MARKHAM, Ill.--(BUSINESS WIRE)--URT United Road Towing, Inc. (“VMS”, or the “Company”), a leader in vehicle management solutions for both public- and private-sector clients, announced that it has partnered with Mill Point Capital LLC (“Mill Point”), a middle-market private equity firm focused on control-oriented investments in the business services, industrials and IT services sectors in North America.
Mill Point employs an Executive Partner model and has extensive experience investing in business services companies focused on federal, state and municipal government clients. For the VMS platform, Paul Colangelo, an executive with an extensive track record serving local and state government clients, will serve as the Company’s Vice Chairman of the Board. Paul Colangelo is currently the Chief Executive Officer of Avenu Insights & Analytics (“Avenu”), a Mill Point portfolio company and leading provider of integrated administrative software and revenue enhancement solutions for local and state government clients across the U.S. and Canada. In addition, Chris Hearing, Partner of Operations at Mill Point and current Chief Strategy Officer of Avenu, will serve as VMS’ Executive Chairman going forward.
“The VMS transaction is an exceptional opportunity to acquire the preeminent player in a growing, yet established industry, while also working with a world-class management team. With Paul’s industry expertise and the resourcefulness of Mill Point’s team, I am confident that VMS will continue to be the leader in the vehicle management solutions space while driving innovation and executing on its growth initiatives,” commented Chris Hearing.
Kevin Corcoran, Chief Executive Officer of VMS and member of the Board of Directors, added “I am thrilled to be partnering with Mill Point and its deep bench of industry experts. Together, with Mill Point’s resources and Value Creation playbook, VMS is poised to deepen its success in the vehicle management space.”
“Kevin, Michael Mahar and the rest of the management team have done a tremendous job taking VMS to new heights over the last few years. The Company’s expansive service offerings and geographic footprint are a testament to their leadership. We look forward to partnering with the VMS team and executing on our Value Creation Plan,” said Dustin Smith, Partner of Mill Point.
About URT United Road Towing, Inc.
Headquartered in Markham, IL, VMS is a leading provider of vehicle management solutions. The Company serves municipalities and state transportation departments, insurance companies, motor clubs, rental car agencies, delivery companies and various other clients. Through its extensive portfolio of local and regional operations, the Company dispatches approximately 300,000 tows, manages 100,000 impounded cars, and sells 30,000 unclaimed vehicles annually across the United States.
About Mill Point Capital LLC
Mill Point Capital LLC is a private equity firm focused on control investments in lower-middle market companies in North America across the industrials, business services and IT services sectors. Mill Point’s experienced team of investors and Executive Partners seek portfolio company value enhancement through rigorous implementation of transformative strategic initiatives and operational improvements. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com.
Jiaeh Kim, (212) 416-5800, email@example.com