Houlihan Lokey Advises 1st Choice Delivery

Houlihan Lokey is pleased to announce the sale of 1st Choice Delivery, LLC (1st Choice) to Lanter Delivery Systems (Lanter), a portfolio company of Audax Private Equity (Audax). The transaction marks the successful exit from Northern Pacific Group (NPG), which acquired 1st Choice from its founders in 2017. The transaction closed on September 9, 2025.

1st Choice is a healthcare-focused, last-mile logistics platform that delivers pharmaceutical products on behalf of large drug distributors and long-term care companies into hospitals, pharmacies, and other care environments. Operating through 35 strategically located facilities and a network of more than 1,500 professional drivers, 1st Choice ensures reliable, efficient service across a wide geographic footprint. The company’s proprietary technology and attractive asset-light model make it a strong platform for growth within pharma logistics.

Headquartered in Boston, with offices in San Francisco, New York, London, and Hong Kong SAR, Audax manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion in assets under management as of March 2025, more than 290 employees, and 100-plus investment professionals, Audax has invested in over 175 platforms and more than 1,400 add-on acquisitions since its founding in 1999. Through its disciplined buy-and-build approach and across its dedicated industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value.

Lanter is a U.S.-based logistics company that specializes in time-sensitive and unattended overnight deliveries. It operates a broad distribution network and extensive warehouse space, serving industries such as automotive, industrial, and retail with a strong focus on reliability and efficiency. Audax acquired Lanter in February 2025.

Houlihan Lokey served as the exclusive financial advisor to 1st Choice.

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