Geneva Glen Capital (GGC) has acquired EZ Shipper Racks, a provider of racking and logistic services.
EZ Shipper Racks (EZR) sells, rents, recovers, and provides logistics management of recoverable shipping racks – both heavy duty and light duty – to retailers and growers in the nursery industry. EZR’s rack rental program and recovery services are supported by a national network of independently-owned, regional distribution centers recovering assets from over 8,000 retail locations across the country.
Customers of EZR include more than 1,500 independent garden centers as well as Lowe’s, The Home Depot and Menards. EZR also utilizes its recovery network to provide reverse logistics services to a growing base of customers outside of the nursery industry. The company, led by CEO Ned Tomasevic, was founded in 2000 and is based in Westlake Village, CA (www.ezrack.com).
EZR considers itself to be the leading supplier of recoverable racking to the nursery industry. “EZR’s commanding position in its core nursery market and tremendous potential with non-nursery customers made this an attractive investment opportunity for us,” said Adam Schecter, Managing Director of GGC.
Mr. Tomasevic has retained a significant ownership interest in EZR and will continue to lead the company. “Geneva Glen differentiated themselves in a highly competitive process through their industry expertise and ability to support EZR with the resources and flexibility to execute on our substantial market opportunity,” said Mr. Tomasevic. “I’m confident we chose the right partner and believe we have a great cultural fit.”
GGC industry Operating Partner Jerry Halamuda, the former CEO of Color Spot Nurseries, one of the largest growers in the United States, will be joining the EZR board. “Jerry brings a wealth of knowledge to the investment and we’re pleased to have him alongside us,” said Jeff Gonyo, Managing Director of GGC.
Geneva Glen invests in US and Canadian based lower middle-market companies that have EBITDAs between $3 million and $25 million. Sectors of interest include business and consumer services; consumer products; environmental services; education and training; healthcare products and services; niche industrial manufacturing; packaging; publishing, media and information services; specialty chemicals; and value-added distribution. The firm is based in Chicago (www.genevaglencapital.com).
© 2018 Private Equity Professional | September 14, 2018