Trivest and Former Ryder Executives Form Team

16 December 1999

Trivest and Former Ryder Executives Form Team, a Vehicle Management and Sales Company

    CORAL SPRINGS, Fla.--Dec. 15, 1999-- Transportation Equipment Asset Management, Corp., through its wholly owned operating subsidiary TEAM Vehicle Sales, Inc. ("TEAM"), is an organization recently formed by five former executives from Ryder Transportation Services, Inc., in partnership with Trivest, Inc., a Miami-based private investment firm.
    Jim Guice, Louis Franklin, Daryl Cornell, Steve Brown and Tom Mata have a combined 107 years of management experience in the highway transportation industry. These executives were responsible for managing the operations of Ryder's vehicle sales division, the world's largest used truck organization with 38 retail locations throughout the United States.
    TEAM will offer customers a total, life cycle approach to managing highway transportation assets, with the goal of reducing overall equipment costs and stabilizing capital expenditures. The foundation of this approach will be the development of 26 independent, retail truck sales centers over the next five years in major markets throughout the United States. Additional truck, tractor and trailer sales capacity will be provided through proprietary wholesale channels. TEAM will also offer customers fleet analysis, vehicle specification, and purchasing services. Through alliances with financial partners, TEAM will offer customers new vehicle financing and vehicle securitization of existing fleets.
    TEAM's operations, vehicle purchases and the development of retail centers will be funded through equity provided by Trivest, Inc., TEAM's management and a $25 million revolving credit line provided by Deutsche Financial Services Corporation.
    TEAM President Jim Guice commented: "Our initial five-year plan is to develop TEAM into the world's largest independent retailer of used trucks and the provider of choice for transportation solutions to our suppliers."
    Trivest's Managing Director, Peter "Chip" Vandenberg, Jr. stated: "We are excited about our partnership with TEAM's management. They bring a significant amount of relevant experience from their collective years operating the world's largest used truck sales organization. Utilizing their business model, Jim Guice and his team will transform the fragmented and underserved used vehicle market outside of Ryder."
    Trivest is a Miami-based private investment firm and a leading provider of equity for middle market corporate acquisitions, recapitalizations, and growth capital financings. Trivest focuses on manufacturing and service companies located primarily in the Southeastern and Midwestern United States. Since its founding in 1981, Trivest has sponsored more than 85 acquisitions and recapitalizations, totalling in excess of $1.7 billion in value.