Edgewater Growth Capital Partners III, L.P. (the “Fund”) is pleased to announce the acquisition of Priority Express Courier, Inc. (“Priority” or the “Company”). Priority provides same-day express delivery services to clinical laboratories, health systems, long-term care pharmacies and other industries requiring a high level of service and quality control. The Company provides both regularly scheduled logistics services as well as on-demand delivery to clients located in Pennsylvania, New Jersey and southern New York. The Company operates on an asset light basis through its utilization of a broad network of independent contractors.
Priority is the first acquisition by the Fund’s new logistics platform which is targeting a build-up of regional express delivery companies. We believe the express delivery market represents an attractive area of growth due to the increased outsourcing of delivery functions to reduce costs, consumers’ greater demand for immediate delivery and improving technologies to enable faster dispatching and product tracking.
Edgewater and the Priority team are evaluating acquisitions of other asset light regional expedited delivery companies. Please contact us if you have any questions or if we can provide additional information.
Edgewater is partnering with Bruce Parker who is Chairman of the platform holding company, U.S. Logistics Solutions, LLC. Mr. Parker has spent his career leading transportation and logistics companies, including as Chairman and CEO of AirNet Systems, Inc. and as an officer of Ryder System, Inc., United Airlines, American Airlines and Sabre Computer Systems.