April 8, 2014 – New Canaan Funding (“NCF”) provided financing to support the acquisition of Lone Star Overnight (“LSO”) by Eagle Merchant Partners. New Canaan Funding (“NCF”) provided subordinated notes and equity in LSO as part of this acquisition.
LSO, headquartered in Austin, Texas, is regional express carrier providing overnight, business-to-business document (8 oz.) and small parcel (up to 150lbs.) delivery services within Texas, Oklahoma, and Louisiana. The Company also offers a premium same-day pickup and delivery service between Texas’ five largest cities, which LSO delivers by leveraging its existing pickup and delivery infrastructure. LSO provides services at rates that are up to 25% below the national carriers, on average.
New Canaan Funding, with offices in New Canaan, Connecticut and Wheaton, Illinois, is a mezzanine firm focused on the middle market private sponsor community. Since its beginnings in 1995, NCF has targeted acquisitions, recapitalizations and growth financings in conjunction with its private equity clients. NCF is currently investing out of its fifth fund. The investment in LSO represents NCF’s twelfth investment in the fund. This financing represents NCF’s first investment with Eagle Merchant Partners.
Eagle Merchant Partners (“EMP”), based in Atlanta and focused on the Southeastern United States, is a private equity firm investing in middle market businesses. EMP invests in three core sectors: Consumer, Business Services, and Industrial, with target size companies generating revenue between $20 and $200 million and EBITDA between $5 and $40 million. EMP strives to be the partner of choice for owners, entrepreneurs, and management teams who want to build great companies.
Contact at New Canaan Funding:
Bradley A. Ament
bament@newcanaanfunding.com 630-690-7768