Geneva Glen Capital has acquired Westlake Village, California-based EZ Shipper Racks, a provider of recoverable shipping racks to the nursery industry. No financial terms were disclosed.
CHICAGO–(BUSINESS WIRE)–Geneva Glen Capital (“GGC”), a family office-oriented private equity firm headquartered in Chicago, IL, is pleased to announce the acquisition of EZ Shipper Racks, Inc. (“EZR” or the “Company”). Based in Westlake Village, CA, EZR is a leading provider of recoverable shipping racks to the nursery industry. The Company’s pallet racks and recovery services allow nurseries to efficiently ship their products to retailers nationwide on a cost effective basis, while also increasing store efficiency for retailers via reduced labor and waste. EZR’s rack rental program and recovery services are supported by an unparalleled nationwide network of asset recovery facilities, through which the Company serves over 8,000 retail locations. EZR also leverages this unique recovery network to provide reverse logistics services to a growing base of customers outside of the nursery industry.
“EZR’s commanding position in its core nursery market and tremendous potential with non-nursery customers made this an attractive investment opportunity for us,” stated Adam Schecter, Managing Director of GGC. Jeff Gonyo, Managing Director of GGC, added “We have been impressed by EZR’s CEO, Ned Tomasevic, and are excited to partner with him for the next stage of the Company’s growth.”
GGC’s investment was made in partnership with EZR’s CEO, Ned Tomasevic, who will continue to lead – and retains a significant ownership in – the Company. Mr. Tomasevic noted, “Geneva Glen differentiated themselves in a highly competitive process through their industry expertise and ability to support EZR with the resources and flexibility to execute on our substantial market opportunity. I’m confident we chose the right partner and believe we have a great cultural fit.” Nursery industry veteran Jerry Halamuda joins GGC in the investment bringing over 50 years of nursery experience. Jerry is the founder and former CEO of Color Spot Nurseries, one of the largest growers in the United States. Jerry joined the transaction in his capacity as GGC industry Operating Partner and will be joining the EZR board. Mr. Gonyo added, “Jerry brings a wealth of knowledge to the investment and we’re pleased to have him alongside us.”
About Geneva Glen Capital, LLC
Geneva Glen Capital is a Chicago-based private equity firm that invests in proven private companies with leading market positions, significant growth potential, and stable cash flows. GGC will consider control buyout transactions as well as minority growth capital investments and targets companies headquartered in the U.S. or Canada with EBITDA between $3 million and $25 million. The firm works closely with management teams to establish and execute on a clearly defined value creation and growth plan. The principals of GGC have extensive private equity experience and a family office-oriented fund structure which provide the ability to be flexible, creative and, if appropriate, long-term investors.