CHARLOTTE, NC – October 15, 2019— Lift It Rentals, LLC, (“Lift It”) a leading Equipment-as-a Service provider, announced today that it has amended and increased its credit facility to $29.5 million with First National Bank, the largest subsidiary of F.N.B. Corporation (NYSE: FNB). Lift It continues to experience strong demand for its specialized material handling equipment within the construction, energy, and infrastructure markets. With over 200 machines in its fleet and 100% utilization, the Company will use its increased capital availability to fund new additions to its rental fleet and grow its equipment financing product lines. Lift It customers across the US are using its equipment to support the rigorous job requirements of a wide range of industries including energy, construction, transportation, infrastructure, and agriculture.
Paul Adkison, Founder and Chairman of Lift It commented, “First National Bank has been a tremendous partner and a key contributor to our success. We believe that the increase in capital availability is a validation of our strategy and will provide significant support for the continued execution of our business.”
“Our ability to significantly increase our access to capital and partner with a leading financial institution further demonstrates the financial strength of Lift It. With this added financial flexibility, we plan to continue the strategic growth of our business, both through the expansion of our rental fleet, as well as through investments in our equipment financing business.” added Scott Diggs, President of Lift It Rentals.