M&A Deal Summary

Summit Fleet Acquires Flex Fleet Rental

On September 1, 2023, Summit Fleet acquired transportation company Flex Fleet Rental from TRP Capital Partners and Waterfall Asset Management

Acquisition Highlights
  • This is Summit Fleet’s 1st transaction in the Transportation sector.
  • This is Summit Fleet’s 1st transaction in the United States.
  • This is Summit Fleet’s 1st transaction in Utah.

M&A Deal Summary
Date 2023-09-01
Target Flex Fleet Rental
Sector Transportation
Buyer(s) Summit Fleet
Sellers(s) TRP Capital Partners
Waterfall Asset Management
Deal Type Merger

Target

Flex Fleet Rental

Salt Lake City, Utah, United States
Flex Fleet Rental is a truck rental company that provides customers with the flexibility to manage the demands of their business at a profitable margin. Flex Fleet Rental was established in 2012 and is based in Salt Lake City, Utah.

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Buyer(S) 1

Buyer

Summit Fleet

Calgary, Alberta, Canada
Category Company
Founded 2013
Sector Business Services
DESCRIPTION

Summit Fleet is a commercial vehicle rentals, leasing, and fleet management. Summit Fleet was founded in 2013 and is based in Calgary, Alberta.

DEAL STATS #
Overall 1 of 1
Sector (Transportation) 1 of 1
Type (Merger) 1 of 1
State (Utah) 1 of 1
Country (United States) 1 of 1
Year (2023) 1 of 1

Seller(S) 2

SELLER

TRP Capital Partners

Birmingham, Michigan, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

TRP Capital Partners is a private investment firm focused on opportunities within the transportation industry. Specific areas of interest include auto dealerships, education/training, outsourced services, niche manufacturing, environmental, and distribution/logistics. The Firm prefers to control situations and targets companies valued from $25 to $250 million. TRP Capital Partners was formed in 1997 and is based in Birmingham, Michigan.

DEAL STATS #
Overall 12 of 13
Sector (Transportation) 4 of 4
Type (Merger) 2 of 2
State (Utah) 1 of 1
Country (United States) 11 of 12
Year (2023) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-18 Lifted Trucks

Phoenix, Arizona, United States

Lifted Trucks specializes in the sale of lifted and non-lifted gas and diesel trucks and carry the largest selection of custom trucks in the American southwest. Lifted Trucks was founded in 1995 and is based in Phoenix, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-26 QLS

Hendersonville, Tennessee, United States

QLS provides quality control, parts inspection & repair, and on-site representation for suppliers to manufacturing plants throughout North America. QLS was founded in 2004 and is based in Hendersonville, Tennessee.

Sell -
SELLER

Waterfall Asset Management

Investor Investor

Category Asset Manager
Founded 2005
PE ASSETS 11.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Waterfall Asset Management is an institutional asset manager focused on structured credit (asset-backed securities and loans) and private equity investments. Waterfall was founded in 2005 and is headquartered in New York City.

DEAL STATS #
Overall 1 of 1
Sector (Transportation) 1 of 1
Type (Merger) 1 of 1
State (Utah) 1 of 1
Country (United States) 1 of 1
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-24 OnPoint

Louisville, Kentucky, United States

OnPoint is a provider of warranty services, including underwriting, service contract, and extended warranty programs, home warranty, screen protection, logistics, and insurance. OnPoint is based in Louisville, Kentucky.

Buy -
Mergr

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