PERRYSBURG, Ohio, March 22, 2017 /PRNewswire/ --
Material Handling Services, LLC announced today that funds
managed by Harvest Partners, LP, a New
York-based private equity firm, acquired the equity stake in
Material Handling Services held by CI Capital Partners, a
New York-based private equity
firm. CI Capital acquired its equity stake in Material
Handling Services in 2012. Terms of the transaction were not
disclosed.
Material Handling Services'
comprehensive, brandāindependent solutions include
procurement, installation, maintenance and disposal of equipment
such as forklifts, docks and doors across a diverse client base,
spanning manufacturing, distribution, retail and other end markets.
The company's management team, including CEO
Brent Parent, will continue to lead
the company.
Timothy Hall, Managing Director
at CI Capital Partners said, "Throughout CI Capital's investment in
Material Handling Services, the management team did an excellent
job of executing an organic growth and M&A strategy that
enhanced the company's value proposition and expanded its service
offering. We are proud of the partnership we have had with
founder and CEO Brent Parent and the
rest of the management team, and we wish them continued
success."
"We are grateful for the support that CI Capital has provided us
during an exciting and transformational period of time for our
company," said Brent Parent, founder
and CEO of Material Handling Services. "We help our customers
across the country reduce costs, maximize productivity and safety,
and enable better decision making through sophisticated
data analytics. We look forward to continuing to be an
essential partner to our customers in the company's next phase of
growth alongside our new partners at Harvest."
"We have spent substantial time with MHS over the past year and
believe the value proposition, growth strategy and vision fit
squarely within our services investment strategy," said,
Michael DeFlorio, Senior Managing Director at Harvest
Partners, "CI Capital has been a great partner and we look forward
to continuing to scale the business and invest in technology to
support MHS' partners and customers," added Stephen Carlson, Managing Director at Harvest
Partners.
Robert W. Baird & Co. acted as the exclusive financial
advisor to Material Handling Services. Paul,
Weiss, Rifkind, Wharton & Garrison LLP acted as legal
counsel to Material Handling Services. White & Case were
legal advisors to Harvest. Financing for the transaction
was provided by Antares Capital, PSP Investments USA and Crescent Capital Group.
Michael DeFlorio, Stephen
Carlson and David Schwartz
from Harvest Partners will join the Board of Directors.
About Material Handling Services
Material Handling Services is the largest provider of
brand-independent fleet management and asset management services to
retail, manufacturing, distribution, healthcare and
hospitality companies. Based in Ohio, the company primarily delivers its
services via two business units, Total Fleet Solutions and Miner.
Miner provides outsourced facility services including equipment
installation, repairs and asset management solutions to reduce
customer costs and improve uptime. Total Fleet Solutions is a
brand independent provider of turnkey fleet management services for
Fortune 1000 companies and large manufacturing & distribution
companies throughout North America.
About Harvest Partners
Founded in 1981, Harvest Partners is a leading New York-based private equity investment firm
that pursues management buyouts and recapitalizations of
middle market companies in North
America. Harvest focuses on acquiring profitable companies
in the business services, consumer, healthcare services, and
industrial sectors. This strategy leverages Harvest Partners' 35+
years of experience in financing organic and acquisition-oriented
growth companies. For more information, please visit
www.harvestpartners.com.
About CI Capital Partners
CI Capital Partners LLC, a leading North American private equity
investment firm with approximately $2.2
billion in assets under management, has been investing in
middle-market companies since 1993. Since inception, CI
Capital and its portfolio companies have made over 220 acquisitions
representing approximately $8 billion
in enterprise value. CI Capital's existing portfolio consists
of companies that collectively generate annual revenue of over
$3 billion and annual EBITDA of over
$350 million and employ over 13,000
people.
Press Contact:
Charlie Buelow
Material Handling Services, LLC
419-469-5957
cbuelow@mhs-corp.com
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SOURCE Material Handling Services, LLC