The assets of IdleAire Technologies Corp. have been purchased after a $17.5 million bid submitted by IdleAire, Inc.-- comprised of six investment management companies -- was officially closed last Friday.
IdleAire includes advisory clients of Airlie Group, Kenmont Investments Management, SV Special Situations Fund, Whitebox Advisors, Wayzata Investment Partners, and Wilfrid Aubrey, LLC. The new company will retain both the IdleAire name and the Advanced Travel Center Electrification (ATE) designation, and is expected to maintain current employees and remain headquartered in Knoxville, TN.
“We believe the new owners’ support and enthusiasm for this company, coupled with their experience and resources, will re-energize what is a fundamentally sound concept,” said John Calabrese, a partner with CRG Partners Group, which will provide transitional management of the company until a CEO is found. “IdleAire has amazing growth potential and is positioned to be a world class company.
“Over the next few weeks and months, CRG Partners will work with the new owners and IdleAire employees to lay out a comprehensive business plan to better serve fleets, drivers and travel centers, all of whom benefit from the service,” Calabrese added. “We have already discussed numerous prospective areas of growth, but the first priority is to create a business that is fundamentally strong. Once the new CEO is on board, which is on track to occur in October, we will be able to be more specific. Right now, we are focused on continuing to serve our fleet and driver customers across the nation.”
IdleAire, which provides filtered heating, air conditioning, electrical outlets and other options for long-haul truck drivers who aim to reduce idling, has 131 locations in 34 states.