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NewSpring Invests in USPack Logistics

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us pack nf1NewSpring Holdings has invested in USPack Logistics, a provider of same-day and next-day delivery services.

US Pack provides its delivery services in the Northeast, Mid-Atlantic, Midwest and Pacific Northwest regions.  The company services industries that have time sensitive delivery-times particularly the e-commerce, pharmaceutical, and healthcare sectors.  US Pack uses an asset-light model with approximately 550 independent contractor drivers.  The company was founded in 1986 by Peter and Mark Glazman and is headquartered in New York (www.gouspack.com).  The Glazman’s will continue to operate the company in partnership with New Spring.

james ashton nf1“We’re thrilled with the opportunity to partner with the Glazmans and the rest of the USPack team,” said James Ashton, NewSpring General Partner. “Under Peter and Mark’s leadership, we look forward to USPack’s continued expansion, leveraging the company’s heritage and market-leading position within the logistics industry. As today’s consumer has come to increasingly expect ‘on-demand’ service models in their professional and personal lives, USPack’s customer service excellence makes the company a standout and will enable them to continually grow and expand.”

NewSpring Holdings focuses on control buyouts and platform builds, targeting companies with between $5 million and $25 million of revenue.  Sectors of interest include business process automation, services, software and niche manufacturing/distribution.  NewSpring Holdings is part of the NewSpring Capital family of funds, a provider of private equity capital focused in the Mid-Atlantic region with over $1 billion of committed capital. The firm has offices in Radnor, PA; Short Hills, NJ; and Washington, DC (www.newspringcapital.com).

“USPack is proud to take this important step with NewSpring, in both ensuring long-term stability for our customers and employees and positioning our organization for future growth,” said Peter Glazman, CEO of USPack. “Together, we’re evolving USPack’s business model to enhance our competitive advantage and accelerate growth. Our entire team is energized and excited about the opportunities this partnership with NewSpring will provide.”

© 2015 PEPD • Private Equity’s Leading News Magazine • 4-1-15

Comvest Exits Velocity Express

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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

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