Fort Point Sells Van Pool to Audax
Transaction marks the fourth portfolio realization for Fort Point Capital
July 11, 2018
Fort Point Capital ("Fort Point"), a private equity firm focused on lower middle-market, business services investments, announced today that it has successfully sold its investment in VP Holding, Inc. ("Van Pool" or the "Company") to Audax Private Equity ("Audax"). Financial terms of the transaction were not disclosed.
Headquartered in Wilbraham, MA, Van Pool is a best in class provider of transportation services for special needs and homeless students in Massachusetts, Connecticut and New Hampshire. Since Fort Point's investment in 2014, the Company more than doubled revenue and EBITDA, extending its geographic footprint from its original Western and Central Massachusetts core, while completing two accretive add-on acquisitions.
Christina Pai, Partner at Fort Point Capital, said, "Van Pool's management team has done a tremendous job driving organic growth and transforming the Company into a professionally managed platform capable of executing and integrating strategic acquisitions. We are thankful for the efforts of Rick Jones, Kevin Hinkamper and the rest of the Van Pool management team and employees. We look forward to watching the Company continue to thrive with its new partner."
Richard Jones, CEO of Van Pool, added, "It has been a great pleasure for me to work with Fort Point for the second time. They have been a true partner to Van Pool, supporting the Company's strategic expansion plans with counsel, resources and capital. Together, we were able to build the team and infrastructure to position the Company to continue its growth trajectory over the next several years. We're excited to continue Van Pool's growth while positively contributing to the success of our students, school districts, and communities."
The realization of FPC's investment in Van Pool marks the fourth portfolio realization for Fort Point and the third realization from FPC Small Cap Fund I.
BlackArch Partners served as financial advisor to Van Pool, while Kirkland & Ellis provided legal counsel to the Company. Founded in 2011, Fort Point has completed seventeen transactions since its inception – eight platform investments, four exits and five add-on acquisitions.
About Fort Point Capital
Based in Boston, Massachusetts, Fort Point Capital is a private equity firm that invests in lower middle market, business services companies in partnership with strong management teams. Fort Point Capital is currently investing from FPC Small Cap Fund I. Please contact Fort Point at (617) 303-2121 or visit www.fortpointcapital.com.