News
PNC Equity Partners II, L.P. Acquires LoneStar Overnight
Pittsburgh,PA [August 17, 2007]—PNC Equity Partners II, L.P., a private equity fund managed by an affiliate of The PNC Financial Services Group, Inc [NYSE: PNC], announced today the acquisition of Lone Star Overnight (LSO) on May 15, 2007, previously a portfolio company of Brazos Private Equity. Headquartered in Austin, Texas, Lone Star Overnight is a regional express package delivery company, servicing Texas, Oklahoma, New Mexico, Louisiana, and Mexico.
PNC Equity Partners focuses on equity investments in middle market companies with enterprise values between $40 million and $150 million and traditionally targets companies that operate in the value-added distribution, niche manufacturing, and outsourced service industries.
“This was the first investment in our latest fund and we thought it was a great fit”, said Peter Del Presto, a partner with PNC Equity Partners. “We believe there are multiple opportunities to grow both products and markets from the Company’s solid base of operations in the southwest”
LSO focuses on overnight and next-day delivery. LSO's basic services include priority overnight delivery by 8:30 A.M. and 10:30 A.M. and next-day delivery by 3:00 P.M. and End Of Next Business Day (including Saturday Delivery). LSO’s pricing structure offers a significant discount to the national carriers based on lower operating costs within a regional service area.
“PNC Equity is a tremendous group of people and a great partner. We’ve learned that value and opportunity can be maximized in a professional, knowledgeable and positive environment. We found that right mix in our relationship with PNC Equity,” said Gary Gunter, Founder and CEO of Lone Star Overnight.
Based in Pittsburgh, Pennsylvania, PNC Equity Partners (www.pncequity.com) specializes in making private equity investments in leveraged buyouts, recapitalizations and large minority financings of middle market companies. The PNC Financial Services Group, Inc., (www.pnc.com) is one of the nation’s largest diversified financial services organizations providing consumer and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.
