News

Salt Creek Capital has acquired Phoenix, Arizona-based Drake Equipment, a provider of commercial service bodies for work-ready trucks and other utility vehicles. No financial terms were disclosed.

PRESS RELEASE

Woodside, California – September 18, 2018: Salt Creek Capital is pleased to announce the acquisition of Drake Equipment of Arizona, Inc. (Drake), a leading manufacturer and supplier of commercial service bodies for work-ready trucks and other utility vehicles. Drake is headquartered in Phoenix, Arizona, and produces custom truck bodies and accessories for customers located throughout the Southwest.

Dave Drake, current President and founder of Drake Equipment, said, “I’m excited to partner with Salt Creek Capital on this transaction, and to be working with Angel Herrera, who will be serving Drake as the company’s new CEO. This partnership represents a new chapter for our company and provides further growth opportunities for our employees and loyal customers.”

Angel Herrera, incoming CEO, stated,“I’m very pleased to have worked with Salt Creek Capital on this transaction, and I’m especially thankful to Dave Drake for entrusting us as his long-term partner. I look forward to continuing the strong legacy that Dave has built at Drake and assisting the company through its next phase of growth.”

Salt Creek Capital’s Vice President, Daniel Price, added, “Drake Equipment has a long track record as a leader in the custom service body market. We believe the company is a strong platform for continued expansion, and we look forward to working with Dave and Angel to help realize the full potential of the business.”

About Drake Equipment
Drake Equipment was founded in 1993 by Dave Drake, whose family started in the truck body business dating back to 1937. Drake is a leading provider of commercial utility service bodies to customers throughout the Southwest. The company manufactures many of its products in-house and sells them directly to the end-user through company-owned locations in Phoenix and Las Vegas, as well as through a network of third-party dealers. Drake also operates Simpson Tool Box, which is a complimentary division that sells commercial and consumer truck accessories and specialty products with two locations in the Greater Phoenix market. For more information, please visit www.drakeequipment.com, www.simpsontoolbox.com, and www.unitedtruckbodies.com.

About Salt Creek Capital
Salt Creek Capital is a San Francisco Bay Area-based private equity firm partnering with experienced operating executives to acquire profitable companies with up to $100 million in revenue. Salt Creek Capital takes a long-term approach to investing in lower middle market businesses and seeks to create value by working closely with management teams to accelerate growth and improve operating efficiencies. For more information, contact Daniel Price at [email protected] or visit
www.saltcreekcap.com.