Riverside Delivers Another Acquisition November 05, 2012
Asset-Light Transportation and Logistics Provider Joins Portfolio
The Riverside Company has acquired Midnite Air Corp. (dba MNX) of Los Angeles,
California. MNX is an asset-light provider of third-party transportation and logistics
services to more than 1,700 customers via 18 global offices. Its services include expedited
shipping, supply chain management and freight services.
MNX customers – largely in the life sciences, aviation services, entertainment and medical
device industries – rely on the company to coordinate the movement of goods in an
expedited, secure manner. MNX’s primary service offering is its Express Service, which
is used to transport a wide variety of high value items, from transplant tissues to mission-
critical maintenance parts, typically on a same-day basis. Additional services offered by
MNX include freight forwarding and a variety of supply chain services tailored to the needs
of its customers and their end markets.
“We anticipate continued growth in demand for the kind of high-touch globalized service
that MNX provides,” said Riverside Partner Matt Dailey. “MNX offers sophisticated and
specialized solutions that meet the needs of demanding customers. We’re excited to
partner with MNX’s management team and look forward to working with them to help
realize the potential of the platform they’ve built.”
MNX has earned a reputation for excellence through its consistent performance, high-
touch customer service, international presence and network, and sophisticated monitoring
and data analytics capabilities.
MNX’s broad geographic footprint enables it to build strong customer relationships while
diversifying its business. The company’s asset-light business model relies on a global
network of more than 2,500 ground couriers and 450 airlines.
“Our management team is very excited to work with Riverside,” said MNX CEO Scott
Cannon. “Their proven experience in helping companies develop and accelerate growth
will be critical to our continued and future success. MNX has a strong pipeline due to our
compelling service offerings and continued international expansion.”
The transaction is Riverside’s 25th acquisition of 2012.
Working with Dailey on the transaction for Riverside were Operating Partner Steve Stubitz,
Vice President Marty Graul, Senior Associate Ryan Borcherdt, Associate Alex Goins and
Associate Kevin Kumar. Regional Director Jeremy Holland originated the opportunity for
Riverside. Partner Anne Hayes worked on financing the transaction for the firm.
Madison Capital and Bank of Montreal provided senior financing, and Babson Capital
Management provided mezzanine financing for the transaction. Jones Day advised
Riverside on the investment.
The Riverside Company
The Riverside Company is a global private equity firm focused on acquiring growing
businesses valued at up to $200 million (€200 million in Europe). Since its founding in
1988, Riverside has invested in more than 295 transactions. The firm’s international
portfolio includes more than 70 companies.