MOLINE, IL — Each year, the American Rental Association (ARA) honors individuals who have made a significant impact on the equipment and event rental industry at the national or international level. This year’s inductees into the Rental Hall of Fame, the industry’s highest honor, will be recognized at The ARA Show 2021 in Las Vegas.

ARA created the Rental Hall of Fame in 2000 to foster an appreciation of the historical development of the equipment and event rental industry and the leaders who helped the industry grow and expand. Each year, nominations are accepted to recognize individuals who have made a substantial contribution to the industry.

The inductees in the Construction Digest area include Edward Latek and Timothy Maloney Sr., CERP. Here is more information on the newest inductees:

Upon graduating from college in 1963, Latek joined his family's tool rental business in the south suburbs of Chicago, using it as a base from which he built Latek Rental Co. into a major multi-location construction equipment rental business. He took his knowledge and experience in rental to begin the development of Reli Financial Corp., a rental-specific commercial finance company in the early 1970s. After experiencing accelerated growth, Reli underwent consolidation during the mid-1980s and Latek sold the company to a life insurance company in 1986.

Latek continued to realize the need for financial services in the industry and following his retirement from Reli, he embarked on another mission in the early 1990s and founded Latek Capital Corporation. The company’s goal was to provide professional mergers and acquisitions, divestitures, advisory, and valuation services to small and mid-size equipment rental and rental-related firms.

Since its founding, Latek Capital has established a demonstrated record of successfully assisting the rental industry through its first major ownership transition and the development of equity capital. Leveraging its 45 years of rental experience, the firm is well positioned to confidentially bring together well organized, profitable, growing rental organizations with private equity groups, corporate entities, and high net worth families and individuals seeking to invest in the industry.

Throughout his career, Latek was an active ARA member, serving as President of ARA of Illinois, Region Five Director on the national board, and Chair of the Education Committee — among other positions. He built his rental network and his passion for the industry as he established a national profile.

Maloney's career in rental began in 1977 when he joined his father who had owned a Taylor Rental franchise since 1972. In 1979, the business was one of the first to computerize their operations when they purchased a system from a company that is now known as Alert Management Systems, formerly IMS. The same year, the company became an ARA member. In 1985, Maloney and his father purchased the rental inventory of Canton Chair & Table Co. and started a separate party rental store called Canton Chair Rental which Maloney managed.

Since joining ARA, Maloney has been an active volunteer member having served at the local, state, and national level. His service started on the Northeast Ohio Rental Association board to help rental operators across the state of Ohio. He then went on and played a critical role in founding ARA of Ohio, and in 1993, Maloney began to serve ARA at the national level.

His volunteer service is extensive having served on numerous committees, task forces, and boards. In 2002, Maloney was elected to a three-year term on the ARA board as Region Five Director. Following his term, he was named Chair of the Party Certification Task Force in 2008 where he helped update disciplines under the Certified Event Rental Professional program. Maloney was the recipient of the 1994 Region Five Person of the Year award, a two-time recipient of the Meritorious Service award (1996 and 1998) and in 2017, he received the Distinguished Service award.

The American Rental Association is an international trade association for owners of equipment and event rental businesses and the manufacturers and suppliers of construction/industrial, general tool, and party/event rental equipment. ARA members, which include more than 11,000 rental businesses and more than 1,000 manufacturers and suppliers, are located in every U.S. state, every Canadian province, and more than 30 countries worldwide. Founded in 1955, ARA is the source for information, advocacy, education, networking, and marketplace opportunities for the equipment and event rental industry throughout the world.