Seacoast Capital Exits Successful Non-Control Growth Capital Investment in Amerit Fleet Solutions

SAN FRANCISCO–(BUSINESS WIRE)–Seacoast Capital (“Seacoast”), a lower middle market non-control growth capital investor, announced today its successful exit from its investment in Amerit Fleet Solutions (“Amerit”). Over the term of Seacoast’s investment, the company increased revenue 85%; EBITDA 298%; and employees 16%.

Founded in 1999 and headquartered in Walnut Creek, California, Amerit (www.ameritfleetsolutions.com) provides a comprehensive maintenance service solution to companies that operate large fleets of both light and heavy-duty vehicles in a broad geographic footprint in a consistent, safe, transparent and cost-effective way. Amerit’s fleet maintenance programs provide full scope maintenance and repair solutions through several different platforms: On-site Workforce Solutions; Mobile Service Center Solutions; and Fleet Service Center Solutions.

In late 2014, Seacoast invested subordinated debt with warrants in Amerit to provide working capital for growth and refinance its current debt providers. Most importantly, the company was looking to align itself with an investor who could fund its continued national expansion. Seacoast exited the transaction in conjunction with an investment into Amerit from Ridgemont Equity Partners, Element Fleet Management Corp., and Management.

“Our investment in Amerit met four critical criteria: a defensible core business; favorable industry fundamentals; long-term customer relationships; and an experienced and highly incented management team,” said Jeff Holland, a Partner at Seacoast. “The growth and financial performance of the company exceeded all expectations under the guidance of Dan Williams and Amein Punjani, and we were happy to call both our partners.”

“It has been a pleasure working with Seacoast Capital,” said Dan Williams, CEO of Amerit. “Their experience in our industry combined with our growth trajectory made for a great partnership while still allowing us to retain control of the business. Three years certainly went by fast!”

About Seacoast Capital

Founded in 1994, with offices in Boston, MA and San Francisco, CA, Seacoast Capital invests non-control growth capital in partnership with management in lower middle market companies. Seacoast is industry agnostic and typically invests $5 million to $25 million of capital in companies with $10 million or more in revenue and $2 million or more of EBITDA. Capital is used to support growth, refinancings, acquisitions, family wealth and ownership transfers, shareholder liquidity events, and partnership or management buyouts. Geographically, Seacoast invests anywhere in the United States. Since its inception, Seacoast has managed over $600 million of capital, which the firm has invested in 73 non-controlling transactions. Now managing its fourth fund, Seacoast Capital Partners IV, L.P., the firm continues to actively seek new investment opportunities. Learn more by visiting www.seacoastcapital.com.

About Amerit Fleet Solutions

Amerit partners with the largest and most complex private, public and for-hire fleets in North America. As one of the largest teams of dedicated fleet maintenance and repair experts in the country, Amerit is dedicated to the relentless pursuit of uptime. Its innovative and customized service solutions provide peace-of-mind and keep fleet assets on the road. Learn more by visiting www.ameritfleetsolutions.com.

Leave a Reply