SOURCE: Seacoast Capital

Seacoast Capital

March 10, 2015 09:30 ET

Seacoast Capital Announces the Sale of UX Specialized Logistics

DANVERS, MA--(Marketwired - Mar 10, 2015) - Seacoast Capital ("Seacoast") has announced the sale of UX Specialized Logistics ("UX" or the "Company"), a leading North American provider of last mile logistics services for major retail chains and e-commerce companies, to XPO Logistics, Inc. ("XPO") (NYSE: XPO). The purchase price was $59 million, excluding any working capital adjustments, with no assumption of debt or cash. UX had revenue and adjusted EBITDA of $113.2 million and $8.2 million, respectively, for the full year 2014. During Seacoast's investment period, UX increased revenue at a compound annual growth rate of 19% for the five years ended December 31, 2014. 

About UX Specialized Logistics

UX Specialized Logistics is a leading North American provider of last-mile logistics with services ranging from white glove home delivery, assembly and installation, and warehousing and fulfillment, to on-demand same-day expedited delivery, for major retail chains and e-commerce companies. Founded in 1978 in New York City, UX has grown to a market leader, facilitating over 7,000 daily deliveries and employing approximately 700 employees, with contracted capacity of over 1,600 independent carriers and installers nationwide. 

Eben Moulton, Partner at Seacoast, stated: "In partnership with management, we have implemented many growth and operational improvement initiatives, including expanding the Company's service offering, geographic footprint, and customer base; as well as driving greater operational efficiency by investing in quality systems, processes, and people. On behalf of the entire Seacoast team, it has been a true pleasure working with Steven Moelk (CEO), Adam Mitek (President), Christine Chan (COO), Arthur LaGrega (President of Assembly & Installation), Bill Maloof (CFO), and the rest of the very talented management team at UX Specialized Logistics."

Harris Williams & Co. served as the financial advisor to Seacoast and UX.

About Seacoast Capital

Seacoast Capital was founded in 1994 to make non-controlling junior capital investments (primarily subordinated debt and equity) in privately-held lower middle market companies. Seacoast specializes in "sponsorless" transactions, preferring to invest directly with company owners or management teams, although it will selectively consider investments led by professional investor groups. Seacoast typically provides between $3 million and $12 million of debt and equity capital for acquisitions, growth, shareholder buyouts, management buyouts, and leveraged recapitalizations. While industry agnostic, Seacoast broadly invests in the specialty manufacturing, value-added distribution, and business services sectors. Seacoast generally targets investments in companies with $10 million to $150 million in revenue and $2 million or more of EBITDA. With offices in Boston and San Francisco, Seacoast has invested over $300 million in over 20 states since 1994. Seacoast is currently investing its third fund, Seacoast Capital Partners III, L.P.

For more information, or to submit an investment opportunity, please contact Eben Moulton at (978) 750-1305, or via e-mail at emoulton@seacoastcapital.com, or Alan Rich at (978) 750-1310, or via e-mail at arich@seacoastcapital.com.

Contact Information

  • Contact:
    Alan Rich
    Associate
    Tel: (978) 750-1310
    E-Mail: Email Contact