12/03/2019 | Press release | Distributed by Public on 12/03/2019 09:47
Chicago, IL, December 3, 2019 - Wind Point Partners and portfolio company STG Logistics ('STG'), a leading provider of specialty 3PL services critical to the global supply chain, are pleased to announce that STG has expanded its leading import/export presence on the east coast of the United States with the acquisition of Veeco Holdings ('Veeco' or the 'Company'). Veeco's management will continue with the business and will join STG as senior members of its operations team. STG plans to consolidate the majority of its New Jersey operations into Veeco's existing footprint by the end of the first quarter of 2020.
Founded in 1968, Veeco is a leading provider of comprehensive logistics solutions focused on the gateway ports of New York and New Jersey. Veeco provides container freight station services ('CFS'), a variety of contract logistics and distribution ('CLD') solutions, as well as a broad suite of ground transportation and 3PL services. The Company operates three facilities, including a flagship location in North Bergen, NJ. Similar to STG, Veeco's diversified customer base includes freight forwarders, neutral NVOCCs, manufacturers, distributors, retailers, and a variety of 3PL providers.
'Expanding STG's presence in the country's major gateway ports was a key component of the value creation plan we developed at the formation of the STG platform . . . we look forward to supporting STG's leadership team as they continue to grow the business organically and via acquisition.'
Konrad Salaber, Managing Director
'The acquisition of Veeco represents STG's continued dedication to growing our presence in one of the most important import/export geographies in the country,' said Greg Muldoon, Chairman of STG. 'Veeco allows STG to expand and grow its CFS services in New York and New Jersey, where we have seen demand consistently exceed our capacity. Importantly, the acquisition also adds CLD capabilities including warehousing, distribution, and e-commerce fulfillment on the East Coast, which many of STG's existing customers have been requesting for some time.
'We welcome the employees of Veeco to the STG family and we are excited about the growth opportunities this combination will unlock for the collective employee base,' said Geoff Anderman, Chief Financial Officer of STG. 'We are equally enthusiastic about the opportunity to integrate STG's existing operations into Veeco, which will provide our mutual customers with a showcase East Coast location capable of providing a broad base of CFS, CLD and multi-modal logistics services. We look forward to sharing our plans with our customers and exploring the numerous additional ways we can help them succeed in New York/New Jersey and nationally.'
Konrad Salaber, Managing Director at Wind Point, commented, 'Expanding STG's presence in the country's major gateway ports was a key component of the value creation plan we developed at the formation of the STG platform. Following the acquisition of Veeco, STG will approach $450 million in annual revenues, and we look forward to supporting STG's leadership team as they continue to grow the business organically and via acquisition.'
Wind Point is an active investor in transportation, logistics and route-based businesses, with select prior investments including A&R Logistics, Dicom Transportation, Valicor Environmental Services, RailWorks and AIR-serv.