WEST PALM BEACH, FL – The Comvest Group has announced that Comvest Investment Partners IV has completed its majority investment in GroundLink. Headquartered in New York, New York, GroundLink is a leader in the ground travel industry.
Alex Mashinsky founded GroundLink in 2003 as a global ground travel provider offering customers access to over 45,000 ground travel vendors.
“GroundLink is a pioneer in bringing technology to ground travel,” said Robert Priddy, Managing Partner at Comvest. “This industry is poised for tremendous growth, and we are very excited to bring our hands-on operational focus to strengthen this business and our ability to service our customers’ needs.”
As part of the investment, Charles Fraas joined GroundLink as Chief Executive Officer. Fraas has nearly 20 years of experience as a senior executive and consultant, and brings significant expertise in e-commerce, technology, marketing, and supply chain management to GroundLink.
“This investment will give GroundLink the partner it needs to capture market share in the emerging web-enabled ground travel market,” said Fraas. “Comvest’s extensive investment experience in the transportation industry and commitment to growth will prove invaluable as we execute our vision of delivering unsurpassed customer service worldwide.”
Alex Mashinsky will remain actively involved with GroundLink as Vice Chairman.
“Alex had the vision and expertise to integrate technology into ground travel. He built this company and defined the strategy that has positioned GroundLink for the future,” said Fraas.
Akerman Senterfitt LLP acted as legal advisor to Comvest.
Founded in 2003 and headquartered in New York, NY, GroundLink allows customers to find and reserve ground transportation in every city in the U.S. and 172 countries around the world via GroundLink’s network of 45,000 taxis, car service, limousines, shuttles and vans. The company provides these services via the web, phone and mobile applications with instant pricing and the ability to have a car waiting for you in under 30 minutes anywhere in the US and within an hour anywhere in the world. Since its inception, the Company has processed and executed more than two million ground travel transactions and is the exclusive ground transportation partner of leading travel companies such as Kayak, JetBlue, Royal Caribbean and Continental.
The Comvest Group is a leading private investment firm focused on providing debt and equity capital to lower middle-market companies. Our firm includes seasoned, senior level operating executives at all levels who partner with managers and owners of companies to grow businesses and create long-term value. Since 1988, Comvest has invested more than $2 billion of capital in over 200 public and private companies. For more information, please visit www.comvest.com.
Mark Hughes — (561) 727-2050, firstname.lastname@example.org