WASHINGTON--(BUSINESS WIRE)--Leading middle-market private equity firm The Halifax Group announced today it has sold Golden State Overnight (“GSO”) to General Logistics Systems (“GLS”), a European parcel services business owned by Royal Mail plc. GSO is a leading provider of overnight delivery services in California, Nevada, Arizona, and New Mexico. The transaction reflects an enterprise valuation of $90 million.
GSO’s management team, including CEO and co-founder Dana Hyatt, will remain in their executive roles with the company and are committed to maintaining GSO’s best-in-class service and operations. Halifax recapitalized GSO in partnership with its founders and senior management team in December 2013.
Mr. Hyatt said, "Over the last three years, we have expanded into new states, broadened our service offering, made significant technology investments, and completed a strategic acquisition. Halifax has been an exceptional partner in supporting and guiding us in these accomplishments and providing GSO with insightful strategic and operational guidance. Going forward, we are excited to partner with GLS to further enhance our market position and offer industry-leading service levels."
Brent Williams, Senior Partner at Halifax, added, “Dana provided tremendous leadership since founding the business and executed an aggressive and well-planned strategy during our three-year partnership. We are very gratified that our partnership with Dana and his team achieved our goals for strategic development. We anticipate GSO will flourish under Dana’s and the team’s leadership with support from GLS.”
BB&T Capital Markets served as financial advisor and Arnold & Porter LLP served as legal advisor to GSO and The Halifax Group.
About The Halifax Group
The Halifax Group is a private equity firm that partners with managers and entrepreneurs to recapitalize and grow leading lower middle-market businesses with revenues generally between $25 million and $300 million across a variety of industries, including business services, transportation and logistics, health and wellness, infrastructure, and franchising. The firm maintains offices in Washington, D.C.; Dallas, TX; and Raleigh, NC. For more information, please visit www.thehalifaxgroup.com.
Golden State Overnight (GSO) is a leading provider of overnight delivery services to every address in California and metropolitan regions of Nevada and Arizona. The company was founded in 1995, is based in Pleasanton, California and serves its customers from 36 facilities throughout the Western U.S. With a focus on exceptional service levels, web-enabled systems and a 100% employee-based delivery model, GSO offers its customers the most flexible overnight delivery service in the industry. For more information, please visit www.gso.com.
About General Logistics Systems
General Logistics Systems B.V. provides reliable, high-quality deferred parcel services to over 220,000 customers, complemented by logistics and express services. The group provides network coverage of 41 European states via wholly owned and partner companies, and it is globally connected via contractual agreements. 41 central transshipment points and more than 700 depots are at GLS’ disposal. With its ground-based network, GLS is one of the leading parcel service providers in Europe. GLS is owned by Royal Mail plc, the parent company of Royal Mail Group Limited, the leading provider of postal and delivery services in the UK. For more information, please visit gls-group.eu.