Gulfstar Group Announces the Sale of Lone Star Overnight
HOUSTON, Texas (May 11, 2011) — GulfStar Group is pleased to announce the sale of Lone Star Overnight to an investor group including Fort Point Capital, MRL Capital and Pilgrim Capital Partners. GulfStar Group served as exclusive financial advisor to Lone Star Overnight throughout the transaction. BoyarMiller represented Lone Star in connection with the sale and Praesidian Capital provided one-stop debt financing in support of the transaction, which closed on April 28, 2011.
Lone Star Overnight is the leading independent intra-regional express and ground parcel delivery company serving the Southwest U.S. The Company’s service area covers Texas, Oklahoma and select contiguous cities in Arkansas, Louisiana and New Mexico. Lone Star Overnight offers customers a compelling value proposition driven by personalized customer service, later pickups, earlier deliveries and industry-leading on-time delivery rates at prices substantially lower than those offered by larger national competitors. Lone Star Overnight was founded in 1991 and is headquartered in Austin, Texas.
The GulfStar transaction team was led by Managing Director Bryan Frederickson and Senior Vice President Joseph Watt. “We are extremely pleased to have had the opportunity to work with LSO,” said Bryan Frederickson. “The Lone Star management team has built a tremendous platform with a growing market presence and developed a sound model for future expansion. This transaction enables continued pursuit by LSO of its available opportunities.”
The BoyarMiller team was led by Stephen Johnson, Shareholder, Blake Royal, Associate, and Bill Manning, Paralegal, in the firm’s Business Group.
About the Buyers
Fort Point Capital is a private equity firm that invests $5 million to $25 million in growing, service-oriented, lower middle-market companies across a range of sectors including business services, healthcare, consumer, and software and information. Fort Point is dedicated to value enhancing partnerships and seeks to provide capital, know-how and expertise to promising companies with enterprise values between $10 million and $50 million.
MRL Capital, based in Stamford, Connecticut., is a private-equity firm that focuses on control transactions in the lower middle market. The firm’s partners have extensive investing experience in the business services, consumer products, healthcare and media sectors. The firm seeks to invest between $5 million and $25 million in companies based in the U.S. or Canada having enterprise values of up to $100 million.
Pilgrim Capital Partners is a private-equity firm focused on investing in management led buyouts, change of ownership and growth capital investments. The firm targets established and profitable companies in the lower middle market with a focus on the light manufacturing, value-added distribution and business service sectors. It seeks to invest between $3 million and $20 million in companies having enterprise values and revenues between $10 million and $100 million, and EBITDA between $2 million and $10 million. Pilgrim Capital Partners was founded in 2006 and is based in Fairfield, Connecticut.