California private equity firm has agreed to sell its ownership in the logistics service provider
The Central Valley Fund (CVF) announced today the exit of its investment in Source Logistics, www.sourcelogistics.net. CVF invested $3.36M in March 2008 as part of the company’s rapid expansion plan. Financial terms have not been revealed.
Source Logistics provides warehouse management, distribution solutions, and other value-added logistics services through a network of more than 8 locations and 1.5 million square feet of warehouse space throughout the entire country.
Source Logistics CEO Marcelo Sada said, “We appreciated CVF’s support these last 8 years. They helped us execute on our business plan, facilitate access to capital, and provided added value in many ways, facilitating our growing revenue 7x during this period of time”.
Its achievements under CVF also include buying the fulfillment and digital print company – Fulfillment Corporation of America, www.sourcefca.com, in December 2012 which allowed the company to expand its customer base with U.S. utilities, retail, and healthcare companies.
CVF partner José Blanco said, “We achieved everything we set out to, supporting Marcelo and the Source Logistics team become an industry leader with a great management team, a strong corporate culture, and all the tools it needs to continue succeeding long term”. “We are pleased with the value created on behalf of the company’s employees, customers, and shareholders.”
About Source Logistics
Founded in Montebello, California in 1997, by Marcelo Sada, Raul Villarreal, and Fernando Ramirez to provide logistics services to the growing volume of imports from Mexico’s leading food and beverage firms. The company grew quickly and established warehouse locations throughout the U.S. and expanded its services to provide fulfillment and digital print to a variety of U.S. customers in apparel and numerous consumer segments. For more information, please visit www.sourcelogistics.net