HRG Capital, a minority-owned private equity firm in Bloomfield Hills, has acquired two local specialty event rental businesses — Bos Structures and Tents in Waterford Township and Tecumseh Tent Rental in Brooklyn. Terms of the deals were not disclosed.
“We are looking to roll up local specialty event rental businesses in the metro Detroit market,” says David Lazarus Jr., managing partner of HRG Capital. “We see tremendous opportunity and demand for event rental businesses post COVID-19. Large corporate events, festivals, weddings, and sporting events are coming back in full force, and we look to supply them with all their rental needs.
“We offer structured tents, frame and pole tents, tables, chairs, and linens for our customer’s events. The prior ownership groups have a great reputation in the industry and the area, and we look to continue their success and legacy going forward.”
HRG Capital will operate the companies under their respective names and grow them into larger players in the marketplace. HRG is also looking to strategically bolt on additional specialty event rental businesses in Michigan.
“There is pent-up demand for people to get back out in the world and for companies to get their people together. The festivals and sporting events are also coming back in full force,” says Lazarus.
“We are looking to grow both organically and through strategic add-ons to become the dominant player in the Michigan market. Bos and Tecumseh have many meaningful projects coming up, including Faster Horses and the Ann Arbor Pure Bred Dog show amongst many other corporate events, festivals, and weddings.”
In addition, HRG Capital acquired single-family portfolios and apartment communities in the Midwest and Southeast. The company states it has raised more than $10 million to acquire single-family residential and apartment communities.
In recent months, the firm has added five portfolio acquisitions and is under contract for a handful of additional portfolios to amass 500 units by years end.
The portfolio is currently spread across Indiana, Illinois, Kentucky, and South Carolina. HRG Capital is looking to grow in its backyard of Michigan and Ohio, as well. HRG Capital was created as a gap in the marketplace, which was identified between mom-and-pop owners and large institutional single family rental funds.
“We are consolidating mom-and-pop portfolios and institutionalizing the management with the end goal to sell off to a larger fund. In the interim, we are modernizing the properties by creating a better quality of life for our tenants and ample returns for our investors,” Lazarus says. “Our entire portfolio is managed in-house, so we have a personal touch with all our tenants. We want to make sure we provide the best on-demand service for our tenants.”
