Turnaround specialist Atlantic Street Capital sold its same-day delivery business, Fleetgistics, to Harbour Group, a St. Louis-based holding company.
The exact value of the transaction was not disclosed, but Atlantic said it was more than seven times its initial $10.4 million equity investment in Fleetgistics.
Atlantic Street formed Fleetgistics through the merger of Ace Expediters, which it purchased in 2007, and Express Courier Systems and Network Express.
Fleetgistics now operates in more than 80 cities and 30 states, delivering automotive aftermarket parts and medical supplies to labs and long-term-care pharmacies.
"We acquired a small, entrepreneurial business with limited infrastructure and during a two and a half year period built a leading business in the same-day logistics service sector," said Peter Shabecoff, managing partner at Stamford, Conn.-based Atlantic Street.
Atlantic recruited a new management steam for Fleetgistics, implemented new financial and management controls, and a new information system.
"We believe Fleetgistics demonstrates the returns that can be generated through our strategy of investing in smaller undeveloped companies," Shabecoff said.
Its new parent, Harbour Group, owns companies that manufacture and distribute a wide range of industrial and consumer products. Since 1976, Harbour Group has acquired more than 160 companies in more than 30 industries.
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