Atlantic Street Capital Portfolio Company Ace Expediters Acquires Network Express,...

Atlantic Street Capital Portfolio Company Ace Expediters Acquires Network
Express, Inc.

Transaction Creates Leading U.S. Dedicated Route Logistics Provider

STAMFORD, Conn., March 30 /PRNewswire/ -- Atlantic Street Capital, a private
equity firm with a focus on lower middle-market special situation and deep
value investments, announced today that its portfolio company Ace Expediters,
Inc. has acquired Network Express, Inc., a leading provider of specialized
distribution services designed specifically for pharmacies serving the long
term care market. With the addition of Network Express, Ace Expediters is now
a leading dedicated route logistics provider in the United States.

Senior debt was provided by Golub Capital and subordinated debt was provided
by a group including Prism Mezzanine Fund.

Ace is the leading provider of out-sourced same day logistics services to the
automotive aftermarket retail segment. Atlantic Street Capital acquired Ace
Expediters in 2007 and since then has enhanced the company's operations and
management team. In addition to its purchase of Network Express, Ace last
year acquired Express Courier Systems, a preeminent provider of same-day
logistics services to the medical laboratory industry. A sophisticated
management team was also recruited and an operational infrastructure
implemented that allows the company to grow both organically and through
strategic acquisitions.

"The additional expertise we gain from Network Express will provide a single
source for specialized logistics requirements," said Peter Shabecoff, managing
partner of Atlantic Street Capital. "With its scale, sophistication and
leadership in three recession resilient industries, Ace is well positioned to
continue to grow with national customers who see the financial and operational
benefits of outsourcing their same day logistics needs."

Atlantic Street benefited from the strong support of financing from its
partners in completing a transaction in a very difficult market. "We felt
comfortable with Golub Capital because they really understood the sector and
provided a full solution in a market where very few parties are lending. After
working with the Golub team on closing this deal, we are confident that Golub
Capital will help us grow the company as we capitalize on opportunities within
the logistics industry. We are also very fortunate to have the thoughtful
support of our mezzanine lenders who understood that Ace is a business that
can thrive in this economic climate," said Mr. Shabecoff.

About Atlantic Street Capital
Atlantic Street Capital is a special situations private equity fund investing
in middle market companies that present challenges to typical investors. Based
in Stamford, CT, Atlantic Street takes controlling equity positions in
companies requiring significant operational improvements, including
turnarounds and restructurings. Atlantic Street executes operationally
intensive investment strategies to drive value for shareholders. Atlantic
Street targets sustainable businesses with revenues between $25 and $120
million operating in the consumer products, services, manufacturing,
distribution, and logistics sectors.

Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334

SOURCE Atlantic Street Capital

Chris Tofalli of Chris Tofalli Public Relations, LLC, +1-914-834-4334