Target: Fleetgistics Holdings Inc.
Price: TBD
Seller: Atlantic Street Capital Management LLC
Sponsor: Harbour Group
Fleetgistics has three divisions: Medifleet, which provides same-day delivery services to hospitals, laboratories and other medical-related institutions; Partsfleet, which delivers automotive parts and other supplies; and Scriptfleet, which provides delivery services for long-term care pharmacies.
It’s unclear how much of a return the Stamford, Conn.-based firm stands to make on the deal. Executives at both Atlantic Street Capital and Harbour Group declined to comment, and those at Fleetgistics did not respond to a request for comment by deadline.
The investment began for Atlantic Street Capital in June 2007, when the firm bought Ace Expediters, an Orlando-based courier company that later became Fleetgistics with the acquisitions of two other courier companies: Express Courier Systems Inc., a West Haven, Conn.-based company, in April 2008, and Network Express Inc., a Clearwater, Fla.-based company, in March 2009.
If the sale proceeds, it appears it will be the first exit for Atlantic Street Capital, according to both the firm’s Web site and CapitalIQ. Atlantic Street Capital has been investing from a $45 million pool of capital provided by
Managing Partner Peter Shabecoff, a lawyer and former partner at Greenwich, Conn.-based mid-market buyout shop
The firm has two other portfolio companies: Double B Foods, a DeSoto, Texas-based maker of meat snacks and frozen food it bought in 2006; and EZE Trucking Inc., a Rialto, Calif.-based company it bought in April 2009 that helps deliver cranes and other heavy products used in the infrastructure industry.