Flex Fleet Rental, a Salt Lake City company that provides industrial truck leases, is receiving financial backing from Waterfall Asset Management and TRP Capital Partners to extend its business and establish a country-wide presence.
CEO Michael Kraupp and Vice President Brian Goldhardt started the business in 2013 with backing from Synterra Capital Management.
“We are excited to accomplice with Waterfall and TRP, which share our vision of presenting satisfactory service to our customers, and in an effort to guide our ongoing investment in gear and generation to constantly augment our abilities,” Kraupp stated in a statement regarding the brand new investment deal.
Terms of the transaction were no longer disclosed.
Flex Fleet focuses on renting mild- and medium-duty vehicles, flatbed trucks and vehicles on a month-to-month basis and claims to have hundreds of clients.
“We consider that Flex Fleet’s approach to service and the depth of its infrastructure will retain to distinguish the enterprise within the market,” stated Steve Carrel, a handling director of TRP Capital Partners.
TRP Capital Partners is a personal fairness funding firm sponsored, in component, via Penske Corp. And is based in Bloomfield, Mich. The company objectives companies inside the transportation zone. It formerly has invested in the truck and car dealerships, technical and motive force training colleges, truck lighting fixtures and domestic transport logistics service companies.
New York-based Waterfall Asset Management is a funding advisory firm founded in 2005 by using Tom Capasse and Jack Ross to address excessive-yield, asset-based securities and loan investments. In 2017, the firm employed Gene Weil and John Nelligan to supervise personal equity investments in monetary and generation regions.
In commenting on Flex Fleet, Weil stated Waterfall Asset Management is seeking to support the organization’s lengthy-term boom strategy.
Waterfall has about $7.7 billion in assets underneath control.
In Ireland, industrial motors want to go through an annual inspection to check the roadworthiness of the motors. This test becomes delivered in 1980 and changed into rolled out thru a network of independent test centers round Ireland.
At this time the test changed into known as the Doe take a look at. This to begin with consisted of an HGV and LGV take a look at. The take a look at is involved with checking some of the principal additives of vans and vehicles in Ireland. The essential part of the test is the braking and suspension check. The Doe inspection consists of brake testers which check the braking efficiency of each axle. The suspension system is also checked for put on. This can include items which include music avenue ends, kingpins and drag hyperlinks. Currently, the test is called the VTN test and is administered by means of the Vtn testing Network.
The current VTN inspection is sort of same to the Doe take a look at except it’s for a little greater expansive. The most commonplace VTN take a look at is the Light VTN test for LGV’s. An LGV is classed as a vehicle which can be driven on a normal car license in Ireland. Typically if your vehicle does not have a tachograph it will only require the LGV test. Another way of checking is by finding the chassis plate of the vehicle. In Ireland, the chassis plate will show the GVW (gross vehicle weight) of the vehicle, if this number is 3,500kgs or less than your vehicle requires an LGV test.