Capital Partners announced today that it has acquired a group of companies doing business as Total Fleet Solutions, a provider of outsourced fleet management services. “We continue to execute on our core strategy of forming partnerships with proven management teams in order to build businesses. Our acquisition of Total Fleet Solutions is another example of this strategy, and the company is an excellent addition to our current portfolio,” said Frederick Iseman, Chairman of CI Capital Partners.
Total Fleet Solutions is a provider of outsourced business services focused on the procurement, maintenance and fleet management for material handling equipment such as forklifts, order pickers, pallet trucks and aerial lifts. The company was founded in 2001 and is based in Holland, OH (www.tfsglobal.com).
“The outsourced management of forklifts and other material handling equipment is an untapped market with excellent growth potential. Total Fleet is uniquely positioned to take advantage of this opportunity,” said Tim Hall, Managing Director at CI Capital. “The company can also serve as a platform for consolidation as we look to add additional services and products.”
Prospect Capital Corporation provided a $28 million senior secured loan to support the acquisition of Total Fleet Solutions. “Prospect’s breadth and responsiveness have supported our need for a single lender financing solution for TFS, and we look forward to future business with Prospect,” said Timothy Hall, a Managing Director of CI Capital.
Prospect invests from $10 million to $75 million in private and micro-cap public businesses located in the US and Canada that have from $3 million to $30 million of EBITDA. Investment structures include: senior debt; unitranche debt; 2nd lien and mezzanine debt; and “one stop” debt and equity. The firm invests in wide array of industries and is effectively industry agnostic. Prospect Capital is located in New York, NY (www.prospectstreet.com).
“Prospect is pleased to provide financing to support the growth and recapitalization of this industry-leading company,” said David Moszer, a Managing Director of Prospect Capital.
CI Capital Partners invests from $25 million to $100 million in middle market companies in the following sectors: business services, consumer services, distribution, government services and defense, and light manufacturing. Since the firm’s inception in 1993, CI Capital and its portfolio companies have made more than 100 acquisitions representing over $6 billion in enterprise value. CI Capital’s existing portfolio consists of companies which collectively generate annual revenue of approximately $5 billion, EBITDA of approximately $400 million, and employ approximately 15,000 people. The firm is based in New York, NY (www.cicapllc.com).
“We are thrilled to complete this transaction and to become partners with CI Capital,” said Brent Parent, Chief Executive Officer of Total Fleet Solutions. “CI Capital has a strong track record of helping businesses like ours realize their growth potential and build value.”