M&A Deal Summary

Ares Private Equity Group and Monroe Capital Acquire Epika Fleet Services

On April 21, 2025, private equity firm Ares Private Equity Group and lender Monroe Capital acquired transportation company Epika Fleet Services from Trivest Partners

Acquisition Highlights
  • This is Ares Private Equity Group’s 3rd and Monroe Capital’s 4th transaction in the Transportation sector.
  • This is Ares Private Equity Group’s 92nd and Monroe Capital’s 124th transaction in the United States.
  • This is Ares Private Equity Group’s 1st and Monroe Capital’s 6th transaction in Minnesota.

M&A Deal Summary

Date 2025-04-21
Target Epika Fleet Services
Sector Transportation
Buyer(s) Ares Private Equity Group
Monroe Capital
Sellers(s) Trivest Partners
Deal Type Secondary Buyout
Advisor(s) William Blair (Financial)
Reed Smith
Maslon (Legal)

Target

Epika Fleet Services

Bloomington, Minnesota, United States
Epika Fleet Services is a network of mobile and in-shop preventative maintenance service centers focused on commercial fleets across the country. Epika brands include LubeZone, ProFleet, All-Star Truck Service, and Deaton Fleet Solutions. Epika currently has 11 quick service preventative maintenance locations in California, Texas, Oklahoma, and Georgia; five full-service repair and maintenance facilities, and 15 branch locations operating nearly 50 mobile service units in Texas, Georgia, North Carolina, South Carolina, Tennessee, and Mississippi. Epika Fleet Services was founded in 2016 and is based in Bloomington, Minnesota.

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Buyer(S) 2

Buyer

Ares Private Equity Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 24.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ares Private Equity Group is the private equity arm of Ares Management, a global alternative asset manager. The Ares Private Equity Group specializes in opportunistic majority/shared control investments in under-capitalized middle-market companies. Ares looks for companies with strong franchises and attractive growth opportunities. The Group prefers to be the lead investor and will invest across the capital structure, including common equity, preferred equity, convertible equity/debt and senior debt. Areas of interest include business services, defense, healthcare, manufacturing, industrial, energy and consumer products and services. Ares Private Equity Group was formed in 2003 and is based in Los Angeles, California.


DEAL STATS #
Overall 124 of 125
Sector: Transportation M&A 3 of 3
Type: Secondary Buyout M&A Deals 45 of 46
State: Minnesota M&A 1 of 1
Country: United States M&A 92 of 93
Year: 2025 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-20 Birdsboro Power

Berks County, Pennsylvania, United States

Birdsboro Power is a brownfield 488-MW natural gas-fired combined-cycle generation facility. The project features the GE 7HA.02 gas turbine and a GE steam turbine, and will remediate and redevelop a site that was once home to a manufacturing facility. Birdsboro Power is based in Berks County, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-05-19 Landscape Workshop

Birmingham, Alabama, United States

Landscape Workshop is a provider of route-based commercial landscaping services, including landscape maintenance, irrigation services, seasonal color programs, design and installation, and facility services. Landscape Workshop was founded in 1984 and is based in Birmingham, Alabama.

Buy -
Buyer

Monroe Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 2004
PE ASSETS 14.1B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Monroe Capital is a provider of senior and junior debt and equity co-investments to middle-market companies in the US and Canada. Investment types include unitranche financings, cash flow and enterprise value based loans, asset based loans, acquisition facilities, mezzanine debt, second lien or last-out loans and equity co-investments. Monroe Capital is a generalist investor and will consider companies in the healthcare, technology, media, retail, consumer sectors. Monroe Capital was formed in 2004 and is based in Chicago, Illinois.


DEAL STATS #
Overall 125 of 126
Sector: Transportation M&A 4 of 4
Type: Secondary Buyout M&A Deals 18 of 19
State: Minnesota M&A 6 of 6
Country: United States M&A 124 of 125
Year: 2025 M&A 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-21 Gas Station TV

Detroit, Michigan, United States

Gas Station TV is a media network for reaching on-the-go consumers. GSTV engages, influences and drives consumers to action with exclusive content from ESPN, CNN's Headline News and Buzz Today, Bloomberg TV, and AccuWeather at fuel retailers across the country. Its growing viewership continues to solidify video at the pump as an exemplary platform to reach a captivated, real-time audience. Gas Station TV was founded in 2006 and is based in Detroit, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-05-19 Relevant

Houston, Texas, United States

Relevant is a compressed, oil-free air rental provider to end-users in refineries, petrochemicals, power generation, food and beverage, pharmaceuticals, plastics, and other industrial settings. Its fleet can address a full spectrum of pressure and flow needs for its customers, who often operate in environments in which tailored solutions for oil-free air are required. Relevant was founded in 1984 and is based in Houston, Texas.

Buy -

Seller(S) 1

SELLER

Trivest Partners

Coral Gables, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 6.1B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Trivest's corporate headquarters in Coral Gables, Florida.
Trivest's corporate headquarters in Coral Gables, Florida.

Trivest is a private equity firm that invests in North American middle-market corporate acquisitions, recapitalizations, and growth capital financings. For platform investments, sectors of interest include niche manufacturing, value-added distribution, business services, and consumer products/services. The Firm seeks businesses with at least $4 million of EBITDA and valued between $20 and $250 million. Trivest prefers control-based situations but will also consider minority or co-investment opportunities. For add-on opportunities, Trivest will consider companies globally with valuations starting at $1 million. Trivest Partners was formed in 1981 and is based in Coral Gables, Florida.


DEAL STATS #
Overall 44 of 45
Sector: Transportation M&A 1 of 1
Type: Secondary Buyout M&A Deals 21 of 21
State: Minnesota M&A 2 of 2
Country: United States M&A 40 of 41
Year: 2025 M&A 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-15 Captiva Containers

Miami, Florida, United States

Captiva Containers is a provider of recyclable PET packaging solutions. The Company offers a wide range of services, including custom bottle designs, printing and labeling, storage, eco-friendly options, and flexible production lines to accommodate varying order sizes. Captiva Containers was founded in 2013 and is based in Miami, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-12 Unosquare

Portland, Oregon, United States

Unosquare is an outsourced software engineering and development company. Unosquare provides outsourced software development services along with complementary practices such as quality assurance, mobile development, UX/UI design, business intelligence, project management, and platform customization & integration. Unosquare was founded in 2009 and is based in Portland, Oregon.

Sell -