AVON, CONNECTICUT – MAY 20, 2024 – Ironwood Capital is pleased to announce its subordinated debt and minority equity investments to support Wincove Private Holdings’ (“Wincove”) transaction to recapitalize and provide growth capital to Elite Equipment Rental, LLC and its subsidiary, Elite Parts, LLC (“Elite” or the “Company”), a hydro excavation truck rental and sales business. 

Elite is a provider of hydro excavation trucks (“hydrovacs”) and ancillary equipment to industrial, utility, construction, and municipal service providers. Hydrovacs use high pressure water and vacuum technology to excavate and clean in a manner that is safer, more precise and environmentally preferable to traditional methods. Elite maintains a large fleet of “good as new” hydrovacs for rent, and also provides new and resale equipment, parts, and maintenance services. Wincove is partnering with Founder and President, Chris Chapman, who will remain in his current leadership role.

“Elite has been successful in geographic expansion and expanding the customer base, supported by industry tailwinds and growing applications of hydrovac excavation equipment uses,” stated Ironwood Capital Partner Alex Levental. “We are excited to partner with Wincove and the management team to support Elite’s next stage of growth.” 

About Elite Equipment Rental, LLC

Headquartered in Roosevelt, Utah, Elite provides truck rentals, used truck sales, new truck distribution, and replacement parts and maintenance to a broad base of hydrovac service providers across industrial, utility, and municipal end markets. For additional information, please visit: eliterentals.net.

About Ironwood Capital

Over 20 Years of Middle Market Investing

Ironwood Capital provides non-control junior capital to middle market companies across the U.S. The firm has invested more than $1 billion in over 100 companies since 2001 and currently invests subordinated debt and minority equity in amounts ranging from $10 million to $40 million. Ironwood’s investments support business owners and financial sponsors in growth financings, recapitalizations, generational transitions and buyouts. For more information, please visit: ironwoodcap.com.

Media Contacts

Carolyn C. Galiette

Partner, President, CIO

galiette@ironwoodcap.com 



Kimberly A. Craig

Vice President

Operations, Compliance & Investor Relations

craig@ironwoodcap.com

For more information,

please visit: ironwoodcap.com