Tue, 12/02/2019 - 09:32
Flex Fleet Rental, a provider of medium-term truck rentals to commercial customers, has completed a strategic transaction with Waterfall Asset Management's private equity platform. TRP Capital Partners (TRP), a transportation-focused private equity firm, is also making a strategic investment alongside Waterfall.
Flex Fleet Rental's existing management team will continue to lead the company's operations, led by CEO Michael Kraupp and Vice President Brian Goldhardt.
"Since 2013 we have invested in our team and processes to build a national rental fleet of light and medium-duty trucks, and we are proud of the growth in the business and the customer relationships we have earned through exceptional service and dependability," says Michael Kraupp. "We are excited to partner with Waterfall and TRP, which share our vision of providing first-class service to our customers, and that will support our ongoing investment in tools and technology to continually augment our capabilities."
"We are very excited about the opportunity to support Flex Fleet's long-term growth strategy," says Gene Weil, a Managing Director of Waterfall. "Flex Fleet has an impressive history of growth and leadership in its market, and we are excited to partner with Mike, Brian and the entire Flex Fleet team."
Steve Carrel, Managing Director of TRP, says: "We believe that Flex Fleet's client-first approach to service and the depth of its infrastructure will continue to differentiate the Company in the marketplace."
Craig Goldberg, Managing Partner at Synterra Capital Management, says: "It has been a privilege to work with Mike, Brian and the entire team at Flex Fleet. Since we invested in Flex Fleet in 2013, the team has grown the business into an industry-leading medium-term truck rental business with hundreds of satisfied customers. We believe the business is well positioned with Waterfall and TRP to enter into its next chapter of growth."
Sullivan & Worcester served as legal counsel and Houlihan Lokey served as financial advisor to Flex Fleet with respect to the transaction. Kramer Levin served as legal counsel to Waterfall. Drinker Biddle served as legal counsel to TRP.
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