March 27, 2015
Croft & Bender Serves as Financial Advisor to USPack Logistics in its Recapitalization by NewSpring Holdings LLC
Croft & Bender, an Atlanta-based investment banking and private equity firm, is pleased to announce the successful recapitalization of its client, USPack Logistics (USPack), by NewSpring Holdings LLC (NewSpring Capital).
Founded in 1986 by Peter Glazman and headquartered in New York, NY, USPack provides same-day delivery services in the Northeast, Mid-Atlantic, Midwest and Pacific Northwest regions and serves the rapidly growing last-mile segment of the logistics industry for national and international Fortune 500 Corporations. USPack utilizes an asset-light model with approximately 550 independent contractor drivers. Mr. Glazman has pursued a strategy of measured growth through calculated acquisitions and careful investment decisions. Today, USPack combines the personalized, hands-on service of a middle market business with the cutting-edge technology and capabilities of the world's leading delivery services.
Croft & Bender served as the exclusive financial advisor to USPack on the transaction. “Croft & Bender dedicated themselves to learning our business and helping us understand what a potential partnership would mean for us and the long term goals for the Company. They worked equally hard at identifying investors that we felt comfortable with and that shared a like mindedness when it came to value creation. With Croft & Bender’s support, we were able to close a deal with great terms while partnering with a group that we trust,” said USPack founder, Peter Glazman.
“It was a pleasure working with Peter and Mark Glazman and the rest of the USPack team,” commented Bo Briggs, Managing Director at Croft & Bender. “Peter and Mark have built an impressive Company with a successful track record of growth. We believe the Company, with the support and operational expertise of NewSpring Capital, is well-positioned to capitalize on the rapidly growing last-mile segment of the logistics market.”