WESTPORT, Conn., March 29, 2016 /PRNewswire/ -- Balance Point Capital ("Balance Point") is pleased to announce that its affiliates have made a strategic investment in Ranger Airshop ("Ranger" or the "Company"). Balance Point provided equity capital to facilitate the acquisition of the Company led by Argosy Investment Partners ("Argosy").
Founded in 1983 and headquartered in Easley, South Carolina, Ranger is a full service provider of unit load devices ("ULD") and other cargo control products. ULDs are broadly defined as any platform that is used to facilitate the movement of air cargo. Ranger maintains the industry's largest fleet of ULDs available for one way, short-term and long-term lease and operates more than 30 locations in 18 countries around the world. All of the existing management team at the Company will remain with the business post-closing.
Ranger's growth plan will focus on adding new strategic locations around the world in order to reach new customers and service existing customers. Narita International Airport in Japan is scheduled to be the first new location under this expansion plan. Another key initiative will be the rollout of the Company's ULD management software (ULD Control) which allows customers to better manage their existing fleet while deepening their relationship with Ranger.
"The Company has an established track record and we look forward to being part of the next chapter of its development," said Seth Alvord, Managing Partner of Balance Point Capital. "Providing capital to strong management teams is a fundamental part of Balance Point's investment strategy. We believe Ranger's leadership represents some of the industry's top talent and we look forward to working with the team to continue its growth."
About Balance Point Capital
Balance Point Capital is an alternative investment manager focused on the lower middle market. With approximately $500 million in assets under management as of December 2015, Balance Point invests debt and equity capital in select lower middle market companies across a variety of investment vehicles. We take a long-term, partnership approach to investing and are committed to building lasting relationships with our partners, management teams and intermediaries. Balance Point targets companies with EBITDA between $2 million and $25 million and typically invests $5 million to $30 million per transaction. We focus on providing flexible and creative capital solutions to best support the future growth of our portfolio companies. Balance Point Capital Advisors, LLC (referred to herein as Balance Point Capital) is a registered investment adviser. Further information is available at www.balancepointcapital.com.
Justin M. Kaplan
T. (203) 652-8264
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SOURCE Balance Point Capital