Perella Weinberg Partners partners with Trench Plate Rental Co

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Transactions

Perella Weinberg Partners has partnered with the management of Trench Plate Rental Co. to complete a recapitalization of the business

Kerlin Capital represented an affiliate of Perella Weinberg Partners (PWP) in its recapitalization of Trench Plate Rental Company. Based in Downey, Trench Plate Rental operates a specialty rental business with branches in Southern and Northern California, Nevada and Texas. The company rents steel plates for use in road repair, shoring products and traffic control equipment. PWP partnered with company management to buyout the majority owner and recapitalize the business.

Trench Plate was controlled by its founder who held majority ownership and desired near term liquidity as part of an estate plan. Management, who had purchased a minority equity position in the company over time, was in the leadership position to drive a transaction and was seeking to partner with a private equity firm to recapitalize the company.

Kerlin Capital, representing an affiliate of Perella Weinberg Partners, helped PWP identify the opportunity and engaged with company management to propose PWP as a partner to recapitalize the company. Following a number of communications and meetings with management and their advisor, PWP was selected as management's partner. The parties entered into a letter of intent on an exclusive basis shortly thereafter and the transaction closed on schedule. Subsequently, management and PWP have continued to grow and expand the company.