Flex Fleet Rental completed a strategic transaction with Waterfall Asset Management’s private equity platform and TRP Capital Partners, a transportation-focused private equity firm.

The transaction will allow Flex Fleet to augment its customer reach, technology enablement and national fleet.

Flex Fleet Rental’s existing management team will continue to lead the company’s operations, led by CEO Michael Kraupp and Vice President Brian Goldhardt.

“Since 2013 we have invested in our team and processes to build a national rental fleet of light and medium-duty trucks, and we are proud of the growth in the business and the customer relationships we have earned through exceptional service and dependability,” said Kraupp. “We are excited to partner with Waterfall and TRP, which share our vision of providing first-class service to our customers, and that will support our ongoing investment in tools and technology to continually augment our capabilities.”

“We are very excited about the opportunity to support Flex Fleet’s long-term growth strategy,” said Gene Weil, a managing director of Waterfall. “Flex Fleet has an impressive history of growth and leadership in its market, and we are excited to partner with Mike, Brian and the entire Flex Fleet team.”

Steve Carrel, TRP managing director, added, “We believe that Flex Fleet’s client-first approach to service and the depth of its infrastructure will continue to differentiate the company in the marketplace.”

Sullivan & Worcester served as legal counsel and Houlihan Lokey served as financial advisor to Flex Fleet on the transaction. Kramer Levin served as legal counsel to Waterfall. Drinker Biddle served as legal counsel to TRP.

Headquartered in Salt Lake City, Flex Fleet Rental is a truck rental company which offers light and medium duty trucks to commercial customers.