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Ridgemont Equity Partners invests in Dickinson Fleet Services

Private equity firm Ridgemont Equity Partners has invested in Dickinson Fleet Services (DFS), a technology-enabled service provider in the vehicle fleet maintenance industry.

Financial terms of the transaction have not been disclosed.
Dickinson Fleet Services provides repair and maintenance services for vehicle fleet owners and operators across the US. The company operates a network of mobile technicians, in addition to 15 branch locations and a national fleet maintenance program. DFS uses a proprietary software platform to manage all aspects of fleets’ maintenance programmes, streamlining communication and providing comprehensive data to customers to allow for improved vehicle uptime and enhanced operating cost control.
The company was founded in 1997 and is headquartered in Indianapolis.
“Ridgemont has significant experience investing in transport aftermarket businesses, most notably through our past involvement in Aurora Parts and Accessories and FleetPride, as well as other distribution and logistics investments,” says Jack Purcell, partner at Ridgemont. “We recognise first hand that fleet owners and operators can more effectively manage their asset pools by outsourcing repair and maintenance work and that mobile service offerings are becoming a more important piece of this effort. Dickinson Fleet Services offers an attractive customer value proposition through its technology-enabled platform and flexible service model. Through organic growth and M&A initiatives, we plan to aggressively expand the geographic footprint of the company, add new customers and enhance an already strong service offering.
“We are very pleased to partner with the management team and employees of Dickinson Fleet Services. The founders and senior management team have built an exceptional service-oriented business over the past 20 years and have positioned the company to meet growing customer demand.”
Founders and senior management of Dickinson Fleet Services, Bob Dickinson, Dick Dickinson, Mike Dickinson and Ted Coltrain, add: “We have an experienced, motivated team that has driven our success and excellent growth over the last 20 years. We are pleased to have selected Ridgemont as our partner for the next chapter of DFS. The firm brings a wealth of resources and knowledge to the company at a time when our industry is at an inflection point. Our joint plan to strategically invest in technology, mobile service capabilities, acquisitions and additional locations will allow us to increase our national presence and outpace our competition. Our team, led by Ted and Mike going forward, will create tremendous opportunity and growth for years to come.”
Periculum Capital Company served as financial adviser to Dickinson Fleet Services. Financing for the transaction was provided by Crescent Direct Lending, BMO Sponsor Finance, AlpInvest Partners and PNC Erieview Capital. Alston & Bird provided legal services to Ridgemont, and BMO Capital Markets served as financial adviser to Ridgemont.

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