Seacoast has invested $10 million in DI Overnite LLC. Based in Cerritos, California, D.I. provides last-mile logistics, specializing in overnight, same day and scheduled delivery services.
October 23, 2018 – San Francisco, California. Seacoast Capital (“Seacoast”), a lower middle market non-control growth capital investor, announced today its $10 million investment in DI Overnite, LLC (“D.I.”). D.I., founded in 2005 and based in Cerritos, California, provides last-mile logistics, specializing in overnight, same day, and scheduled delivery services. The Company partners with a wide spectrum of industries including the legal, payroll, and pharmaceutical sectors, among others. D.I.’s Southern California terminals process shipments for deliveries throughout California, Nevada, and Arizona.
“Our investment in D.I. represents Seacoast’s commitment to partnering with an exceptional management team that possesses deep industry experience and proven leadership capabilities–a team that has successfully positioned the Company for substantial growth,” said Jeff Holland, a Partner with Seacoast. Alan Rich, a Vice President with Seacoast, added “The managing owners have largely bootstrapped this business, and we are truly looking forward to working with them to successfully execute on their strategy and drive meaningful growth now that the Company has been appropriately capitalized.”
Mike Martin, CEO of D.I., commented “Working with Seacoast Capital during this transaction has been truly amazing. The professionalism and knowledge that our partners at Seacoast exhibited gives us comfort in our new partnership and in what the future holds for our business.” Added Phil Nabal, President of D.I., “Seacoast was able to quickly understand the nuances of our business and took a sincere interest in our vision for what we are trying to build at D.I.”
Seacoast invested unsponsored preferred equity and subordinated debt in D.I. The capital will be used to both recapitalize D.I.’s balance sheet and fund several actionable growth opportunities as the Company expands into new geographic territories with both existing and new customers, and targets other highly attractive industry sectors.
About Seacoast Capital
Founded in 1994, with offices in Boston, MA and San Francisco, CA, Seacoast Capital invests non-controlling growth capital in partnership with management in lower middle market private companies. Seacoast is industry agnostic and typically invests $5 million to $25 million of capital in companies with $10 million or more in revenue and $2 million or more of EBITDA. Capital is used to support growth, refinancings, acquisitions, family ownership and wealth transfers, shareholder liquidity events, and partnership or management buyouts. Geographically, Seacoast invests anywhere in the United States. Since its inception, Seacoast has managed over $600 million of capital, which the firm has invested in 74 non-controlling transactions. Now managing its fourth fund, Seacoast Capital Partners IV, L.P., the firm continues to actively seek new investment opportunities. Learn more by visiting www.seacoastcapital.com.