Harvest Partners Completes Acquisition of Lazer Spot
NEW YORK, Dec. 9, 2019 /PRNewswire/ -- Harvest Partners, LP ("Harvest"), announced today that funds managed by Harvest have completed the acquisition of Lazer Spot, Inc. ("Lazer Spot" or "the Company") from Greenbriar Equity Group, LP ("Greenbriar"). Lazer Spot, headquartered in Alpharetta, Georgia, is the market leader in mission critical, outsourced yard management services in the United States and Canada. The Company's management team, led by CEO Adam Newsome, will continue to lead Lazer Spot and remain significant owners of the business. Additional terms of the transaction were not disclosed.
Lazer Spot is the only national provider of spotting services (rapid and precise movement of empty and full trailers at its customers' distribution centers and manufacturing facilities) and shuttling (on-demand movement of empty or full trailers between customers' sites, distribution facilities, third party rail yards and shipping ports), offering a compelling value proposition at 400+ sites for more than 100 blue chip customers across the consumer packaged goods, food & beverage, pulp & paper, retail and other industrial sectors.
Adam Newsome said, "On behalf of the Lazer Spot management team, we are excited to partner with Harvest for the next chapter of our Company's growth. Their focus and enthusiasm for building upon our position as the market leader are great fits for the management team's vision for Lazer Spot."
Michael DeFlorio, President of Harvest, said, "We are excited to partner with Adam and the entire Lazer Spot team. They have built a unique business with a clear path for long-term growth. We are looking forward to helping the team achieve their goal of continued organic growth while accelerating their acquisition strategy."
James Mitchel, Principal at Harvest, added, "We are thrilled to invest alongside the Lazer Spot management team and support the next phase of growth with the Company's blue chip customer base. Customers value Lazer Spot's commitment to safety and reliability, and management has built a best-in-class service delivery model to achieve that."
Lazer Spot is actively pursuing both tuck-in and transformative acquisitions of other spotting and shuttling businesses.
Harris Williams served as financial advisor and Kirkland & Ellis LLP served as legal advisor to Greenbriar and Lazer Spot. Ropes & Gray LLP served as legal advisor to Harvest Partners. As part of the transaction, Michael DeFlorio, Stephen Carlson and James Mitchel from Harvest Partners will join Adam Newsome on the Board of Directors of Lazer Spot.
About Lazer Spot
Lazer Spot is the market leader in critical outsourced yard management services including trailer spotting and shuttling. Founded in 1996 and headquartered in Alpharetta, GA, Lazer Spot is the only national provider of spotting services across the consumer packaged goods, food & beverage, pulp & paper, retail and other industrial sectors. More information about Lazer Spot is available at www.lazerspot.com.
About Harvest Partners
Founded in 1981, Harvest Partners is a leading New York-based private equity investment firm that focuses on investments in middle-market companies in the business services & consumer, healthcare, industrial services and manufacturing & distribution 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.
Contact:
Caroline Luz
Blicksilver PR
203-656-2829
[email protected]
SOURCE Harvest Partners
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