Craft Partners Research
Advisory Approach
Craft Partners, LLC is a specialized M&A advisory firm with an unwavering thesis: the equipment rental industry deserves focused, expert representation from advisors who understand its unique economics, buyer universe, and operational nuances. Founded in 2013 by Daniel S. Conway, a veteran of middle-market M&A banking, Craft Partners operates with exclusive focus on the equipment rental vertical—the firm does not advise in other industries. This singular focus enables deep relationships with equipment rental entrepreneurs and an unparalleled understanding of the buyer universe in this space.
The firm's positioning centers on integrity, transparency, and exceptional service delivery. Rather than being a generalist bank with an equipment rental practice, Craft Partners is an equipment rental specialist with M&A capabilities. This distinction shapes every engagement: the team speaks the language of equipment rental operators, understands asset management complexity, field operations, and the regional fragmentation of the industry. Their sweet spot is founder-owned or family-controlled equipment rental companies seeking liquidity or growth capital, with enterprise values typically between $10 million and $250 million.
Sector Focus & Market Position
Craft Partners is exclusively focused on the equipment rental industry in all its segments. The firm advises sellers, buyers, and investors across the entire equipment rental ecosystem:
- General Rental: Broad-based equipment rental serving construction, industrial, and event customers
- Aerial Equipment: Aerial work platforms, scissor lifts, boom lifts, telehandlers
- Earth Moving Equipment: Excavators, bulldozers, graders, loaders for construction and land development
- Trench Shoring: Protective systems and shoring equipment for underground construction
- Pump & Power: Temporary power generation, pumping equipment, and support services
The industry itself is highly fragmented, with hundreds of independent owner-operators scattered across North America. National players like United Rentals and Sunbelt Rentals have consolidated significant market share, but the market remains dynamic with regional and specialty operators. Craft Partners positions itself as the trusted advisor who can bridge independent operators to larger consolidators or to financial buyers seeking platform acquisitions in this attractive sector.
Deal Track Record
Craft Partners has completed over 30 equipment rental transactions totaling $2 billion in aggregate enterprise value. This is a significant achievement for a 12-year-old boutique firm and reflects both the firm's reputation and the strength of the underlying market.
Recent notable transactions include:
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RPM Services & Rentals: Acquired by Hugg & Hall Equipment Company (2016). RPM was a Southeast-focused equipment rental company operating locations in Louisiana, serving onshore industrial markets with construction equipment.
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I&L Rentals: Acquired by Sunbelt Rentals (2016). Craft Partners served as exclusive financial advisor in this strategic consolidation.
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Pioneer Recycling: Transaction advisory (2014), showcasing early deal experience across adjacent verticals with equipment components.
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West Coast Equipment / Precision Rentals: Craft Partners served as financial advisor to West Coast Equipment on its acquisition of Precision Rentals (2024), demonstrating continued market presence and activity.
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Independent Aerial Equipment: Financial advisor facilitating acquisition by United Rentals (2026), one of the largest equipment rental operators in North America.
In 2023 alone, Craft Partners closed $356 million in combined transaction value—evidence of sustained deal flow and operational consistency. The firm publicly communicated a milestone goal of $1 billion in cumulative transaction value, which was achieved by early 2025.
Process & Fee Structure
Craft Partners runs a professional, confidential sell-side process focused on achieving "the highest and best price" for sellers. While specific fee terms are negotiated on a per-engagement basis, the firm operates on a traditional success-fee model aligned with outcomes: the firm is compensated only when a transaction closes that meets the client's expectations.
The typical engagement structure involves:
- Comprehensive buyer identification and outreach targeting the universe of strategic acquirers, financial buyers, and consolidation platforms
- Professional sales process management including confidentiality agreements, NDAs, management presentations, and data room operations
- Buyer qualification and negotiation support through letter of intent, due diligence, and closing
Process timeline typically ranges from 6-12 months depending on market conditions, deal size, and seller objectives.
