NEW YORK--()--Praesidian Capital (“the Firm”), a leading provider of mezzanine capital for small and mid-sized companies, successfully exited its $15.5 million investment in Lone Star Overnight (“LSO”), an independent intraregional express and ground parcel delivery company operating primarily in Texas, Oklahoma and Louisiana.
“Our partnership with Praesidian recapitalized our business, which in turn, allowed us to better serve our customers and employees”
Praesidian’s investment was made in May 2011 to support Lone Star’s acquisition by a sponsor group comprising Pilgrim Capital Partners, Fort Point Capital and MRL Capital.
“Our partnership with Praesidian recapitalized our business, which in turn, allowed us to better serve our customers and employees,” stated Rick Jones, CEO and President of LSO. “We could not have asked for more. We will owe our continued growth, in part, to having the right financial partner at the right time.”
According to Glenn Harrison, Partner at Praesidian, “We’re very pleased to see LSO proceeding on a path of expansion. We have enjoyed working with the company and wish everyone there much future success.”
About Lone Star Overnight
Lone Star Overnight (LSO) focuses on reliable overnight delivery utilizing both air and ground transportation within and between Texas, Oklahoma, western Louisiana, southern New Mexico and, through its partnerships, every address in Mexico. Operating since 1991, LSO offers a full range of next-day and day-definite time-guaranteed delivery options throughout its service area at rates significantly lower than the competition. Headquartered in Austin, Texas, the regional small parcel carrier’s dedicated employees, late pick-up times, early morning delivery options and lower rates make LSO the high-service, high-value, low-cost provider. For more information, visit www.lso.com.
About Praesidian Capital
Praesidian Capital partners with small and mid-sized businesses by providing private debt capital. With a focus on its core competency in mezzanine financing, Praesidian invests in established, historically profitable companies often in connection with a management/leveraged buyout, recapitalization or refinancing. Based in New York City, Praesidian manages more than $700 million in committed capital. For more information, visit www.praesidian.com.