Harvest Partners has acquired Material Handling Services, a provider of fleet management and asset management services, from CI Capital Partners. The company’s management team, including founder and CEO Brent Parent, will continue to lead MHS under Harvest ownership.
CI Capital acquired its equity stake in Material Handling Services (MHS), then doing business as Total Fleet Solutions, in July 2012. In December 2012 the company completed 
the add-on acquisition of The Miner Corporation. Today, MHS operates through two divisions: (1) Total Fleet Solutions is a brand independent provider of fleet management services to Fortune 1000 companies and other large manufacturing and distribution companies throughout North America (www.tfsglobal.com); and (2) Miner (based in San Antonio) provides outsourced facility services including equipment installation, repairs and asset management services (www.minercorp.com). MHS is headquartered southwest of Toledo in Perrysburg, OH.
“Throughout CI Capital’s investment in MHS, the management team did an excellent job of executing an organic growth and M&A strategy that enhanced the company’s value proposition and expanded its service offering,” said Timothy Hall, a Managing Director at CI Capital. “We are proud of the partnership we have had with founder and CEO Brent Parent and the rest of the management team, and we wish them continued success.”
CI Capital Partners invests from $25 million to $100 million in middle market companies in the following sectors: business services, consumer services, distribution, government services and defense, and light manufacturing. Since its founding in 1993, CI Capital and its portfolio companies have made more than 220 acquisitions representing over $8 billion in enterprise value. The firm is based in New York (www.cicapllc.com).
“We have spent substantial time with MHS over the past year and believe the value proposition, growth strategy and vision fit squarely within our services investment strategy,” said Michael DeFlorio, a Senior Managing Director at Harvest Partners.
Harvest Partners invests in companies with $20 million to $100 million of EBITDA and total enterprise values of $100 million to $1 billion. The firm invests in four industry verticals: business services and consumer; healthcare services; industrial services; and manufacturing & distribution. Harvest was founded in 1981 and is based in New York (www.harvestpartners.com).
Robert W. Baird was the financial advisor to Material Handling Services. Financing for the transaction was provided by Antares Capital, PSP Investments USA and Crescent Capital Group.
© 2017 Private Equity Professional | March 15, 2017
