Overview
- Founded in 2018, Opifex offers construction equipment rental and supplies across the Austin, San Antonio, and College Station markets
- The Company primarily serves a diverse base of large construction contractors in infrastructure, commercial, and industrial end markets. Opifex utilizes a high-quality, Company-owned fleet that is comprised of over 2,600 machines from leading brands such as John Deere, JLG, Genie, and Case Construction
- In June 2022, Genesis Park provided growth capital for Opifex to purchase new equipment to grow its rental fleet and payoff a portion of its existing debt
Investment Thesis
- Nimble independent equipment rental company. Opifex is based locally in Texas and “independently owned” with a singular, “customer first” focus on equipment rental, which enables faster response times to customer needs/demands
- Broad and diverse customer base. At close, Opifex served ~160 customers, with no customer representing more than 10% of revenue
- Favorably positioned in high-growth markets. Serves customers in the fast-growing Central Texas markets
- Strong and motivated management team. We believe Opifex’s management team is comprised of young and hungry individuals who are focused on penetrating the Central Texas rental equipment market through superior service towards their customers
Outcome
- Over the life of Genesis Park’s two-year investment hold period, Opifex nearly tripled the size of its equipment rental fleet, revenue, and EBITDA, and significantly grew its customer base
- In August 2024, Genesis Park fully exited its investment in Opifex through its merger with Synergy Equipment, a portfolio company of Avance Investment Management, to form the largest independent rental company in the United States
