Greenwich, CT - December 16, 2004 - Brynwood Partners V L.P. announced that it has acquired Inter-Jet Systems, Inc. ("Inter-Jet" or the "Company"), an freight forwarder located in Queens, New York. The terms of the transaction were not disclosed.
Henk Hartong, Jr., Senior Managing Partner of Brynwood Partners, a private investment firm, said: "We are very excited about backing John Gallahan, a Brywnood operating executive who helped build AEI into one of the world's largest international logistics providers. Brynwood realized a very attractive return on that investment, and we are confident that we can build a substantial company in the logistics business under John's guidance. We look forward to adding to this toehold investment."
John Gallahan said: "Inter-Jet is the first step towards creating a value added logistics provider in the freight forwarding arena. We feel that there are many opportunities to take advantage of the increasing need for on time, international logistics in our global marketplace. We will be adding to our management team as well as looking for add-on acquisitions and we are confident that we can build a valuable company."
Inter-Jet can be found online at www.interjet.com.
About Brynwood Partners
Founded in 1984, Brynwood Partners is a private equity fund that invests in lower middle market companies, has a long-term investment holding period and targets companies operating in the consumer products, light industrial manufacturing, specialty retailing and business services industries. The Brynwood Funds have made investments in 19 portfolio companies and have successfully partnered with management and owners who want to continue to run their businesses but need the financial and operating partner support Brynwood uniquely provides. Brynwood Partners is based in Greenwich, CT. For more information on Brynwood please visit www.BrynwoodPartners.com.