Accruit, LLC, the nation’s leading provider of qualified intermediary (QI) services and 1031 like-kind exchange (LKE) program solutions, announced that they have been selected as the QI for Pride Equipment, a family-owned and operated company based in Islip, New York that services the industrial, construction and movie production industries.

Pride Equipment's choice of a like-kind exchange strategy with Accruit will facilitate updating their rental fleet with equipment that meets government-mandated Tier 4 emission standards for diesel-powered equipment. “We knew that implementing a 1031 program would allow us to defer taxes on the sale of used fleet equipment and apply those funds to top of the line replacements. It became obvious to us that Accruit was the leader in the industry,” said Charles Noto, President of Pride Equipment.

Accruit’s master exchange program meets the needs of companies like Pride Equipment who require an automated solution to manage the complexity of multiple annual exchanges. Stephen Doherty, Accruit’s Director of National Accounts said that “Pride is fleet-based and exactly the sort of company for whom an LKE program is the best strategy for continued investment in their business. We’re proud that they chose us as their qualified intermediary.”