Seacoast Capital has made an investment in Amerit Fleet Solutions, a provider of fleet maintenance services for utilities, transportation & logistics, and distribution clients. The investment from Seacoast Capital will be used to pursue a growth strategy that involves new services and new service locations throughout the US.
“Amerit is a leading company in the fleet maintenance industry. They are in a unique position to take advantage of tremendous growth opportunities as companies look to focus on their core competencies and outsource maintenance to improve efficiency,” said Jeffrey Holland, Partner at Seacoast Capital. “Amerit has a very strong management team, and we look forward to working closely with them to implement their growth strategy.”
Amerit Fleet Solutions is a provider of outsourced fleet maintenance services for utilities, transportation & logistics, and distribution clients. The company has service contracts on over 100,000 vehicles located at over 500 sites nationwide. Amerit Fleet Solutions was founded in 2009 by Gary Herbold, Dan Williams and Amein Punjani. The company grew both through organic growth and through the December 2011 acquisition of the assets of Kelley Fleet Services. Amerit Fleet is headquartered near San Francisco in Walnut Creek, CA (www.ameritfleetsolutions.com).
“Amerit has become the leading provider of outsourced maintenance and repair services by staying focused on its core mission to provide customized, innovative service solutions that improve uptime and performance while reducing costs,” said Mr. Williams, CEO of Amerit. “Looking forward, we knew we wanted a strategic partner who could help us continue to build a strong and dynamic company, and Seacoast is that partner.”
Seacoast Capital provides between $3 million and $12 million of debt and equity capital for acquisitions, growth, shareholder buyouts, management buyouts, and leveraged recapitalizations. While industry agnostic, Seacoast has a particular interest in the specialty manufacturing, value-added distribution, and business services sectors. Seacoast targets investments in companies with $20 million to $150 million in revenue and $2 million or more of EBITDA. Seacoast is currently investing its third fund, Seacoast Capital Partners III, with $150 million of capital commitments. The firm was founded in 1994 and has offices in Boston and San Francisco (www.seacoastcapital.com).
“Seacoast understands the Amerit vision and has really been helpful throughout the whole process,” said Mr. Punjani, COO of Amerit. “With Seacoast’s help we have a very bright future ahead of us. We are very excited to be working with them.”
© 2015 PEPD • Private Equity’s Leading News Magazine • 3-31-15