BDP International elects to keep business family-owned
BDP officials say they have reached a decision to retain full family ownership of the company, following an evaluation of potential private equity investment.
in the NewsState of Logistics 2016: Pursue mutual benefit Florida East Coast Railway to be acquired by Grupo Mexico Cat Lift Trucks awards $5,000 scholarship to high school student Survey: CFOs setting more strategy, crunching fewer numbers U.S. ports given “stable” rating by Fitch More News
When a Reuters report stated in April that global third-party logistics (3PL) services provider BDP International was in talks to with private equity firms to make the company available to be sold, BDP said that was not happening.
And roughly four months later BDP again reiterated that a sale is not in the works, with the company saying this week it has reached a decision to retain full family ownership of the company, following an evaluation of potential private equity investment.
The company said that following a comprehensive seven month review of the private equity market to diversify capital and growth, its owners, the Bolte family, and its board of directors have decided to retain full ownership of the company. And it added that BDP will continue to be owned and operated by the Bolte family and its current leadership team.
“We have learned from this experience and are appreciative of all of the groups with whom we engaged in dialog,” said BDP President and CEO Richard J. Bolte, Jr. in a statement. “Together with our board, we carefully studied all of the options, and ultimately decided our employees, customers, suppliers and the future of the BDP enterprise itself would be best served by retaining what we value most: our culture of caring for, growing with and attracting new customers. This culture reflects our philosophy of personal accountability in which BDP personnel have the autonomy to adapt to the needs of clients and execute quickly.”
“BDP is not for sale,” said Arnie Bornstein, BDP International executive director of corporate communications, in an e-mail interview in April. “Our ownership, the Bolte family, believes in the Company’s future, sees strong upside potential and is exploring opportunities with private investors, to raise capital that will enable BDP to have added flexibility to build on its technology, expand global presence and help our customers grow. “
Bornstein added that the infusion of capital through outside investment is a normal course of activity for privately owned companies.
And he also said that BDP is in the most favorable position in its 45-year history, out-performing its industry and financial markets over much of the past decade. BDP will continue to be owned and operated by the Bolte family and its incumbent management team, he said.
About the AuthorJeff Berman, Group News Editor Jeff Berman is Group News Editor for Logistics Management, Modern Materials Handling, and Supply Chain Management Review. Jeff works and lives in Cape Elizabeth, Maine, where he covers all aspects of the supply chain, logistics, freight transportation, and materials handling sectors on a daily basis. Contact Jeff Berman
Subscribe to Logistics Management Magazine!Subscribe today. It's FREE!
Get timely insider information that you can use to better manage your entire logistics operation.
Start your FREE subscription today!
5 Supply Chain Trends Happening Now 2017 Warehouse/DC Equipment Survey: Investment up as service pressures rise View More From this Issue