General Logistics Systems acquires Golden State Overnight
The Halifax Group announced that it has sold Golden State Overnight (GSO) to General Logistics Systems (GLS), a European parcel services business owned by Royal Mail.
GSO is a leading provider of overnight delivery services in California, Nevada, Arizona, and New Mexico. The transaction reflects an enterprise valuation of $90m.
GSO’s management team, including CEO and co-founder Dana Hyatt, will remain in their executive roles with the company and are committed to maintaining GSO’s best-in-class service and operations. Halifax recapitalized GSO in partnership with its founders and senior management team in December 2013.
Mr. Hyatt said, "Over the last three years, we have expanded into new states, broadened our service offering, made significant technology investments, and completed a strategic acquisition.
“Halifax has been an exceptional partner in supporting and guiding us in these accomplishments and providing GSO with insightful strategic and operational guidance.
Going forward, we are excited to partner with GLS to further enhance our market position and offer industry-leading service levels."
Brent Williams, Senior Partner at Halifax, added, “Dana provided tremendous leadership since founding the business and executed an aggressive and well-planned strategy during our three-year partnership.
“We are very gratified that our partnership with Dana and his team achieved our goals for strategic development. We anticipate GSO will flourish under Dana’s and the team’s leadership with support from GLS.”
BB&T Capital Markets served as financial advisor and Arnold & Porter LLP served as legal advisor to GSO and The Halifax Group.
GSO was founded in 1995, is based in Pleasanton, California and serves its customers from 36 facilities throughout the Western U.S.
With a focus on exceptional service levels, web-enabled systems and a 100% employee-based delivery model, GSO offers its customers the most flexible overnight delivery service in the industry.
Source: Company Press Release