September 10, 2010 – Westport, CT – Sterling Investment Partners ("Sterling"), a Westport, CT-based, private equity firm, announced today that it has completed the acquisition of a majority interest in Lazer Spot, a leading provider of yard management services and solutions. The existing owners and cofounder of Lazer Spot, as well as the management team, retain substantial equity, and will continue to lead the business going forward. A new credit facility, which was structured to support the company’s continued growth and equipment expansion, was provided by GE Capital and High Point Capital.
Lazer Spot located in Alpharetta, Georgia, is a provider of yard management services to major manufacturers, third-party service providers and retailers in the United States. Lazer Spot is the largest dedicated provider of yard management services in the United States. Lazer Spot now serves 65 customers throughout the United States in 120 facilities and 24 states. Lazer Spot’s business model is scalable, and focused on providing both value and unparalleled service for customers. www.lazerspot.com
Sterling intends to work closely with management and provide ongoing capital and strategic resources to continue to build Lazer Spot.
Wes Newsome, cofounder and Chief Executive Officer of Lazer Spot stated, “Our Company will continue to provide our customers with the same high level of service they have come to expect from Lazer Spot.” He continued, “We are excited by our partnership with Sterling, which will help us create an even stronger business and provide additional resources to support and serve our customers.”
Adam Newsome, President of Lazer Spot, continued, “We will continue to be a family-run company. Our customers can expect the same service and quality that we bring to every relationship, with even greater ability to grow and support our customers nationwide.”
“Sterling greatly looks forward to working with the Newsome family and Lazer Spot’s strong existing management,” said Bill Macey, a managing partner of Sterling. “We and management share the goal of continuing to provide best-in-the-industry customer service and build the company’s infrastructure to make Lazer Spot the clear yard management solutions provider of choice for customers.”
Charles Santoro, a managing partner at Sterling, said “The management team has created a unique company in the yard services industry, with a differentiated service offering, resulting in impressive growth. We see great opportunity to work closely with Lazer Spot management to increase the company’s scale and continue its growth on a more national basis.”
About Sterling Investment Partners
Sterling Investment Partners invests in companies with significant competitive strengths and growth potential. Founded in 1991, Sterling has completed investments, strategic or add-on acquisitions, and liquidity events with an aggregate transaction value in excess of $8.0 billion, representing more than 80 transactions. Sterling maintains a broad industry focus, including professional and business services, niche manufacturing, transportation and logistics, retail/consumer and technology-related businesses. www. sterlinglp.com