Pummerin Investments has acquired a minority stake in FleetServe. No financial terms were disclosed. According to FleetServe, the capital infusion will be used for personnel hiring and to grow its service equipment and IT capabilities. Based in Ponder, Texas, FleetServe is a provider of preventative maintenance solutions of oilfield heavy equipment and highway fleets.
PRESS RELEASE
Ponder, TX (PRWEB) July 29, 2014
FleetServe, LLC (“FleetServe” or the “Company”) announced today that it has received a minority equity investment from Pummerin Investments (“Pummerin”), a Houston-based middle-market private equity firm. Driven by increasing demand to outsource preventative maintenance of heavy equipment in the oilfield and rail sectors, FleetServe plans on using the proceeds from the transaction to continue to grow its service equipment, employee base, and information technology capabilities.
Founded in 1996 and headquartered in Ponder, Texas, FleetServe is the industry leader for outsourced preventative maintenance servicing the oilfield sector through a team of over 100 technicians and 35 customized trucks. FleetServe’s service crews are available to be scheduled at any customer location (well site or maintenance yard) in the continental United States on a 24 hour, 365 day basis. By participating in FleetServe’s maintenance programs, the Company’s customers benefit from direct cost savings resulting from reduced equipment downtime, lower catastrophic failures, and reduced in-house mechanic labor requirements for maintenance as well as the intangible benefits of allowing the customer’s mechanics to focus solely on major equipment repairs while avoiding the staffing challenges associated with meeting peak workloads and lumpy demand for maintenance work.
In addition to the oilfield operations, FleetServe launched its wholly owned subsidiary, FleetServe Rail, in early 2013 to provide outsourced preventative maintenance on locomotives and complementary repair services to the rail sector. The new approach for mobile, on-site maintenance is a rail industry first and will enable the Company’s customers to dramatically increase locomotive service availability and reduce costly downtime.
As part of the transaction, Michael Curtis and Brad Curtis will continue to manage the company while remaining majority shareholders of the Company.
“With the explosive advancements in directional drilling in the United States and the railroads consistent growth in market share of the transportation sector, our customer base continues to face challenges managing both the logistics and staffing requirements necessary to maintain its equipment and avoid costly downtime,” notes Brad Curtis, President of FleetServe. “As the only third party outsourcer for preventative maintenance capable of scheduling the work at any location nationwide, we’re excited to partner with Pummerin Investments to proactively stay ahead of the curve ramping up capacity while maintaining the high standards of service that our clients have come to expect.”
“We’re thrilled to partner with FleetServe as we believe that the premier oilfield service providers and railroad operators in the United States are increasingly recognizing the broad benefits of implementing a corporate-wide outsourced preventative maintenance program,” adds Jason Ludeke, Managing Partner with Pummerin Investments. “Furthermore, FleetServe is uniquely positioned as the largest and most experienced provider of preventative maintenance services nationwide to help fill that need to keep our customer’s heavy equipment running and generating revenue while simultaneously allowing their in-house team of mechanics to focus on more labor intensive major equipment repairs and overhauls.”
About FleetServe:
Based in Ponder, Texas, FleetServe is the industry leader in mobile, on-site preventative maintenance of oilfield heavy equipment and highway fleets. Serving customers nationwide through a combination of customized service trucks and extensively trained technicians, FleetServe provides scalable, turnkey preventative maintenance solutions yielding substantial savings to its clients through reduced equipment downtime, fewer catastrophic failures, more predictable workloads for in-house mechanics, and lower insurance premiums. More information about FleetServe, LLC can be found at http://www.fleetserve.com.
About FleetServe Rail:
Based in Ponder, Texas, FleetServe Rail is a leading provider of mobile, on-site preventative maintenance and repair services for locomotives. A wholly owned subsidiary of FleetServe, FleetServe Rail provides the railroad industry on-site, turnkey locomotive maintenance and repair solutions delivering substantial cost savings and reduced downtime for industry partners. More information about FleetServe Rail can be found at http://www.fleetserverail.com.
About Pummerin Investments:
Based in Houston, Texas, Pummerin Investments is a private equity firm that targets both control and minority investments in profitable companies with revenues between $20 million to $100 million in a wide range of industries. More information about Pummerin can be found at http://www.pummerininvestments.com.
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