BDP International elects to keep business family-owned
August 10, 2012 - LM Editorial
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.
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