FAPS, Inc.

FAPS, Inc. was founded by John LoBue in 1956 as "Foreign Automotive Preparation Service" to process vehicles imported into the U.S. through Port Newark, NJ. Today, the company is the only full-service third party finished vehicle logistics provider serving the global automotive industry at the Port of NY and NJ, the largest automotive port in the U.S. The company's 120 waterfront acres and 600,000 square feet of ISO:9001-2000 and LEAN compliant facilities have the capacity to process up to 500 marine vessels and 400,000 vehicles annually. Through its marine, truck and rail capabilities, the company provides its OEM customers unparalleled intermodal access to the highest concentration of dealers, largest population centers and highest income regions in North America, and to high growth export destinations throughout the world including China, South Korea, Russia and the Middle East. The company maintained a long history of revenue growth and profitability until the recent recession and Japanese tsunami and earthquake in 2011, both of which significantly impacted the automotive trade at the Port of NY and NJ. Silvergrove was engaged by the company's family shareholders to secure an investor to recapitalize and restructure FAPS' balance sheet, and executed a successful transaction with Seacoast Capital, a leading financial sponsor based in Danvers, MA. The transaction extended and reinforced a decades old public-private partnership between the Port Authority of NY and NJ and FAPS, and positioned the company and its shareholders to capitalize on long-term momentum and recovery in the automotive industry.

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