Houlihan Lokey Advises Flex Fleet Rental
Houlihan Lokey is pleased to announce that Flex Fleet Rental, LLC (FFR), a portfolio company of a fund managed by Waterfall Asset Management LLC (Waterfall) and TRP Capital Partners, LP (TRP), has been acquired by Kaizen Automotive Group (Kaizen). The transaction closed on September 1, 2023.
Founded in 2013, FFR is a leading commercial truck rental company that has consistently set the benchmark for service excellence and innovation in North America. With a focus on delivering top-notch vehicles, exceptional customer service, and cutting-edge technology, FFR continues to redefine the industry.
Founded more than 30 years ago, Kaizen is a leader in the automotive industry. Its focus is an unwavering commitment to exceptional customer service, which has led to some of the highest volume stores across Canada. Kaizen is a Calgary-based company with 16 dealerships representing Cadillac, Buick, GMC, Chevrolet, Ford, Lincoln, Kia, Nissan, Honda, Hyundai, and Genesis, including six dealerships in California under the names of Imperial Valley Chevrolet GMC, Imperial Valley Hyundai, Imperial Valley Honda, Chula Vista Honda, Chula Vista Ford, and Chula Vista Kia. Kaizen also offers industrial and commercial rentals, leasing, telematics, fleet management, and fleet card services across North America through its subsidiary, Summit Fleet (Summit).
This strategic move ushers in a new era of possibilities as FFR and Summit join forces to forge one of the largest and most dynamic commercial truck fleet entities on the continent. The synergies created by this collaboration promise to raise the bar for exceptional service and innovative solutions. “By joining forces with Summit Fleet, we are thrilled to improve our product and service offerings across North America,” said Brian Goldhardt, President and CEO of FFR. “We couldn’t be more excited about this acquisition with it positioning ourselves into our next chapter of growth.”
Houlihan Lokey served as the exclusive financial advisor to FFR.
RELATED: Specialty Finance and Challenger Banks, Equipment-as-a-Service, Capital Solutions