Eberhart Capital Enters Iowa Market with Purchase of Contractor Sales & Service, Inc.
Managing Director Dan Eberhart bullish on the Iowa economy, sees a ‘great fit’ in CSS
DES MOINES, Iowa, July 9, 2014-- Leading private equity firm Eberhart Capital, LLC has entered the Iowa market with the recent acquisition of Contractor Sales & Service, Inc. (CSS), 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 industries. The private equity firm has a strong presence throughout the US, including 30 locations with bases in Phoenix, Denver, & Los Angeles. The acquisition of CSS marks the company’s first business venture in Iowa.
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.
Iowa is already home to a large agribusiness community, including facilities for high-profile companies such as Monsanto, Cargill, and John Deere. In addition, the state has seen an increase in high-profile construction projects over the past several years. Several notable companies and organizations – including Facebook, Microsoft, and Iowa State University – have announced large construction projects in the near future.
Eberhart 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 this increase in new construction.
“We are very bullish on the Iowa economy, which is why we think CSS is a good investment for us,” he said.
Under the terms of the acquisition agreement, Eberhart Capital will acquire CSS’ Des Moines location and its assets. The partners of CSS unanimously approved the transaction; the terms were not disclosed. Gary Stansberry from the Stansberry Firm represented Contractor Sales & Service, Inc. in the transaction.
CSS co-founder Roger Vorhies – who started the company with partner Gus Schaus in 2006 – says he is eager to work with Eberhart Capital. “Eberhart Capital has the financial resources and scale advantages to help CSS realize its full potential,” Vorhies said.
About Eberhart Capital, LLC
Eberhart Capital, LLC is a leading private equity firm with committed capital in the nine figures and approximately 1,000 employees from varied business sectors. Managing Director Dan K. Eberhart has completed 14 acquisitions since he founded the company, and his primary focus is on long-term investments within the oilfield services, freight transportation, construction, and manufacturing industries.
For more information about Eberhart Capital, LLC, call (480) 426-8710 or visit www.eberhartcapital.com.
Lou Ann Lissonnet, 918-858-4680
Venture Capital Database