Warburg Pincus seeks buyers for New Breed Logistics
06 May 2014
Private equity firm Warburg Pincus is exploring the sale of New Breed Logistics Inc in a deal that could value the US logistics company at more than $1 billion, Reuters yesterday reported, citing people familiar with the matter.
Warburg Pincus had acquired New Breed in 2005 from Eos Partners for an undisclosed sum.
Warburg Pincus is working with investment bankers to talk with interested buyers, including other private equity firms, the report said.
Founded in 1968 as a regional trucking company, New Breed Logistics' clients include some of the world's most respected brands in aerospace, consumer electronics, defense, manufacturing, healthcare, retail and telecommunications.
The North Carolina-based company provides third-party logistics services worldwide. It offers warehousing, distribution services, manufacturing support services, including storage and management of inbound supplier materials, vendor managed and owned inventory, kitting, sub-assembly, inbound inspection, parts decontamination, supplier management and RFID tracking.
It employs more than 7,000 people worldwide and manages millions of square feet of warehouse space across more than 50 distribution centers and distributes over $30 billion products annually.
Its clients include the US Postal Service, Siemens Medical Solutions, Verizon Wireless, Boeing, Avaya, Disney, Sikorsky, and the US Marine Corps.