The Riverside Company has acquired Midnite Air Corp., a provider of third-party transportation and logistics services.
Midnite Air Corp. (MNX) is an asset-light provider of third-party transportation and logistics services to more than 1,700 customers via 18 global offices. The company’s asset-light business model relies on a global network of more than 2,500 ground couriers and 450 airlines. MNX’s customers are largely in the life sciences, aviation services, entertainment and medical device industries. The company’s primary service offering is its Express Service, which is used to transport a wide variety of high value items, from transplant tissues to mission- critical maintenance parts, typically on a same-day basis. The company is based in Los Angeles (www.mnx.com).
“We anticipate continued growth in demand for the kind of high-touch globalized service that MNX provides,” said Riverside Partner Matt Dailey. “MNX offers sophisticated and specialized solutions that meet the needs of demanding customers. We’re excited to partner with MNX’s management team and look forward to working with them to help realize the potential of the platform they’ve built.”
Working with Mr. Dailey on the transaction for Riverside were Operating Partner Steve Stubitz, Vice President Marty Graul, Senior Associate Ryan Borcherdt, Associate Alex Goins and Associate Kevin Kumar. Regional Director Jeremy Holland originated the opportunity for Riverside. Partner Anne Hayes worked on financing the transaction for the firm.
Madison Capital and Bank of Montreal provided senior financing, and Babson Capital Management provided mezzanine financing for the transaction.
The Riverside Company is a private equity firm focused on the smaller end of the middle market (“SEMM”). Riverside specializes in investing in SEMM companies (those valued up to $200 million) and partners with management teams to build companies through acquisitions and value-added growth. Since 1988, the firm has invested in 296 transactions with a total enterprise value of more than $6 billion. The firm is headquartered in New York with additional offices in Atlanta, Chicago, Cleveland, Dallas, Los Angeles, San Francisco, and London (www.riversidecompany.com).
The acquisition of Midnite Air is Riverside’s 25th acquisition of 2012.
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-6-12
