OR WAIT null SECS
Acquisition expands 3PL’s presence in India, adds 7.7 million square feet of facility space.
CEVA Logistics, a third-party logistics provider (3PL), has signed an agreement to acquire 96% of Stellar Value Chain Solutions from an affiliate of private equity firm Warburg Pincus and other shareholders.Started in 2016 by Anshuman Singh, Stellar Value Chain Solutions has been involved in the contract logistics space with omni-channel fulfillment services in pharma, healthcare, eCommerce, automotive, food products, consumer, fashion, and retail market segments. Singh will continue lead the business following the acquisition.
The 3PL will acquire approximately 7,700,000 square feet of space across more than 70 facilities in 21 cities across India. Further, CEVA will bring on a Stellar workforce of nearly 8,000 full-time and temporary employees. The Stellar acquisition is expected to help CEVA diversify its presence in India, boosting its local workforce, assets, customer roster, and capabilities, as it looks to provide its customers with end-to-end (E2E) supply chain solutions.
CEVA Logistics is currently present in 75 locations across 35 cities in India with approximately 2,700,000 square feet of warehouse space. This acquisition, the company notes, would allow it to become a much stronger player in Indian contract logistics, offering its new customers global expertise and increased operational efficiency and innovation.
“With the addition of Stellar VCS, we will continue our strategic growth with the goal of becoming a Top 5 global logistics player,” says Mathieu Friedberg, CEVA Logistics’ CEO. “We are expanding into more key market segments and boosting our presence in this strategic country. Stellar has an important network of contract logistics facilities across India and a top roster of customers. Bringing on their expertise and footprint in India is a major step forward for CEVA Logistics.”