industries, providing rental equipment, maintenance and repairs as well as dive-related equipment for underwater use.
“It is our goal to be the single resource for the lifting and tugging needs of a broad range of large industrial users for such applications as plant shutdowns, routine repair and maintenance, new construction and safety inspection work,” said Kevin Rodgers, Industrial Hoist chief executive officer.
He added: “B&H Air Tools and Port Rentals are well-known niche companies whose product lines overlap and complement those of Industrial Hoist. We now have the nation’s most extensive fleet of hoists, winches and related rigging equipment and have expanded our offering into air tools and many other types of equipment needed by the industries we serve.”
In addition, the companies’ locations near the Gulf of Mexico give Industrial Hoist a more substantial presence in one of its key markets, while paving the way for greater involvement in offshore drilling and related petrochemical industries – according to Rodgers.
James Kowalik, president of Industrial Hoist said: “We are extremely excited to join forces with the talented management of B&H Air Tools and Port Rentals. Both are well-known companies run by people with decades of experience in the rental equipment business.”
According to Rodgers, B&H Air Tools and Port Rentals will operate for the foreseeable future under their current names as separate divisions of IHS. All management and employees will remain with their respective companies.
IHS is owned by a combination of management and Prospect Partners, LLC, by a Chicago-based private equity firm managing two funds totaling $270 million.
