CHARLOTTE, NC – August 14, 2018— Lift It Rentals, LLC, announced today that it has closed on a $14.5 Million credit facility with First National Bank, the largest subsidiary of F.N.B. Corporation (NYSE: FNB). Lift It Rentals has seen tremendous growth in the last few years, nearly doubling its revenues and EBITDA in 2017, and is expected to see similar growth in 2018. With over 145 machines under management, the Company expects to more than double its machines under management by the end of 2020. The credit line will be used to continue to fund the Company’s strategic growth initiatives as well as expand its product line beyond Merlo Telehandler machines. Lift It Rental customers across the US are using its rental machines to support the rigorous job requirements of a wide range of industries including energy, construction, transportation, agriculture and engineering.
Paul Adkison, Founder and Chairman of Lift It Rentals comments, “We are excited to partner with a leading financial institution such as First National Bank. We believe that this relationship is a validation of our strategy and will provide significant support for the continued execution of our long-term growth strategy.”
“Lift It Rentals needed a financial partner that could develop customized solutions to meet the changing requirements of our rapidly growing business. We look forward to working with the First National Bank team to execute on our growth initiatives and position our Company for sustained success,” added Scott Diggs, President of Lift It Rentals.
About LIFT IT RENTALS: Lift It Rentals, LLC, is a leading equipment rental, financing, and management services company providing innovative solutions to customers in a wide range of industries including construction, energy, agricultural, industrial, engineering, and municipality. With customers in more than 25 states, Lift It Rentals is one of the fastest growing companies in the equipment rental and finance industry.