One Equity’s W.W. Williams Purchases Truck Repair Provider Desert Fleet
W.W. Williams Co., backed by One Equity Partners, has acquired truck repair services company Desert Fleet-Serv Inc. Financial terms were not disclosed. One Equity invested in W.W. Williams in August 2016.
Based in Phoenix and founded in 1995, Desert Fleet provides onsite maintenance services for trucks and trailers, including engine repairs. The target has more than 200 customers in the Phoenix area.
“This tuck-in acquisition helps W.W. Williams further expand its services in a key geographic market, positioning the company for further national growth,” says One Equity managing director Jamie Koven.
W.W. Williams, located in Columbus, Ohio, and founded in 1912, sells replacement parts for commercial trucks and repairs diesel engines along with power generation systems. The company also offers logistics assistance. W.W. Williams serves commercial truck fleets and boats, the construction and mining industry, along with the Department of Defense.
One Equity is a middle market private equity firm that was founded in 2001 as Bank One's PE arm. In 2005, the firm became part of JPMorgan Chase & Co. (NYSE: JPM) in the same capacity and in 2015, One Equity became independent through a completed spinoff. The firm has offices in New York, Chicago and Frankfurt. In 2015, One Equity bought 3M Co.’s (NYSE: MMM) library systems division.
Demand for repair services has been rising. In 2016, Carl Icahn bought Pep Boys - Manny Moe & Jack; Platte River Equity acquired CTS Engines; and Roark Capital-backed Driven Brands purchased Take 5 Oil Change Inc.