AUSTIN, Texas, July 14 /PRNewswire/ -- FreightWatch International, the leading global logistics security provider, announced today it has closed a $10 million growth equity investment led by Bridge Investments LLC, a Chicago-based private equity firm.
"We are pleased Bridge Investments is making this investment in FreightWatch. This new partnership, in combination with our strong cash flow, allows FreightWatch to build upon the significant growth we have experienced in recent years," stated Barry Conlon, CEO of FreightWatch International. "The additional capital will allow us to focus on new sectors, expand our current client base, and invest in new covert asset tagging technologies."
With global cargo theft of high-value goods on the rise, the supply chain and logistics security solutions industry has experienced unprecedented exposure and growth. Even in seemingly safe parts of the world, companies now require layers of security measures to protect cargo from factory to customer. In April, the U.S. Food and Drug Administration urged pharmaceutical stakeholders to take precautions to protect their goods from theft.
"Supply chain security is not only an issue of corporate security, but it is also increasingly seen as a consumer safety issue, especially with stolen and counterfeit pharmaceuticals," stated Jeremy Kroll, an investor in FreightWatch and President of K2 Global Partners, a risk consultancy and investigations firm based in New York. "Ultimately, insurance carriers will require more companies to reduce loss from cargo theft."
FreightWatch offers supply chain security solutions designed to prevent cargo theft within the pharmaceutical, electronics and other consumer-focused industries. To date, every stolen pharmaceutical full truck load equipped with the FreightWatch technology has been recovered. Companies that invest in the full FreightWatch layered solution remain protected from theft.
Other notable security industry investors joining Bridge and the Krolls include Egis Capital Partners, led by Robert Chefitz, whose advisory board is chaired by the first Secretary of the U.S. Department of Homeland Security, Tom Ridge.
"FreightWatch is an outstanding company with a unique set of services and proprietary technology, as well as an outstanding track record in delivering value to its clients," said Steve Jarmel, Principal of Bridge Investments LLC. "We are happy to be making an investment in FreightWatch as it continues to meet growing demand for secure transport and trade on a global level."
Houston-based Growth Capital Partners, L.P. served as the exclusive financial advisor for FreightWatch on the transaction.
FreightWatch International (www.freightwatchintl.com) offers an array of customized logistics security solutions to prevent cargo theft throughout the supply chain. FreightWatch services include electronic freight security, 24/7 monitoring, security escorts, cargo assessments and intelligence, and end-to-end logistics security solutions. With these solutions, FreightWatch prevents logistics theft, ensures time-to-market, and protects corporate brands, proactively preventing the loss of high-value, at-risk products.
Bridge Investments LLC is a Chicago-based private equity firm focused on investments in business and consumer services companies. Bridge invests in businesses with $10 million to $50 million of transaction value.
SOURCE FreightWatch International