Fluid Truck Inc.

Company Profile

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.

Situation

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.

Solution

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 submitted by Kingbee 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 the most likely buyers in an expedited timeframe ensured that the sale to Kingbee maximized value for Fluid’s stakeholders.