Walnut Creek, CA – August 22, 2018 – Amerit Fleet Solutions (“Amerit”), a provider of fleet maintenance and repair services to fleets of all classes and sizes, announced today the close of a majority investment from Ridgemont Equity Partners, a middle market private equity firm, and a minority investment from Element Fleet Management Corp., a global fleet management company. Financial terms of the transaction, which closed in the first quarter of 2018, were not disclosed.
Amerit is a leading provider of outsourced fleet maintenance services for Class II – VIII vehicles and other critical equipment. With over 1,800 technicians providing services at more than 750 locations, Amerit is dedicated to maximizing uptime for fleet owners across North America. The new investments from Ridgemont Equity Partners and Element Fleet Management Corp. strengthen Amerit’s position in the market by enabling it to further develop its service offering, allowing companies with fleets to improve performance and profitability.
“Ridgemont has significant experience investing in transport aftermarket businesses, most notably through investments in Dickinson Fleet Services, Aurora Parts & Accessories and FleetPride,” said Jack Purcell, Partner at Ridgemont. “National fleet owners and operators are increasingly looking for a better way to maintain their fleets. Amerit’s scale, footprint and flexible solutions provide a unique, customized and customer-centric approach that solves challenges while allowing fleets to rapidly capitalize on market opportunities.”
“Amerit has been a long-time partner of Element, providing leading mobile and onsite maintenance services for our fleet customers,” said Jim Halliday, President & CEO International of Element Fleet Management. “Element’s investment strengthens our partnership with Amerit and will benefit our customers through an expansion of Amerit’s service offering, increased flexibility and an extended geographic reach. We continue to collaborate closely with Amerit to improve our services.”
“Our partnership with Ridgemont and Element marks the beginning of a new era for Amerit,” said Dan Williams, CEO and Amein Punjani, COO of Amerit Fleet Solutions in a joint statement. “Ridgemont brings industry expertise and a track record of helping fast-growing companies succeed. The investment from Element expands upon our four year relationship and together we will identify new ways to add value to our joint customers. We are excited about the growth potential for Amerit and confident that we have the right team to succeed.”
About Amerit Fleet Solutions
Amerit partners with the largest and most complex private, public and for-hire fleets in North America. As one of the largest teams of dedicated fleet maintenance and repair experts in the country, Amerit is dedicated to the relentless pursuit of uptime. Our innovative and customized service solutions provide peace-of-mind and keep fleet assets on the road. www.ameritfleetsolutions.com
About Ridgemont Equity Partners
Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $4 billion in 143 companies. The firm focuses on investments of $25 million to $150 million in industries in which it has deep expertise, including business & industrial services, energy, healthcare, and technology and telecommunications. www.ridgemontep.com
About Element Fleet Management Corp.
Element Fleet Management Corp. (TSX:EFN) is a leading global fleet management company, providing world-class management services and financing for commercial vehicle and equipment fleets. Element’s suite of fleet management services spans the total fleet lifecycle, from acquisition and financing to program management and remarketing – helping customers optimize performance and improve productivity. For more information, visit www.elementfleet.com.