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Atlantic Street Capital Announces First Close
Date:4/10/2008

Portfolio Company Ace Expediters Acquires Express Courier Systems To Expand

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STAMFORD, Conn., April 10 /PRNewswire/ -- Atlantic Street Capital, a private equity firm with a focus on lower middle-market special situation and deep value investments, announced today that it has successfully completed the first closing on its $70 million target for Atlantic Street Capital with a commitment from funds managed by the investment management arm of a leading investment bank.

Atlantic Street also announced that its portfolio company Ace Expediters, a leading provider of same-day logistics management services to the retail and automotive after-market parts industry, has acquired Express Courier Systems. Express Courier is the preeminent provider of same-day logistics services to the medical laboratory industry.

Since its formation in late 2006, Atlantic Street, supported by a New York-based alternative asset manager, has completed three acquisitions. In addition to Ace Expediters, the firm's investments include Double B Foods, a specialty food manufacturer of frozen prepared food products. The firm takes controlling equity positions in businesses with revenues between $30 and $120 million. "Our goal is to identify special situation and other value-driven investments that pose challenges to typical private equity firms," said Peter Shabecoff, founding partner of Atlantic Street. "We are pleased with the performance of our existing investments and we continue to identify growth strategies that will build those businesses into stronger competitors."

Mr. Shabecoff noted that since the firm's acquisition last summer of Ace Expediters the company has developed a sophisticated management team and operational infrastructure that allows the company to grow both organically and through strategic acquisitions. "The acquisition of Express Courier is a logical next step in Ace's development as a leading provider of s
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SOURCE Atlantic Street Capital
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