Mumbai, Aug 21: Warburg Pincus-backed logistics firm Stellar Value Chain Solutions has signed a pact with France-based CEVA Logistics for selling controlling stake in the company.
As part of the agreement, CEVA Logistics will acquire the entire stake of private equity firm Warburg Pincus.
The move will help CEVA Logistics diversify its presence in India, boosting its local workforce, assets, customer roster and capabilities, Stellar value chain said in a statement.
The acquisition is expected to be completed in the coming weeks, the company said without disclosing the deal size.
Incorporated in 2016 by logistics veteran Anshuman Singh, Stellar Value Chain Solutions is into contract logistics with omni-channel fulfillment services in segments such as e-commerce, automotive, consumer, retail, healthcare and pharmaceuticals, among others.
Post-acquisition, Stellar Value Chain Solutions will become a part of the third largest company in the world in contract logistics, the company said.
Following the acquisition, Anshuman Singh will continue to hold his stake and lead the business as the CEO, it added.
As part of the deal, CEVA Logistics will acquire approximately 7.5-million sq ft of carpet area (approximately 15-million sq ft of total logistics area) of Stellar Value Chain Solutions across more than 70 facilities in 21 cities across India, it said.
In addition, CEVA Logistics will inherit Stellar’s workforce of nearly 8,000 full-time and temporary employees, the company said. (PTI)
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