Elogex, Inc., a provider of collaborative logistics solutions, has received $17 million of new growth capital from an investor group led by New York-based Fenway Partners.
The additional capital will enable Elogex to aggressively pursue its next phase of development and allow the company to expand its infrastructure to support its increasing customer base, which includes two of the top three U.S. retailers.
"This funding is a key milestone for Elogex," said Travis Parsons, Elogex president and CEO. "Slow economies have traditionally yielded many market leading companies, and we intend to leverage the current environment to deliver more value to our customers. We very much appreciate the continued support of our investors, which allows us the flexibility to increase the pace of value that we deliver to our clients by taking real costs out of the supply chain."
Over the last year, Elogex has expanded its retail and manufacturing client base to represent more than $155 billion in revenue and $5 billion in transportation spend. This additional capital will be invested in Elogex's operations to expand service levels and capabilities to take advantage of increasing customer activity.
"Elogex has rapidly achieved a leading position in the market by capitalizing on their unique combination of talent and technology and they are poised to expand their growing list of blue-chip corporate clients," said Richard Dresdale, president of Fenway Partners. "We are extremely confident in the company's growth prospects."
In addition to providing financial capital, W. Gregg Smart, managing partner of Fenway Partners, will work closely with the Elogex senior management team to help provide strategic direction to execute its aggressive growth plan. Along with operational expansion, Elogex has expanded its management team, adding Jerry Overcash as executive vice president, Bill Donner as chief information officer and Ken McAloon as chief scientist.
