Private equity firm Halifax said Wednesday that it has recapitalized Golden State Overnight. Halifax teamed up with GSO’s management for the transaction. No financial terms were disclosed. GSO is a provider of overnight shipping solutions for California, Nevada and Arizona.
Dallas, TX, January 8, 2014 – Leading private equity firm The Halifax Group (“Halifax”) announced today that it partnered with senior management to recapitalize Golden State Overnight (“GSO”). GSO is a leading regional provider of overnight delivery services to every address in California and metropolitan regions of Nevada and Arizona. Halifax and management provided the equity financing for the transaction. BellMark Partners advised GSO through the process. Additional terms were not disclosed.
Founded in 1995, GSO delivers approximately 50,000 packages daily in California, Arizona and Nevada via its 31 operating facilities. GSO customers enjoy a superior level of customer service, including later pickup times, earlier deliveries, dedicated service representatives, and proactive package tracking, all at market leading prices.
“We have enjoyed significant expansion throughout our nearly 20 years in business, which is the result of the hard work and dedication of our 1,600 employees,” commented GSO’s co-founder and President, Dana Hyatt. “We are excited about our new partnership with Halifax. Their team shares our passion for customer service and operational excellence as well as our vision for the future.”
Co-founder Morley Chandler added, “We are proud to have built such a successful enterprise in partnership with our many employees and with the support of our loyal customer base. Halifax’s track record of working with entrepreneurial businesses to invest in growth and expansion made them the perfect partner for our next phase.”
“GSO has built a leading overnight delivery enterprise in California and throughout the Western U.S.,” noted Brent Williams, Managing Director at Halifax. “We look forward to assisting GSO’s stellar management team and employees as they develop new growth opportunities in the fast-growing regional logistics industry.”
Incoming chairman of the board and Halifax executive advisory board member, Doug Witt, added, “I am thrilled to be able to work with such an experienced management team. The founders of this business have an impeccable track record of success, and we are fortunate to call them partners.”
About Golden State Overnight
GSO is a leading provider of overnight delivery services to every address in California and metropolitan regions of Nevada and Arizona. The company was founded in 1995, is based in Pleasanton, California and serves its customers from 31 operating facilities throughout the Western U.S.
About The Halifax Group
The Halifax Group is a leading private equity firm that partners with managers and entrepreneurs to recapitalize and grow lower middle-market businesses across a variety of industries including health and wellness, infrastructure, business and government services, and franchising. The firm maintains offices in Washington, D.C.; Dallas, TX; and Raleigh, NC. For more information, please visit www.thehalifaxgroup.com.
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