Westport, CT – February, 2015 -- Sterling Investment Partners (“Sterling”), a leading middle market private equity firm, has completed the sale of Lazer Spot, Inc. (“Lazer Spot”), a leading provider of critical, outsourced yard management services across the United States, to Greenbriar Equity Group LLC.
Adam Newsome, Lazer Spot’s CEO commented, “Sterling provided us with the financial and strategic resources to strengthen our business and build a world class platform to service the crucial needs of our customers.” Mr. Newsome continued, “As partners we were able to create the first and only national platform in our space.”
William Macey, Managing Partner and Co-founder of Sterling commented, “We were deeply involved in assisted Lazer Spot in implementing key operational initiatives that led to sustained growth and greater efficiencies. We have enjoyed our strong partnership with Lazer Spot’s management team, and helping the company reach the next level. We believe Lazer Spot is well positioned for continued future growth, and that Greenbriar will be an excellent partner to continue the company’s success.”
Charles W. Santoro, Managing Partner and Co-founder of Sterling said, “Our investment in Lazer Spot has generated substantial value for all constituents: the company’s management, employees and customers, as well as Sterling’s investor partners. We are proud of our achievements with Lazer Spot, and wish the company well in all their future endeavors.”
Sterling’s investment in Lazer Spot capitalized upon the firm’s knowledge and expertise in the transportation and logistics industry. Prior investments in this industry include: the Kenan Advantage Group, the largest U.S.-based last-mile transporter of refined petroleum products and renewable fuels to retail locations; U.S. Shipping Partners LP., a leading Jones Act, ocean-bound transporter of energy and other products to U.S. customers; and Tidewater Barge Lines, a multi-product transportation and terminal company serving the diverse needs of customers in the Pacific Northwest.
Sterling Investment Partners
Sterling Investment Partners is a private equity firm that has been investing in and building middle-market companies for almost 25 years with a highly experienced, cohesive team of senior investment professionals. Sterling acquires businesses that the firm believes have strong, sustainable competitive advantages and significant opportunities for value creation. Sterling is currently investing our $721 million private equity fund that closed in January 2014. Over its history, Sterling has completed platform investments, strategic or add-on acquisitions, recapitalizations and liquidity events with an aggregate transaction value of approximately $10.0 billion, representing more than 100 transactions. Key industries Sterling focuses on include business services, industrial and consumer value-added distribution, niche manufacturing, and transportation and logistics. www.sterlinglp.com
Lazer Spot, Inc.
Lazer Spot is the largest independent provider of comprehensive yard management services and solutions in the U.S., managing the movement of trailers at high volume distribution centers and manufacturing facilities, and also providing trailer shuttle services, through Company-provided tractors and drivers. The Company serves a diverse customer base, including many of the world’s largest consumer products companies, at approximately 175 locations in over 25 states, and operates a fleet of 400 tractors, 100 day cabs, and 1,200 trailers. The business was started in the mid 1990’s by members of the Newsome family who remain active in managing the business. www.lazerspot.com