NEW YORK, Dec. 21, 2018 /PRNewswire/ -- Aterian Investment Partners ("Aterian"), a private investment firm, announces that one of its affiliates has acquired Xpress Global Systems, LLC ("XGS", or the "Company").
Founded in 1986 and based in Chattanooga, Tennessee, XGS is the largest non-captive provider of rolled floor coverings including, carpet, area rugs, turf as well as hard surface floor coverings. The Company operates 28 service centers across the U.S. servicing over 3,000 customers. XGS is the only national dedicated floor coverings carrier and uses its expansive national network and expertise in transporting rolled goods to bring timely delivery of service to its customers with industry leading low damage rates.
Michael Fieldstone, Partner at Aterian, commented, "We are excited to add XGS to the Aterian portfolio and for the opportunity to collaborate with and support management as the Company enters its next phase of growth. We intend to facilitate management's efforts to invest in key growth and optimization initiatives across its service offerings and network to further the Company's existing reputation for being a leader in floor covering logistics."
Daniel Krasnow, Vice President at Aterian, commented, "This transaction is a great example of Aterian's ability to expediently execute on complex situations requiring agreement among multiple parties in advance of closing. We are impressed with what the management team has accomplished and are excited to support the team as we continue to service our customers."
Darrel Harris, CEO of XGS, commented, "We are very excited to become part of the Aterian family. XGS has a long-standing history in the floor covering space and this partnership will position XGS to enhance the customer experience. We remain committed to being the premier transportation provider to the floor covering industry for years to come."
Loughlin Management Partners + Co advised the Sellers on the transaction. Weil Gotshal & Manges LLP advised Aterian.
About Aterian Investment Partners
Aterian Investment Partners is an operationally-focused middle market private equity firm that provides resources to companies to further enhance growth, operations and investment initiatives. The firm invests in businesses generating $25 million to $500 million of annual revenue with strong, proven franchises. After making an investment, Aterian, in partnership with management, seeks to focus on the critical growth, operational and liquidity initiatives of a business in an effort to drive value creation for all stakeholders.
For more information, please visit http://www.aterianpartners.com
About Xpress Global Systems
Headquartered in Chattanooga, Tennessee, XGS is a leading transporter of rolled goods floor coverings in the U.S., offering an expansive national network of service centers and trucks to bring timely deliveries with industry leading low damage rates to its broad customer base. XGS has been serving its customers for over 30 years and is among the largest independent provider in the industry.
For more information, please visit http://www.xgsi.com/
SOURCE Aterian Investment Partners