Sam Zell's Equity Group Investments Adds Cold Storage Investment
Equity Group Investments has announced an investment in East Coast Warehouse.
Sam Zell’s private investment firm, Equity Group Investments, has announced an investment in East Coast Warehouse, a provider of temperature-controlled logistics to the food and beverage industry.
EGI is partnering with ECW’s senior management team, which will continue leading the business and retain an ownership stake in the company. Terms of the transaction were not disclosed.
The partnership provides additional capital for add-on acquisitions and strategic support for the organization as it expands into new geographies. EGI President Mark Sotir, managing director Evan Harwood, and vice president Tyler Goldstein join ECW’s board of directors alongside CEO Jamie Overley.
End-to-End Supply Chain Services the Key
Harwood said in prepared remarks that he continues to see significant opportunities in differentiated logistics businesses such as ECW.
“ECW’s port-based strategy and its suite of end-to-end supply chain services make the company a leader in its markets and support its long-standing relationships with some of the largest shippers in the food and beverage industry,” Harwood said.
Headquartered in Elizabeth, N.J., ECW operates 72 million cubic feet of temperature-controlled and ambient warehouse space at the Ports of New York/New Jersey, Philadelphia, Baltimore and Savannah. In addition to its port-based warehousing services, ECW provides container drayage, local and regional trucking, national freight brokerage and customs exam services, offering shippers a fully integrated supply chain solution.
ECW CEO: ‘Our Next Phase of Growth’
With more than 65 years in operation, ECW is well-established in the temperature-controlled logistics space and has excelled under Overley’s leadership.
“We are proud to partner with EGI as we build upon our expansions into Baltimore and Savannah and look toward other regions across the country for our next phase of growth,” Overley added.
“This partnership will allow us to continue to execute our vision of providing an end-to-end national temperature-controlled third-party logistics solution with regional expertise and commitment to providing our customers with seamless capabilities and unmatched service.”
EGI, founded by Zell more than 50 years ago, has a long track record of building public and private businesses, including the origination and growth of multi-billion-dollar companies. EGI’s current portfolio includes investments in transportation and logistics, energy, waste and infrastructure, manufacturing, healthcare, agribusiness and real estate.