Seaport Capital Announces Sale of eoStar to Vermont Information Processing
May 25, 2022
Seaport Capital (“Seaport”), a New York-based private equity firm, announced today the sale of its Seaport Capital Partners Fund V portfolio company, eoStar (“the Company”), to Vermont Information Processing (“VIP”).
Headquartered in Holland, Michigan, eoStar (also known as Rutherford & Associates) provides an end to-end software solution for beverage distributors, including route accounting, warehouse management, forecasting, and mobile sales capabilities through its proprietary software. Vermont Information Processing is the leading technology supplier for brewers, distributors, wineries, soda bottlers, and other companies in the beverage industry that work to improve their warehouse delivery, and sales operations. VIP is headquartered in Colchester, Vermont. eoStar will operate as a division of VIP and the eoStar platform will continue to be supported to meet the needs of customers and suppliers.
Seaport invested in eoStar in October 2019. Over the last two and a half years under Seaport’s ownership, eoStar’s management team was strengthened with the addition of a new CEO, CFO, CTO, COO, VP of Product, and VP of Sales. In addition, key investments were made in product development as well as product expansion in order to expand the Company’s offering and suite of services.
Scott McCormack, Partner at Seaport Capital said, “It’s been wonderful to work with the eoStar team over the last two and a half years. We look forward to seeing what the Company accomplishes in this next chapter alongside VIP.”
“We are looking forward to partnering with the VIP team and having the backing of their strong platform and resources. Most importantly, we want our customers to be reassured that during this transition we are focused on keeping the continuity of service that they have come to know and expect”, said Chris Timmer, CEO of eoStar.
eoStar is the third portfolio company to exit Seaport Capital Partners Fund V, Seaport Capital Partners’ 2016 vintage buyout fund.
eoStar’s route accounting software is a comprehensive route accounting solution suite that fully integrates key pieces of wholesale distribution technology such as Warehouse Management, Electronic Picking & Palletization, Mobile Route Accounting, Retailer E-Commerce, and more, into a single database. Founded in 1986, eoStar is based in Holland, Michigan and is utilized by over 14,000 distribution professionals at some of the most successful modern beverage and food service distribution organizations across North America. To learn more, visit www.eostar.com
About Seaport Capital
Founded in 1997, Seaport Capital is a lower middle-market buyout firm that invests in communication infrastructure and services, business and information services, and media companies (the “Focus Sectors”). Seaport typically invests $10 to $40 million of equity capital in companies generating EBITDA between $3 and $15 million. Seaport is currently investing through Seaport Capital Partners VI, a 2020 vintage fund. Seaport’s substantial industry expertise and investing experience enable it to develop successful strategies in partnership with management teams; its relationships and professionals help achieve them. Nearly all of Seaport’s platform investments have been owned by founders or entrepreneurs seeking a collaborative institutional partner to provide the financial and operational resources to grow their businesses and execute on a successful strategic plan. For additional information, visit https://www.seaportcapital.com.
Vermont Information Processing (VIP) is the leading technology supplier for brewers, distributors, wineries, soda bottlers, and other companies in the beverage industry. From helping distributors improve their warehouse, delivery, and sales operations, to empowering suppliers to know where their products are and how they’re selling, VIP has the technology and expertise to help your business thrive. To learn more, visit vtinfo.com