Buyer Network & Relationships
Craft Partners has deep relationships across the equipment rental buyer universe, including:
Strategic Consolidators: United Rentals, Sunbelt Rentals, and other national and regional roll-up operators that are actively acquiring independent operators to consolidate the fragmented market.
Financial Buyers: Private equity and family offices seeking platform acquisitions or add-on opportunities within equipment rental.
Recapitalization Partners: Sponsors interested in growth capital or minority investments to help founder-led companies scale.
The firm's deal flow shows strong execution with strategic buyers (Hugg & Hall, Sunbelt Rentals, United Rentals) and demonstrates consistent access to decision-makers and capital sources.
Competitive Positioning
Craft Partners' competitive advantages are:
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Exclusive Focus: Unlike generalist investment banks, Craft Partners is exclusively dedicated to equipment rental. This focus attracts sellers who want advisors who understand their business deeply.
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Founder Reputation: Daniel Conway built a personal reputation in the equipment rental industry before launching Craft Partners. He is widely recognized as "the most trusted name in the industry"—a reputation earned through years of professional service and integrity.
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Buyer Access: The firm has established relationships with the key consolidation platforms and strategic buyers active in equipment rental, enabling efficient seller introductions and competitive bid processes.
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Regulatory Standing: Craft Partners is a FINRA-registered broker-dealer (through First Craft Securities, LLC, CRD #159680), providing regulatory credibility and enabling securities-based transactions.
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Senior-Level Attention: The firm emphasizes direct involvement of senior advisors in every engagement, avoiding the common issue of junior bankers running client relationships.
Not a Fit If
Craft Partners typically declines:
- Equipment rental companies below approximately $10 million in enterprise value
- Non-equipment-rental businesses seeking M&A advisory (outside their expertise area)
- Sellers seeking only a confidential introduction (the firm runs full sell-side processes)
Team
Daniel S. Conway (Founder, Chief Compliance Officer, Managing Member, Financial and Operations Principal)
- Founded Craft Partners in 2013 with focus on equipment rental M&A
- Previously shareholder, managing director, and leading producer at FocalPoint Partners, LLC (middle-market investment banking firm with Los Angeles and Chicago offices)
- Holds undergraduate degree from University of Notre Dame and MBA from University of Southern California
- Licensed securities professional holding Series 7, Series 14, Series 24, and Series 28 registrations
- Personal reputation as "the most trusted name in the equipment rental industry"
- Closed 100+ M&A transactions across career spanning equipment rental, construction services, and industrial verticals
The firm operates as a lean, founder-led advisory shop with Conway maintaining direct involvement in client relationships and deal execution.
Regulatory Status
Craft Partners operates through First Craft Securities, LLC, a Delaware LLC established in May 2011 and FINRA-registered (CRD #159680, SEC #8-69006). The firm is regulated by FINRA's Philadelphia district office and is licensed in Maryland. The firm has zero regulatory disclosures or complaints on FINRA BrokerCheck, indicating a clean compliance record.
Geographic Coverage
While based in St. Michaels, Maryland, Craft Partners serves equipment rental operators nationwide. The firm's deal history shows activity across multiple regions including Southeast (Louisiana, other states), Southwest, and transactions with national consolidators based in different regions.
Transaction Value Summary
The equipment rental market served by Craft Partners represents a $100+ billion industry in North America, and equipment rental M&A has been active for the past 15+ years as larger consolidators pursue add-on acquisition strategies. Craft Partners' ability to complete 30+ transactions totaling $2 billion while maintaining a boutique structure demonstrates both market opportunity and the firm's operational effectiveness.
Why Sellers Choose Craft Partners
For independent equipment rental operators considering exit or growth capital, Craft Partners offers:
- A focused advisor whose entire expertise and network is equipment rental
- Direct access to the consolidation platforms and strategic buyers actively pursuing acquisitions
- A regulated, professional process run with founder-level attention
- A reputation built on integrity and results
- Alignment of interests (the firm succeeds only when the deal closes at terms acceptable to the seller)