ZS Fund Analysis

Facilitate liquidity for business owners; Support management transitions in family-owned businesses; Address divergent shareholder goals; Assist in industry consolidation strategies; Provide minority investment options for growth

ZS Fund L.P. primarily focuses on long-term investments in successful middle-market companies. Their investment strategy includes providing liquidity to business owners while allowing them to retain significant ownership and independence. They engage in various types of transactions, such as estate planning, industry consolidation, management transitions, and minority investments. The firm aims to partner with superior management teams and tailor transactions to meet the specific goals of business owners.

The key portfolio companies owned by ZS Fund L.P. are as follows:

1. Amerijet LLC: A leading provider of air cargo and logistics solutions to and from the U.S. and the Caribbean, Mexico, and Latin America. The company specializes in shipping time-sensitive, perishable, oversized, hazardous, and highly configured products through both regularly scheduled and chartered flights.

2. Juniper Landscaping Holdings, LLC: A leading provider of landscaping services in Florida to commercial customers, including home builders, homeowner associations, hotels and resorts, municipalities, and retail.

3. Research Horizons, LLC: A syndicated and custom market research firm focusing on the financial, consumer products, travel, automotive, and health care sectors.

4. Transervice Logistics, LLC: A national transportation services and third-party logistics company providing contract maintenance, full-service leasing, and contract carriage services for private trucking fleets.

Notable exits made by ZS Fund L.P. include:

1. Service Champ - Exited in 2010 for $87 million, which is the firm's largest disclosed exit. The exit method was a secondary buyout.
2. Phoenix Marketing International - Exited on March 21, 2022. Specific exit method and size details are not provided.
3. Juniper Landscaping - Exited on December 29, 2021. Specific exit method details are not provided.
4. SOS Security - Exited on June 14, 2019. Specific exit method details are not provided.

The most common exit type for ZS Fund is a secondary buyout, accounting for 45% of their exits.

The management team of ZS Fund L.P. includes the following members:

1. Bob Horne - Joined ZS in 1992. Previously a Vice President at Salomon Brothers and Smith Barney. He holds a B.A. with honors from Harvard College and an M.B.A. from Stanford Graduate School of Business.

2. Ned Sherwood - Founded ZS in 1985. Previously a principal at AEA Investors and Vice President of W.R. Grace & Co. He graduated magna cum laude from the Wharton School at the University of Pennsylvania.

3. Nick Burger - Joined ZS in 2000. Previously worked in the investment banking division of Merrill Lynch & Co. He received his B.A. from Yale College.

4. Shahzad Pirvani - Joined ZS in 2019. Previously a member of private equity investment teams at Battery Ventures, Blackford Capital, and Arctaris Impact Investors. He graduated Summa Cum Laude from the University of Warwick and University of Georgia.

5. Mark Hewett - Joined ZS in 2021. Actively supports ZS’ portfolio companies. Previously worked in the M&A Advisory team at BNP Paribas. He received his B.B.A. from the University of Wisconsin-Madison.

Founded in 1985; Focused on middle-market companies; Proven track record in partnership with management teams