WAYNE, Pa.--(BUSINESS WIRE)--Larsen MacColl Partners, LP (“LMP”), announced today that on October 24, 2014 it sold its portfolio company, A&S Services Group, LLC and affiliates (collectively, “A&S”), to Celadon Group, Inc. The purchase price was $55 million and LMP will realize a 24x multiple of its invested capital from the sale.
Commenting on the transaction, LMP Managing Partner, Jeff Larsen, said, “Thanks to Ken Buck and his team, A&S grew tenfold during our partnership. We wish everyone at the combined company continued success. We’d also like to thank both BB&T, as our exclusive financial advisor, and Miller and Martin who acted as legal counsel to the sellers.”
Commenting on the transaction, A&S President & CEO, Ken Buck, said, ”We achieved growth and profitability far beyond our expectations due to the financial and strategic support we received from the Larsen MacColl team. Our alliance with them was paramount to the visibility we achieved in the marketplace with strong industry players like Celadon.”
About A&S
A&S Services Group, LLC (www.askinard.com) is a premier provider of transportation, warehousing, distribution and logistics solutions focused on high quality, best in class customer service in the Northeast and Mid-Atlantic region, with an additional presence in the Southeast and Midwest. Over the years, A&S has grown organically and through acquisitions, including the Diamond Group, Inc., Den-El Transfer and Kinard Trucking.
About Celadon Group, Inc.
Celadon Group, Inc. (www.celadongroup.com), through its subsidiaries, provides long-haul, regional, local, dedicated, intermodal, temperature-controlled, flatbed and expedited freight service across the United States, Canada and Mexico. Celadon also owns Celadon Logistics Services, which provides freight brokerage services, freight management, as well as supply chain management solutions, including warehousing and distribution.
About Larsen MacColl Partners
Founded in 2007, Larsen MacColl Partners is a private equity firm that acquires growing businesses with sales of $5 to $40 million and EBITDA of $1 to $5 million.
LMP seeks to deliver strong investment returns by growing businesses rather than through financial leverage or engineering. As such, it only invests in companies with unrealized potential and where it believes it can, with management, create a valuable middle market business with at least $50 million, and in some cases, $100 million or more in annual sales.
LMP is currently investing out of its third fund and is interested in additional acquisitions. Please contact Jeff Larsen at 610-687-5045 or jeff@larsenmaccoll.com.
