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Amerit Fleet Solutions Announces Close of Investment from Ridgemont Equity Partners and Element Fleet Management Corp.

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Amerit Fleet Solutions ("Amerit"), a provider of fleet maintenance and
repair services to fleets of all classes and sizes, announced today the
close of a majority investment from Ridgemont Equity Partners, a middle
market private equity firm, and a minority investment from Element Fleet
Management Corp., a global fleet management company. Financial terms of
the transaction, which closed in the first quarter of 2018, were not
disclosed.

Amerit is a leading provider of outsourced fleet maintenance services
for Class II – VIII vehicles and other critical equipment. With over
1,800 technicians providing services at more than 750 locations, Amerit
is dedicated to maximizing uptime for fleet owners across North America.
The new investments from Ridgemont Equity Partners and Element Fleet
Management Corp. strengthen Amerit's position in the market by enabling
it to further develop its service offering, allowing companies with
fleets to improve performance and profitability.

"Ridgemont has significant experience investing in transport aftermarket
businesses, most notably through investments in Dickinson Fleet
Services, Aurora Parts & Accessories and FleetPride," said Jack Purcell,
Partner at Ridgemont. "National fleet owners and operators are
increasingly looking for a better way to maintain their fleets. Amerit's
scale, footprint and flexible solutions provide a unique, customized and
customer-centric approach that solves challenges while allowing fleets
to rapidly capitalize on market opportunities."

"Amerit has been a long-time partner of Element, providing leading
mobile and onsite maintenance services for our fleet customers," said
Jim Halliday, President & CEO International of Element Fleet Management.
"Element's investment strengthens our partnership with Amerit and will
benefit our customers through an expansion of Amerit's service offering,
increased flexibility and an extended geographic reach. We continue to
collaborate closely with Amerit to improve our services."

"Our partnership with Ridgemont and Element marks the beginning of a new
era for Amerit," said Dan Williams, CEO and Amein Punjani, COO of Amerit
Fleet Solutions in a joint statement. "Ridgemont brings industry
expertise and a track record of helping fast-growing companies succeed.
The investment from Element expands upon our four year relationship and
together we will identify new ways to add value to our joint customers.
We are excited about the growth potential for Amerit and confident that
we have the right team to succeed."

About Amerit Fleet Solutions

Amerit partners with the largest and most complex private, public and
for-hire fleets in North America. As one of the largest teams of
dedicated fleet maintenance and repair experts in the country, Amerit is
dedicated to the relentless pursuit of uptime. Our innovative and
customized service solutions provide peace-of-mind and keep fleet assets
on the road. www.ameritfleetsolutions.com

About Ridgemont Equity Partners

Ridgemont Equity Partners is a Charlotte-based middle market buyout and
growth equity investor. Since 1993, the principals of Ridgemont have
invested over $4 billion in 143 companies. The firm focuses on
investments of $25 million to $150 million in industries in which it has
deep expertise, including business & industrial services, energy,
healthcare, and technology and telecommunications. www.ridgemontep.com

About Element Fleet Management Corp.

Element Fleet Management Corp. (TSX:EFN) is a leading global fleet
management company, providing world-class management services and
financing for commercial vehicle and equipment fleets. Element's suite
of fleet management services spans the total fleet lifecycle, from
acquisition and financing to program management and remarketing –
helping customers optimize performance and improve productivity. For
more information, visit www.elementfleet.com.

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