A New Era for Epika Fleet Services with Ares Management
Epika Fleet Services Partners with Ares Management
Epika Fleet Services, Inc. ("Epika" or the "Company") has announced a significant shift in its growth strategy following a new partnership with Ares Management. Ares has acquired a majority stake in Epika, allowing the company to tap into fresh capital and reinforce its mission to provide top-notch mobile-focused preventative maintenance and repair services for commercial trucking fleets.
Growth and Expansion on the Horizon
Founded in 2016, Epika has dedicated itself to delivering high-quality services that cater to the unique needs of commercial trucking. The Company has swiftly established a robust presence across nearly 40 states and serves more than 2,000 fleet customers. This scalability is largely attributed to its innovative mobile service offerings, which are facilitated by a team of over 550 skilled technicians who carry out essential inspections, maintenance, and repairs directly on-site.
A Focus on Customer Needs
Epika's business model not only addresses regular maintenance needs but also offers a hybrid service through its in-shop centers across the U.S. These in-shop locations cater to the more complex repair demands of fleet operators. This approach has significantly minimized downtime for customers, enhancing their overall experience and operational efficiency.
Leadership and Vision for the Future
In light of this new partnership, Joe Dougherty, CEO of Epika, expressed his enthusiasm regarding the future. Dougherty noted that the dedication of the technicians and support from Ares would solidify Epika's standing as a leading provider in the mobile maintenance sector. He emphasized, "This partnership represents an amazing opportunity for us to amplify our success, expand our reach, and enhance our service offerings to meet the growing demands of fleet operators. This will further strengthen our position in the marketplace, allowing for accelerated growth and expanded capabilities."
Opportunities in the Fleet Services Industry
The interest from Ares Management is indicative of broader industry trends. As mobile-first solutions gain traction, fleet operators are increasingly seeking services that simplify their operational complexity while boosting productivity. Ares management highlighted their commitment to supporting Epika's growth trajectory, focusing on innovation and customer satisfaction. This partnership is poised to leverage the heightened demand for mobile services, allowing the company to meet fleet operators' needs meaningfully and effectively.
Advisors and Next Steps
While specifics regarding the transaction remain undisclosed, this collaboration marks a pivotal moment for Epika. William Blair acted as the exclusive financial advisor for Epika, while Reed Smith LLP and Maslon LLP provided legal support. For Ares, Piper Sandler served as the exclusive financial advisor, with Sullivan & Cromwell LLP as the legal advisor.
About Epika Fleet Services, Inc.
Epika continues to lead the pack in mobile maintenance and repair services for commercial fleets. The Company specializes in delivering a comprehensive suite of preventative maintenance solutions through an agile mobile platform complemented by in-house capabilities. They commit to keeping critical fleet operations running smoothly, significantly reducing downtime and enhancing performance across various sectors.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) stands as a premier global alternative investment manager, delivering primary and secondary investment solutions across diverse asset classes, including private equity and real estate. The organization is focused on providing flexible capital, supporting businesses, and generating value for stakeholders. Through strategic collaborations, Ares Management aims to inspire consistent returns in varying market environments, actively managing over $525 billion in assets under management worldwide.
Frequently Asked Questions
What is the significance of the partnership between Epika and Ares Management?
The partnership enables Epika to access new capital for growth, enhancing its service offerings and expanding its customer base.
When was Epika Fleet Services established?
Epika was founded in 2016 and has since grown rapidly in the mobile fleet service sector.
How many customers does Epika currently serve?
Epika serves over 2,000 fleet customers across nearly 40 states in the U.S.
What factors have contributed to Epika's growth?
Key factors include their mobile-delivery service model and a large workforce of skilled technicians providing on-the-road solutions.
What does Ares Management specialize in?
Ares Management specializes in alternative investments, offering solutions across credit, private equity, and real estate sectors, among others.
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