Late last week, Culver City, Calif.-based Boa Logistics and Flow Cold Storage (Boa), fast-growing third-party logistics (3PL) providers focused on refrigerated less than full loads (LTL), received a Majority investment from Cambridge Capital, based in West Palm Beach, Florida, an investor in niche supply chain leaders and applied supply chain.
Cambridge Capital said the investment, in partnership with Boa management, will help keep Boa on track to expand its dedicated cold chain freight consolidation platform, as well as capitalize and capitalize on its significant market opportunity by building on its 50% revenue and 130% EBITA growth over the past year.
Additionally, he added that Cambridge Capital’s managing partner, Ben Gordon, and principal, Matt Staley, now serve on Boa’s board, while Boa founders Matt Mugar (co-founder and CEO) and Walter Lopes (co-founder and president) will remain active. to run Boa’s business full-time, retain a significant share of the company, and sit on its board of directors.
One of Boa’s key advantages cited by Cambridge Capital is its proprietary consolidation model, which is enhanced by technology, and provides premium service to small and medium-sized businesses, 24/7 responsiveness , operational excellence and access to a differentiated base of carriers for temperature-controlled services. LTL transportation needs across the United States.
And he added that with Boa’s cold chain expertise, focus on the perishable food and beverage industry, and key recipients including Costco, Trader Joe’s, Kroger and Publix, customers of Boa may have a logistics partner that can scale, without sacrificing quality, responsiveness or service levels.
“Boa has unrivaled capabilities specifically for freight from the West Coast, which is a large, fragmented and underserved market,” Cambridge Capital said.
Boa’s Mugar said in the statement that he and Lopes spent 10 years building Boa into what he is today, backed by a world-class team.
“We are delighted to have the opportunity to partner with Cambridge Capital,” he said. “We really appreciate Cambridge Capital’s deep supply chain expertise, as well as their experience of working with similar entrepreneur-led businesses. Our goal for Boa 2.0 is to work with Cambridge Capital to further develop our platform, improve our offerings, expand our management team and continue to serve our clients at the highest level.
Lopes added that as Boa enters its next phase, the company’s main goals will be to invest heavily in technology and automation, as well as to expand geographically, which will add significant value to the company. both to customers and to recipients.
“Over the next several years, we believe Boa will become a nationally recognized name in cold chain LTL freight services,” Lopes said.
Gordon of Cambridge Capital said ML that his company thinks Boa has exceptional business today, with Cambridge Capital’s investment in Boa serving as a multiplier.
“We intend to give Boa the resources to expand its capabilities,” Gordon said. “Boa is looking to grow 3x in 3 years. This means that Boa should be able to increase its market coverage and density across the country. As a result, Boa expects to be able to offer cold chain customers the most comprehensive network, the deepest strength in LTL consolidation, and the broadest cold chain capabilities. Additionally, with the resources of Cambridge Capital, Boa has the ability to pursue acquisitions. Thus, food companies should be able to access an even more powerful cold chain network. »
Regarding the main competitive advantages of this financing for Boa, Gordon cited the following: capital to pursue acquisitions; resources to invest in technology, ability to add locations and services to grow the network; and partners experienced in building billion-dollar companies.
Looking ahead, Gordon said Boa is poised to stay on its strong growth trajectory in a variety of ways, including: expanding the team, particularly into technology and finance; network expansion, to provide full national capabilities; expanding the service, to add to the food solutions customers can enjoy from Boa; and acquisitions where they add value to Boa’s customer experience.
About the Author
Jeff Berman, Group News Editor Jeff Berman is Group News Editor for Logistics management, Modern material handlingand Supply Chain Management Review. Jeff works and lives in Cape Elizabeth, Maine where he covers all aspects of the supply chain, logistics, freight forwarding and material handling industries on a daily basis. Contact Jeff Berman