Amerit Fleet Solutions, a provider of outsourced fleet maintenance services for Class 2–8 vehicles and other critical equipment, closed a majority investment from Ridgemont Equity Partners, a middle market private equity firm, and a minority investment from Element Fleet Management. Financial terms of the transaction, which closed in Q1/18, were not disclosed.

“Amerit has been a long-time partner of Element, providing leading mobile and onsite maintenance services for our fleet customers,” Jim Halliday, president and CEO International of Element Fleet Management, said. “Element’s investment strengthens our partnership with Amerit and will benefit our customers through an expansion of Amerit’s service offering, increased flexibility and an extended geographic reach. We continue to collaborate closely with Amerit to improve our services.”

“Ridgemont has significant experience investing in transport aftermarket businesses, most notably through investments in Dickinson Fleet Services, Aurora Parts & Accessories and FleetPride,” Jack Purcell, partner at Ridgemont, said. “National fleet owners and operators are increasingly looking for a better way to maintain their fleets. Amerit’s scale, footprint and flexible solutions provide a unique, customized and customer-centric approach that solves challenges while allowing fleets to rapidly capitalize on market opportunities.”

“Our partnership with Ridgemont and Element marks the beginning of a new era for Amerit,” Dan Williams, CEO of Amerit, and Amein Punjani, COO of Amerit, said in a joint statement. “Ridgemont brings industry expertise and a track record of helping fast-growing companies succeed. The investment from Element expands upon our four-year relationship and together we will identify new ways to add value to our joint customers. We are excited about the growth potential for Amerit and confident that we have the right team to succeed.”