TRP and Waterfall invest in Flex Fleet Rental

Salt Lake City, Utah-based Flex Fleet Rental, a provider of medium-term truck rentals to commercial customers, has raised an undisclosed amount of funding. The investors were TRP Capital Partners and Waterfall Asset Management. Houlihan Lokey served as financial adviser to Flex Fleet on the transaction.


Salt Lake City, UT February 11, 2019 – Flex Fleet Rental, a leading provider of medium-term truck rentals to commercial customers, announced that it has completed a strategic transaction with Waterfall Asset Management’s private equity platform. TRP Capital Partners (“TRP”), a transportation-focused private equity firm, is also making a strategic investment alongside Waterfall. The transaction will position Flex Fleet Rental 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 Michael 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, Managing Director of TRP, also commented, “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.”

Craig Goldberg, Managing Partner at Synterra Capital Management LLC, commented, “It has been a privilege to work with Mike, Brian and the entire team at Flex Fleet. Since we invested in Flex Fleet in 2013, the team has grown the business into an industry-leading medium-term truck rental business with hundreds of satisfied customers. We believe the business is well positioned with Waterfall and TRP to enter into its next chapter of growth.”

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

About Flex Fleet Rental
Flex Fleet Rental is a leading truck rental company, offering light and medium duty trucks to commercial customers. Flex Fleet Rental offers pick-up trucks, flatbed trucks and vans on a month to month basis to provide its customers the flexibility to profitably manage the demands of their projects, including dependable job site delivery and pick up anywhere in the United States. The company is headquartered in Salt Lake City, UT. For more information, visit

About Waterfall Asset Management
Based in New York, Waterfall Asset Management is an SEC-registered alternative asset manager. Waterfall is a leading private investment firm dedicated to investing in private equity, loan products and structured credit across multiple sectors of the specialty finance and financial technology industries. Waterfall had approximately $7.7 billion in assets under management, as of November 30, 2018.

About TRP Capital Partners
Based in Michigan, TRP is a private equity fund that invests in growth-oriented businesses in the transportation sector. TRP seeks to support existing management teams in their growth strategy, as well as capitalize on its industry expertise, strategic relationships and commercial synergies.