Trivest Partners, LP (“Trivest” or the “Firm”), a leading private equity firm specializing in founder- and family-owned businesses, announced today that its Trivest Growth Investment Fund (“TGIF”) has completed the sale of its portfolio company, Epika Fleet Services, Inc. (“Epika” or the “Company”), to a private equity fund managed by Ares Management Corporation (“Ares”). Terms of the transaction were not disclosed.
Epika, headquartered in Nashville, Tennessee, is a national leader in outsourced fleet maintenance services, with a focus on mobile solutions for medium- and heavy-duty truck and trailer fleets. Since its founding in 2016, Epika has evolved from a regional, single-service provider into one of the country’s premier full-service fleet maintenance platforms.
Trivest initially partnered with Epika through a minority investment in December 2018. During its ownership, Trivest helped drive a transformational growth journey—supporting the Company’s expansion through key investments in corporate infrastructure, advanced technology, and the recruitment of top-tier leadership. Epika also executed 10 strategic acquisitions, significantly increasing its mobile service capabilities and national reach.
Leveraging Trivest’s proprietary “Path to 3x” value creation framework, Epika scaled its operations, successfully integrated acquisitions, and emerged as a standout player in a fragmented industry. By the time of the sale, Epika served over 2,000 customers across nearly 40 states through a workforce of more than 550 technicians and 19 service locations—up from just 75 technicians in 2018.
“Trivest’s partnership was pivotal in accelerating our growth and establishing Epika as a differentiated market leader,” said Joe Dougherty, CEO of Epika. “Their guidance and strategic support enabled us to expand our technician base, enhance operational capabilities, and invest in scalable technology—all while staying true to our customer-first approach.”
Amir Mirheydar, Partner at Trivest and lead on the Epika investment, added: “It’s been a privilege to work alongside the Epika team. Joe and his leadership group built a culture of operational excellence and strong organic growth. We are proud of what we accomplished together and confident in Epika’s continued success under Ares’ stewardship.”
Glenn Sherburne, Executive Chairman and Founder of Epika, also commented: “From the beginning, Trivest was an aligned and engaged partner. Together, we pursued a bold vision to unify a fragmented industry and build a national leader in mobile fleet maintenance. Their strategic insight and unwavering support were key to our success.”
William Blair acted as the exclusive financial advisor to Epika. Legal counsel was provided by Reed Smith LLP and Maslon LLP.