Austin Ventures ("AV"), one of the nation's leading venture and growth capital firms, announces the acquisition of three companies to launch Port Logistics Group ("PLG"). The investment was made in partnership with Robert Stull, a leading executive in the transportation logistics and distribution services industries. Mr. Stull will lead PLG as its President and Chief Executive Officer. With revenues of approximately $100 million at its launch, PLG becomes one of the leading nationwide providers of warehousing, distribution and transportation services in U.S. port cities. PLG develops and implements innovative logistics solutions to help the world's leading companies get their products to market faster and more efficiently. The company will be headquartered in Houston, Texas.
"We are excited about our investment with Bob to build a national, port-focused logistics company. He is a skilled operator, an innovative executive, and a dynamic leader who has developed great teams and delivered strong results for his customers and his shareholders at every step in his career," said David Lack, AV Partner. "These initial acquisitions are the first of many that we will make with Bob as PLG extends the reach of its port logistics capabilities for its customers."
"After conductingsubstantive market research and having discussions with severalcompanies, both large and small, I became convinced of the need for a nationwide logistics company that provides consistent, high quality service across a broad range of logistics services in our nation's port cities," said Bob Stull, CEO of PLG. "We have launched this platform with companies who are highly regarded by their customers for delivering superior service in their local markets. I look forward to meeting with other founders and entrepreneurs operating in port cities that share our vision and want to join us in this initiative."
Mr. Stull is the former President and CEO of Roadway Express, one of the largest transportation companies in the United States. His career with Roadway is a corporate success story -- Mr. Stull accepted an entry level position with Roadway in 1977 and progressed through the ranks over the next 28 years to become CEO of the $3 billion enterprise. During his tenure, Mr. Stull implemented changes which led to significantly increased operating income and successfully guided the organization through its acquisition. Under his leadership, Roadway Express became known as an industry leader in the areas of employee engagement and leadership development. Prior to being President and CEO, Mr. Stull served as Roadway Corporation's Vice President of New Venture Commerce where he was responsible for diversifying and growing the company's portfolio of businesses, broadening its network of strategic partnerships, and launching new products.
"AV has been an active investor in the supply chain services market for almost a decade. Our investment in PLG with Bob is a reflection of our continued commitment to pair strong supply chain and logistics businesses and their founders with seasoned, successful senior executives and the capital and logistics experience of AV," said Phil Siegel, AV General Partner.
AV's relationship with Mr. Stull was established as part of a stated strategy to partner with talented executives with proven track records to build growth companies in attractive markets. AV has a dedicated in-house talent function that identifies executives that want a hands-on partner in building their next business.
"We are excited about our investment with Bob to build a national, port-focused logistics company. He is a skilled operator, an innovative executive, and a dynamic leader who has developed great teams and delivered strong results for his customers and his shareholders at every step in his career," said David Lack, AV Partner. "These initial acquisitions are the first of many that we will make with Bob as PLG extends the reach of its port logistics capabilities for its customers."
"After conductingsubstantive market research and having discussions with severalcompanies, both large and small, I became convinced of the need for a nationwide logistics company that provides consistent, high quality service across a broad range of logistics services in our nation's port cities," said Bob Stull, CEO of PLG. "We have launched this platform with companies who are highly regarded by their customers for delivering superior service in their local markets. I look forward to meeting with other founders and entrepreneurs operating in port cities that share our vision and want to join us in this initiative."
Mr. Stull is the former President and CEO of Roadway Express, one of the largest transportation companies in the United States. His career with Roadway is a corporate success story -- Mr. Stull accepted an entry level position with Roadway in 1977 and progressed through the ranks over the next 28 years to become CEO of the $3 billion enterprise. During his tenure, Mr. Stull implemented changes which led to significantly increased operating income and successfully guided the organization through its acquisition. Under his leadership, Roadway Express became known as an industry leader in the areas of employee engagement and leadership development. Prior to being President and CEO, Mr. Stull served as Roadway Corporation's Vice President of New Venture Commerce where he was responsible for diversifying and growing the company's portfolio of businesses, broadening its network of strategic partnerships, and launching new products.
"AV has been an active investor in the supply chain services market for almost a decade. Our investment in PLG with Bob is a reflection of our continued commitment to pair strong supply chain and logistics businesses and their founders with seasoned, successful senior executives and the capital and logistics experience of AV," said Phil Siegel, AV General Partner.
AV's relationship with Mr. Stull was established as part of a stated strategy to partner with talented executives with proven track records to build growth companies in attractive markets. AV has a dedicated in-house talent function that identifies executives that want a hands-on partner in building their next business.
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