NEW ORLEANS, Jan. 12, 2022 /PRNewswire/ — LongueVue Capital (“LVC”), a New Orleans-based private equity firm, is pleased to announce the sale of Select Express & Logistics (“SEL” or the “Company”) to AIT Worldwide Logistics (“AIT”), a global supply chain solutions provider. AIT is a portfolio company of The Jordan Company, a New York-based private equity firm.
Headquartered in New York, NY, SEL is a leading 3PL arranging final mile delivery and assembly services for big and bulky consumer and commercial goods, including furniture, fitness equipment, outdoor structures and accessories. Since its founding in 2001, SEL has developed an industry leading reputation driven by superior customer service and its tech-enabled, national network of delivery and assembly technicians that specialize in handling big and bulky products.
LVC partnered with SEL’s management team to acquire the Company in 2018 and provided significant growth capital to professionalize the business and invest in tech development, infrastructure, operational enhancements, and human capital. Over the course of LVC’s investment, the Company tripled revenues, diversified its customer base, doubled its employee base, and completed the synergistic acquisition of Go Configure.
“The Select Express executives have been incredible partners over the past three years, and the Company’s success is a direct result of their unwavering commitment to their customers and their vision to build a pure-play last mile brokerage for big and bulky products. Select Express has realized market-leading growth in a relatively short period of time. It has been a pleasure working alongside such a skilled and deep management team as they established a leadership position in the last mile big and bulky 3PL space,” commented John McNamara, LVC’s Co-Founder and Managing Partner.
Ray Jeandron, Partner at LVC, added, “Having developed a relationship with the SEL team over the past five years, we are elated for the team and believe the Select Express executives will bring tremendous value to the AIT organization. Transforming this business through a global pandemic is a monumental accomplishment and a great example of how LVC’s entrepreneur-centric partnership approach, human and financial investments, and expertise serve as a catalyst for meaningful growth and value creation.”
“We could not have asked for a better private equity partner than LongueVue Capital. From inception, they have been thoughtful and strategic, challenging us to build scale and scope through uncertain times,” said Jay Waldman, Co-Founder & Chief Executive Officer of SEL. He added, “LVC’s experience growing logistics companies, and their continuous commitment to providing SEL the resources and capital we needed to transform our business made them the ideal partner over the past three years. We’ve truly enjoyed developing meaningful relationships with the LVC team.”
This transaction was the firm’s third exit in LVC III (2017 vintage fund). Since the closing of LVC III, the team has completed twelve platform investments and six add-on investments of entrepreneur-backed high-growth businesses across a variety of industry sectors. As an opportunistic and flexible source of capital focused on value-added partnerships, LVC utilizes its financial and industry specific expertise as well as its experienced team of operating partners to drive growth and profitability within its portfolio companies. LVC remains focused on targeting investments within its key sectors, including: transportation & logistics, healthcare and life sciences, food and beverage, specialty packaging, consumer, industrial services, and niche manufacturing. In addition to SEL, LVC has invested in four other transportation & logistics platforms over the last two decades.
Vice President Austin Rees worked alongside John and Ray on the SEL investment. Raymond James represented SEL as the exclusive financial advisor. Norton Rose Fulbright served as legal counsel to SEL.
SOURCE LongueVue Capital