CEVA Logistics announced today that it has signed an agreement to acquire 96 percent of Mumbai-based 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 grown into a key local player in contract logistics with omni-channel fulfillment services in the eCommerce, automotive, food products, consumer, fashion and retail, healthcare and pharmaceuticals market segments. Anshuman Singh will continue driving this business following the acquisition.
CEVA will acquire approximately 7,700,000 square feet of space across more than 70 facilities in 21 cities across India. In addition, CEVA will inherit the Stellar workforce of nearly 8,000 full-time and temporary employees, who have strong expertise and relationships in India. The Stellar acquisition will help CEVA diversify its presence in India, boosting its local workforce, assets, customer roster and capabilities. The deal strengthens CEVA’s strategy to provide its customers with end-to-end 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. With the acquisition, CEVA Logistics would become a much stronger player in Indian contract logistics, offering its new customers global expertise and increased operational efficiency and innovation.
In addition to India, the acquisition complements recent growth in CEVA’s contract logistics business elsewhere in the Asia Pacific region. The deal is also expected to benefit CEVA’s freight management and customs business in the region. With new manufacturing trends and supply chain routes developing, CEVA’s global network and wide range of logistics solutions provides its APAC clients with the agility needed to navigate changing market conditions.
Mathieu Friedberg, chief executive officer, CEVA Logistics, said “With the addition of Stellar VCS, we will continue our strategic growth with the goal of becoming a Top 5 global logistics player. 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.”
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