TSL Express Daily News

SSG Capital Advisors, LLC (“SSG”) served as the investment banker to Fluid Market, Inc., and its affiliates d/b/a Fluid Truck Inc. (collectively “Fluid” or the “Company”) in the sale of substantially all assets to Kingbee Rentals, LLC (“Kingbee”). The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the District of Delaware and closed in December 2024.

Fluid is an on-demand commercial vehicle sharing platform that allows businesses and individuals to rent cargo vans, box trucks, and pick-up trucks. The Truck-as-a-Service platform eliminates the need for users to purchase equipment, thereby reducing operational costs and simplifying operations. The Fluid app offers keyless access to the Company’s fleet, enabling users to rent vehicles for both short-term and long-term needs without the hassle of traditional rental processes. Fluid’s fleet comprises Company-owned vehicles as well as third-party vehicles that are placed on the Fluid platform to generate rental income for their owners. Rentals are available 24/7 and the platform offers visibility and insight tools that enable businesses to improve their delivery experience without having to purchase additional technology. Founded to provide flexibility in fleet management, Fluid has gained popularity with small and large businesses that need scalable transportation solutions.

Since Fluid’s inception over 5 years ago, the Company has built a national footprint operating in over 50 markets across the U.S. and raised more than $80 million across two rounds of venture capital funding. The Company has grown its customer base from individual users to key enterprise clients, offering them an asset-light solution to reduce risk and financial burden. Although Fluid scaled rapidly, disruption in the commercial vehicle market along with the pursuit of aggressive growth strategies constrained liquidity. In need of funding, the Company secured debtor-in-possession financing from Kingbee and its investment partners to effectuate a transaction via a Section 363 process and filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware in October 2024. Fluid ultimately entered into a stalking horse asset purchase agreement with Kingbee and its investors credit bidding their debt and assuming certain liabilities.

SSG was retained to conduct a marketing process during the bankruptcy and solicit competing offers to the stalking horse bid. After extensive outreach to a broad universe of potential strategic and financial acquirers, the stalking horse credit bid was determined to be the highest and best offer for substantially all the Company’s assets. SSG’s extensive Chapter 11 transaction experience and ability to reach a large universe of likely buyers in an expedited timeframe ensured that the sale to Kingbee maximized value for Fluid’s stakeholders.

Kingbee is an operator of a work-ready van rental company intended to upfit, wrap, and deliver fleet vans across the U.S. 

Other professionals who worked on the transaction include:

• T. Scott Avila, Chief Restructuring Officer and Interim CEO of Fluid, Allen Soong, Wyatt Branson, and Paula Sosamon of Paladin Management Group, financial advisor to Fluid Truck Inc.;
• Laura Davis Jones, Richard J. Gruber, Timothy P. Cairns, Maxim B. Litvak, David M. Bertenthal, and Mary F. Caloway of Pachulski Stang Ziehl & Jones LLP, counsel to Fluid Truck Inc.;
• Stephen S. Gray of Gray & Company LLC, independent director to Fluid Truck Inc.;
• Stephen M. Tumblin and Alexander C. Alton of Bennett Tueller Johnson & Deere, LLC, counsel to Kingbee Rentals, LLC;
• R. Stephen McNeill and Gregory J. Flasser of Potter Anderson & Corroon LLP, local counsel to Kingbee Rentals, LLC;
• Ira L. Herman, Joseph M. Welch, Josef W. Mintz, Matthew E. Kaslow, Lawrence R. Thomas, and Jordan L. Williams of Blank Rome LLP, counsel to the Unsecured Creditors Committee; and
• Peter Hurwitz, Alex Mazier, Jennifer Ganzi, Christopher Podesfinski, and Sean Bradley of Dundon Advisers LLC, financial advisor to the Unsecured Creditors Committee.

CONTACTS ON THIS DEAL

Michael S. Goodman
Managing Director
mgoodman@ssgca.com
(610) 940-5806

Mark E. Chesen
Managing Director
mchesen@ssgca.com
(610) 940-5801

Matthew J. Arden
Director
marden@ssgca.com
(610) 940-5808

Samuel P. Charlton
Associate
scharlton@ssgca.com
(610) 940-1072

About SSG Capital Advisors, LLC

SSG Capital Advisors is an independent boutique investment bank that assists middle-market companies and their stakeholders in completing special situation transactions. We provide our clients with comprehensive investment banking services in the areas of mergers and acquisitions, private placements, financial restructurings, valuations, litigation, and strategic advisory. SSG has a proven track record of closing over 450 transactions in North America and Europe and is a leader in the industry.

Securities are offered through SSG Capital Advisors, LLC (Member SIPC, Member FINRA). All other transactions are effectuated through SSG Advisors, LLC, both of which are wholly owned by SSG Holdings, LLC. SSG is a registered trademark for SSG Capital Advisors, LLC and SSG Advisors, LLC.