Elogex Rewarded with $17 Million in Funding from Investor Group
Contact:
Jennifer Bonk
Elogex Inc.
704-227-1982
jbonk@elogex.com
Collaborative Logistics Provider Proves it Can Deliver Market Leadership
CHARLOTTE, N.C. (Oct. 21, 2002) -- Elogex, Inc., a leading provider of collaborative logistics solutions, has received $17 million of new growth capital from an investor group led by New York-based Fenway Partners. The additional capital will enable Elogex to aggressively pursue its next phase of development and allow the company to expand its infrastructure to support its increasing customer base, which includes two of the top three U.S. retailers.
"This funding is a key milestone for Elogex," said Travis Parsons, Elogex president and CEO. "Slow economies have traditionally yielded many market leading companies, and we intend to leverage the current environment to deliver more value to our customers. We very much appreciate the continued support of our investors, which allows us the flexibility to increase the pace of value that we deliver to our clients by taking real costs out of the supply chain."
Over the last year, Elogex has expanded its retail and manufacturing client base to represent more than $155 billion in revenue and $5 billion in transportation spend. This additional capital will be invested in Elogex`s operations to expand service levels and capabilities to take advantage of increasing customer activity.
"Elogex has rapidly achieved a leading position in the market by capitalizing on their unique combination of talent and technology and they are poised to expand their growing list of blue-chip corporate clients," said Richard Dresdale, president of Fenway Partners. "We are extremely confident in the company`s growth prospects."
In addition to providing financial capital, W. Gregg Smart, managing partner of Fenway Partners, will work closely with the Elogex senior management team to help provide strategic direction to execute its aggressive growth plan. Along with operational expansion, Elogex has expanded its management team, adding Jerry Overcash as executive vice president, Bill Donner as chief information officer and Ken McAloon as chief scientist.
Elogex`s growth reflects the competitive advantages that the company`s OneNetwork application offers its retail and manufacturing customers. Using the Elogex OneNetwork, customers benefit from dramatically increased supply chain control by exposing previously hidden or gray area costs. Using a single solution, supply chain executives can see a complete view of their company`s logistics activities including inbound and outbound freight optimization and execution, dock door scheduling and centralized contract management. Designed with an Internet-native architecture, Elogex`s OneNetwork helps facilitate stronger relationships across departmental silos within an enterprise and beyond to increase service levels with customers, suppliers and carriers.
About Elogex, Inc.
Elogex provides the only complete platform available for collaborative logistics to an exclusive client roster in the food, grocery and consumer good industries. Elogex enables organizations to benefit from enterprise-wide logistics synergy. Elogex customers such as Kroger, DuPont, Hannaford Bros. and C&S Wholesale can automate inbound and outbound transportation activities across all divisions within their organization and beyond, while simultaneously monitoring logistics events. Passionate about helping clients avoid lengthy and expensive implementations, Elogex delivers its solution via an ASP model. For more information, please visit www.elogex.com or call 866-302-1936.
About Fenway Partners, Inc.
Fenway Partners, Inc. recognized for successfully building brands and businesses, is a private equity firm based in New York with funds under management of more than $1.4 billion. In partnership with management, Fenway invests in companies with strong market positions and significant opportunities for growth. Fenway provides management and strategic guidance to improve operating and financial performance of its portfolio companies, which include Simmons Company, Harry Winston, Decorative Concepts, Transport Industries, and other leading enterprises. For further information, visit the website at www.fenwaypartners.com.
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