FreightWatch closes $10m growth equity investment

Following an increase in global cargo theft, the logistics security solutions industry has seen unprecedented growth.

Barry Conlon, CEO of FreightWatch International, the global security provider, said: “This new partnership, in combination with our strong cash flow, allows FreightWatch to build upon the significant growth we have experienced in recent years.

“The additional capital will allow us to focus on new sectors, expand our current client base, and invest in new covert asset tagging technologies.”

FreightWatch provides supply chain security solutions designed to prevent cargo theft within the pharmaceutical, electronics and other consumer-focused industries.

The company revealed that, to date, every stolen pharmaceutical full truck load equipped with the FreightWatch technology has been recovered.

CONSUMER SAFETY ISSUE

Principal of Bridge Investments LLC, Steve Jarmel, commented on the investment, saying: “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.”

The Chicago-based private equity firm invests in businesses with $10 million to $50 million of transaction value.

“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,” said 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,” added Kroll.

Edited by Chris Farnell

Link: www.freightwatchintl.com