Fleetgistics In Talks To Switch Sponsors

Atlantic Street Capital Management is in talks to sell Orlando-based delivery services company Fleetgistics to St. Louis-based buyout shop Harbour Group, according to a regulatory filing.

Fleetgistics has three divisions: Medifleet, which provides same-day delivery services to hospitals, laboratories and other medical-related institutions; Partsfleet, which delivers automotive parts and other supplies; and Scriptfleet, which provides delivery services for long-term care pharmacies.

The investment began for Atlantic Street Capital in June 2007, when it bought Ace Expediters, an Orlando-based courier company that later became Fleetgistics with the a pair of follow-on acquisitions.

If the sale proceeds, it would appear to be Atlantic Street’s first-ever exit. The firm has been investing from a $45 million pool of capital provided by Morgan Stanley Alternative Investment Partners, and was subject of a Buyouts Magazine report last June that it planned to seek up to $100 million for a follow-up vehicle.

For Harbour Group, the investment would come out of its fifth fund, according to the regulatory filing. Harbour Group raised $505 million for that fund in 2006, according to Capital IQ.

Neither Atlantic Street nor Harbour Group would comment for this story.

This post originally appeared at www.buyoutsnews.com, a sister publication to peHUB.