Comvest Partners has completed the sale of its portfolio company Velocity Express, a package delivery services provider, to TransForce, Inc.
Comvest acquired its ownership stake in Velocity through the purchase of senior secured debt in August of 2009, followed by the purchase of the assets of the company through bankruptcy in November of 2009.
Velocity is a provider of same-day regional package delivery services offering a range of services in delivering packages of any size. The company operates a network of more than 80 locations across the United States and Western Canada, employing a combined total of approximately 2,600 staff and independent contractors. Velocity is headquartered in Stafford, TX (www.velocityexpress.com).
TransForce is a provider of same-day regional delivery services in the United States and Western Canada. The company is based in Saint-Laurent, Quebec (www.transforcecompany.com).
The Comvest Group provides debt and equity to middle-market companies. For debt investments the firm will invest from $2 million to $20 million per transaction in companies with $10 million to $200 million of revenue that have positive or negative EBITDA. For equity investments the firm will invest from $10 million to $50 million per transaction in companies with $15 million to $500 million of revenue that have positive or negative EBITDA. Since 2000, Comvest has invested more than $1.6 billion of capital in over 110 public and private companies worldwide. The firm is based in West Palm Beach (www.comvest.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 2-19-13
