Catalyst Strategic Advisors Research
Advisory Approach
Catalyst Strategic Advisors is a specialized M&A advisory firm focused exclusively on four vertical markets: equipment rental, facility services, industrial and infrastructure services, and waste and environmental services. Founded in 2006 and headquartered in Colorado Springs, Colorado, the firm has established itself as a premier sell-side advisor in these niches through deep domain expertise and transaction experience.
The firm's thesis centers on industry specialization combined with operating experience. Catalyst's team includes former operators who have owned, operated, and grown businesses in the sectors they serve. This insider perspective allows them to understand the nuanced challenges, opportunities, and dynamics that generalist M&A firms often miss. They craft compelling narratives backed by data and analysis to engage qualified buyers while clients remain focused on running their businesses.
Sector Focus
Catalyst serves four core industries where they bring top-tier M&A expertise coupled with firsthand operating experience:
Equipment Rental: The firm's largest practice, covering general equipment rental (aerial, earthmoving, material handling), specialty equipment (pumps, generators, trench shoring), and rental services across construction, infrastructure, and industrial applications. This sector aligns with distribution logistics and equipment service businesses.
Facility Services: Janitorial, janitorial/sanitation, portable sanitation, and specialty contractors serving commercial, institutional, and industrial customers.
Industrial & Infrastructure Services: Civil and infrastructure contractors, specialty trades, electrical contracting, pumping services, and support services for construction and infrastructure projects.
Waste & Environmental Services: Solid waste collection, recycling, roll-off services, portable sanitation, and environmental remediation businesses.
Deal Track Record
Catalyst has completed 300+ transactions representing over $16 billion in total transaction value, making them one of the most active advisors in their focus sectors. Recent significant transactions include:
2024-2025 Major Deals:
- Opifex Enterprises combined with Synergy Equipment to form the 9th largest general equipment rental company in the U.S. (August 2024). Catalyst served as exclusive financial advisor to Opifex. The combined entity has 25 branches across Texas, Florida, Georgia, and Alabama.
- ABC Equipment Rental acquired by Sunbelt Rentals (May 2024). Sunbelt is ranked #2 on the RER 100 with 1,320+ locations and $16+ billion fleet.
- High Reach 2, Florida's largest independent aerial equipment rental provider, acquired by United Rentals (January 2025). United Rentals is #1 globally with 1,500 locations and $20 billion fleet.
- TSR (Trench Shore Rentals) acquired by Sunstate Equipment (February 2024). TSR was the Southwest regional leader in trench shoring with six locations.
- Materials Management Company acquired by Apex Waste Solutions in partnership with Kinderhook Industries (May 2024). MMC served 30,000+ customers in Colorado Springs.
- Holland Pump Company acquired by Workdry International, backed by Arcus Infrastructure Partners (July 2024). Holland Pump had 15 locations, 1,000+ pump assets, and 120+ employees.
The firm closes 10+ deals annually according to their announcements, with consistent activity across both sell-side and buy-side mandates. Their buyer relationships span strategic acquirers (United Rentals, Sunbelt Rentals, Herc Rentals, Sunstate Equipment, GFL Environmental) and private equity sponsors (Kinderhook Industries, Avance Investment Management, MFG Partners, Arcus Infrastructure Partners).
Process & Fee Structure
Catalyst runs institutional-quality sell-side processes tailored to the lower middle market. Their approach emphasizes:
- Comprehensive buyer outreach to strategic acquirers and financial sponsors
- Quality of earnings preparation and financial analysis
- Management presentation development and coaching
- Structured data room preparation and management
- Ongoing guidance throughout due diligence and closing
The firm requires exclusivity and focuses on founder-owned businesses, private equity portfolio companies, and publicly traded corporations. They maintain long-standing relationships with key buyers who return repeatedly for acquisitions in Catalyst's focus sectors.
Buyer Network
Catalyst's buyer network is exceptionally deep within their four vertical markets:
Strategic Buyers: United Rentals, Sunbelt Rentals, Herc Rentals, Sunstate Equipment, H&E Equipment Services, GFL Environmental, Waste Management, Republic Services, BlueLine Rental, and dozens of regional equipment rental and waste services companies.
Private Equity Sponsors: Kinderhook Industries, Avance Investment Management, MFG Partners, Arcus Infrastructure Partners, Wareing & Company, Harkness Capital Partners, Carlin Capital Partners, RHV Capital, Kinderhook Industries, and other sector-focused firms.
These relationships are transaction-tested—Catalyst has closed multiple deals with many of these buyers, creating efficient repeat processes and trusted communication channels.
Competitive Positioning
Catalyst differentiates from generalist M&A firms through:
- Sector Specialization: Four focused verticals with unmatched depth versus generalists
- Operating Experience: Team members have owned, operated, and grown businesses in the industries they serve
- Buyer Relationships: Long-standing, transaction-tested relationships with key strategic and financial buyers
- Proprietary Insights: Regular industry research and earnings analysis (Q4 2025 Public Waste Sector, Q1 2025 Rental Company reports, etc.)
- Track Record: 300+ completed deals and $16B+ in transaction value
- Founder Heritage: Joe Kondrup, Jr., co-founder of United Rentals, brings unparalleled industry credibility
Not a Fit If
Catalyst typically declines:
- Businesses outside their four core verticals (no generalist deal flow)
- Transactions below $10 million TEV (lower middle market focus)
- Pure asset sales or distressed situations without going-concern value
- Businesses requiring generalist M&A coverage without sector specialization
Team
The leadership team combines investment banking discipline with operating experience:
Joe Kondrup, Jr. – Founder and Chairman. Co-founder of United Rentals with decades of M&A leadership. Recognized industry authority in equipment rental.
Jim Reddinger – CEO and Managing Director. 30+ years of experience managing and advising businesses. Former CEO of Stabilis Solutions (NYSE: STLS) and senior investment banker at UBS and Credit Suisse, advising on $60+ billion of M&A transactions.
Bobbie Salt – Chief Operating Officer.
Raffi Aharonian – Managing Director, Sponsor Coverage. 20+ years experience. Former operator who sold a family business to Ritchie Bros. Auctioneers. CFA, CPA (inactive).
Nina Jankowski – Managing Director, Growth Strategy. Former SVP at United Site Services and executive at BlueLine Rental (sold to United Rentals). Texas A&M BBA.
Graham Rives – Managing Director, Facility Services & Building Products. 15+ years investment banking experience. Former Managing Director at Zelman & Associates. Previously at Harris Williams and Deutsche Bank.
John Hoesley – Managing Director of Transaction Services. 20+ years in finance. Co-founded technology lending practice at Sterling National Bank.
Josh Mosko – Senior Vice President, Business Development. 25-year rental industry veteran.
The firm has 11-50 employees per LinkedIn, with professionals across Colorado Springs, Austin, Chicago, and Richmond.
Geographic Coverage
Headquartered in Colorado Springs, Colorado with team members distributed across key markets. The firm serves clients nationally with particular strength in:
- Southwest (Texas, Colorado, Arizona)
- Southeast (Florida, Georgia, Alabama)
- Midwest
- Mid-Atlantic