Houlihan Lokey Advises Flex Fleet Rental (1)
Houlihan Lokey is pleased to announce the sale of Flex Fleet Rental (Flex Fleet), a leading provider of medium-term truck rentals to commercial customers, to Waterfall Asset Management LLC's (Waterfall) private equity platform. TRP Capital Partners (TRP), a transportation-focused private equity firm, is also making a strategic investment alongside Waterfall. The transaction closed on February 11, 2019.
Flex Fleet Rental is a leading truck rental company, offering light- and medium-duty trucks to commercial customers. The company offers pickup trucks, flatbed trucks, and vans on a month-to-month basis to provide its customers the flexibility to profitably manage the demands of their projects, including dependable job site delivery and pick up anywhere in the United States.
Waterfall Asset Management is an SEC-registered alternative asset manager. Waterfall is a leading private investment firm dedicated to investing in private equity, loan products, and structured credit across multiple sectors of the specialty finance and financial technology industries. Waterfall had approximately $7.7 billion in assets under management, as of November 30, 2018.
Flex Fleet'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," said Mr. Kraupp. "We are excited to partner with Waterfall and TRP, who share our vision of providing first-class service to our customers, and 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," said 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, also commented, "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 LLC, commented, "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 impressively grown the business into an industry-leading mid-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."
Houlihan Lokey served as the exclusive financial advisor to Flex Fleet and assisted in marketing, structuring, and negotiating the transaction on behalf of the company.
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