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Ridgemont Equity Partners Announces New Investment in Dickinson Fleet Services

April 4, 2017

CHARLOTTE, N.C.--(BUSINESS WIRE)--Ridgemont Equity Partners, a middle market private equity investor, today announced a new investment in Dickinson Fleet Services (“DFS,” or the “Company”), a leading technology-enabled service provider in the vehicle fleet maintenance industry. Financial terms of the transaction were not disclosed.

Dickinson Fleet Services provides repair and maintenance services for vehicle fleet owners and operators across the United States. The Company operates a network of mobile technicians, in addition to 15 branch locations and a national fleet maintenance program. DFS utilizes a market-leading, proprietary software platform to manage all aspects of fleets’ maintenance programs, streamlining communication and providing comprehensive data to customers to allow for improved vehicle uptime and enhanced operating cost control. The Company was founded in 1997 and is headquartered in Indianapolis.

“Ridgemont has significant experience investing in transport aftermarket businesses, most notably through our past involvement in Aurora Parts and Accessories and FleetPride, as well as other distribution and logistics investments,” said Jack Purcell, Partner at Ridgemont. “We recognize first hand that fleet owners and operators can more effectively manage their asset pools by outsourcing repair and maintenance work and that mobile service offerings are becoming a more important piece of this effort. Dickinson Fleet Services offers an attractive customer value proposition through its technology-enabled platform and flexible service model. Through organic growth and M&A initiatives, we plan to aggressively expand the geographic footprint of the Company, add new customers and enhance an already strong service offering.”

“We are very pleased to partner with the management team and employees of Dickinson Fleet Services,” Purcell further commented. “The founders and senior management team have built an exceptional service-oriented business over the past 20 years and have positioned the Company to meet growing customer demand.”

In a joint statement, the founders and senior management team of Dickinson Fleet Services, Bob Dickinson, Dick Dickinson, Mike Dickinson and Ted Coltrain added: “We have an experienced, motivated team that has driven our success and excellent growth over the last twenty years. We are pleased to have selected Ridgemont as our partner for the next chapter of DFS. The firm brings a wealth of resources and knowledge to the Company at a time when our industry is at an inflection point. Our joint plan to strategically invest in technology, mobile service capabilities, acquisitions and additional locations will allow us to increase our national presence and outpace our competition. Our team, led by Ted and Mike going forward, will create tremendous opportunity and growth for years to come.”

Periculum Capital Company served as financial advisor to Dickinson Fleet Services. Financing for the transaction was provided by Crescent Direct Lending, BMO Sponsor Finance, AlpInvest Partners and PNC Erieview Capital. Alston & Bird LLP provided legal services to Ridgemont, and BMO Capital Markets served as financial advisor to Ridgemont.

About Dickinson Fleet Services

Headquartered in Indianapolis, Indiana, Dickinson Fleet Services has grown into one of the largest independent fleet maintenance and management companies in the country. DFS is the leading provider of on-site mobile maintenance and repair services nationwide, offering mobile on-site maintenance and repair services for light, medium and heavy duty trucks and trailers with over 300 mobile units operating in 40 states. DFS services fleet customers with 15 company-owned maintenance facilities each offering select services from accident repair, paint, refurbishment and dedicated technician services, combined with an in-house CARES CALL center providing 24/7 repair assistance. DFS has made significant investments in training and technology, including WebWrench® (maintenance tracking and scheduling through proprietary technology) and TRAIT® (real-time reporting and dynamic preventative maintenance inspections processed through a proprietary field service application), and is the only fleet services company in the nation to provide both fleet maintenance and management to its customers nationwide.

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 $5 billion. The firm focuses on equity investments up to $250 million and utilizes a proven, industry-focused investment approach and repeatable value creation strategies. Ridgemont’s most recent flagship fund, REP III, was formed in 2018 and has $1.65B of committed capital.