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Golub Capital Provides Debt Financing to Support the Acquisition of Network Express, Inc., by Ace Expediters, Inc.

NEW YORK, March 30 /PRNewswire/ -- Golub Capital today announced that it has provided a $27.5 million senior credit facility and equity to support the acquisition of Network Express, Inc., by Ace Expediters, Inc., a portfolio company of Atlantic Street Capital.

The combination of Ace Expediters, Inc., (which includes Ace Expediters and Express Courier, d/b/a Medifleet) and Network Express, Inc., creates the leading dedicated route logistics provider in the Eastern United States. The company provides time-critical, reliable delivery solutions for its clients that include companies in the retail auto aftermarket, long-term care pharmaceutical and medical testing laboratory end markets.

At Network Express, medical distribution services have expanded over the years to include some of the most sensitive medical deliveries such as delivering to nursing facilities, pharmaceutical wholesalers, and medical laboratories requiring specimen retrieval. In 2003, Network Express was inducted into the prestigious Inc. 500, by Inc. Magazine, as one of the fastest growing privately held companies in America.

"We are very pleased to support Atlantic Capital on growing Ace Expediters' already thriving platform. Ace's business model and financial performance is on point for what we are seeking today," says Golub Capital Senior Managing Director Andy Steuerman. "However, it is still a very challenging time to get a transaction across the finish line. This transaction utilized our knowledge of the logistics industry to complete this deal in a timely manner."

This is Golub Capital's first deal with Atlantic Street Capital.

"We felt comfortable with Golub Capital because they really understood the sector and provided a full solution in a market where very few parties are lending. After working with the Golub team on closing this deal, we are confident that Golub Capital will help us grow the company as we capitalize on opportunities within the logistics industry," says Peter Shabecoff, a partner with Atlantic Street Partners.

Atlantic Street Capital Description:

Atlantic Street Capital Management, headquartered in Stamford, CT, is a special situations private equity fund investing in middle market companies that present challenges to typical investors.

About Golub Capital

Golub Capital provides buy-and-hold products range from $5 million to $75 million and include one-loan financings (through the Firm's proprietary GOLD facility), senior, second lien and subordinated debt, preferred stock and co-investment equity. Golub Capital also underwrites and syndicates 1st lien loans up to $150 million. With a broad investment mandate and long-term time horizon, Golub Capital has a high level of flexibility in structuring investments. For more information, please visit

SOURCE Golub Capital
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