Graycliff sells NAL Group to CRST International

Graycliff invested in NAL Group in October 2016 and teamed with management to identify and execute growth initiatives. 

Graycliff Partners sold logistics and installation services company NAL Group to CRST International. Graycliff invested in NAL Group in October 2016 and teamed with management to identify and execute growth initiatives.

Press Release

Graycliff Partners LP today announced the sale of NAL Group, a leading provider of last mile logistics and on-premise installation services, to CRST International, Inc. NAL Group primarily serves large ecommerce and omnichannel retailers, providing a full suite of final mile delivery, installation and assembly, and complementary support services across North America.

Graycliff first invested in NAL Group in October 2016. Graycliff teamed with management to identify and execute growth initiatives and in 2018 led the company through a transformative acquisition. Graycliff worked with the team to successfully integrate the businesses and drive customer, service offering and geographic expansion. The merger created a combined company capable of providing a complete array of last mile delivery and logistics services, including warehousing services, big and bulky delivery and complex in-home installation.

Brandon Martindale, Graycliff Managing Director, said, “Working with the team at NAL Group to build the company to its current scale has been highly rewarding. We appreciate the hard work and dedication of the entire management team and wish them continued success as part of CRST International.”

Matt Riordan, President and CEO of NAL Group, said, “Graycliff was an extraordinary partner in growing the company. Graycliff’s support and guidance enabled us to successfully navigate the challenges of a rapidly growing business. We look forward to bringing our unique capabilities to the CRST organization.”

In December 2019, Graycliff announced the final closing of its latest buyout fund, Graycliff Private Equity Partners IV LP, at its hard cap of $350 million in limited partner commitments. Fund IV will continue Graycliff’s strategy of making control buyout investments in lower middle market companies, with a focus on partnering with founder and family-owned businesses in the manufacturing, business services, and value-added distribution sectors.

About Graycliff Partners LP

Graycliff Partners is an investment firm focused on making lower middle market investments, typically in manufacturing, business services and value-added distribution businesses. Through dedicated equity and credit funds, Graycliff provides capital for acquisitions, management buyouts, recapitalizations, growth and expansion. For more information about Graycliff Partners visit