CEVA Logistics expands in India with acquisition
23 / 08 / 2023
French firm CEVA Logistics is expanding in India with the purchase of nationwide contract logistics expert Stellar Value Chain Solutions.
CMA CGM-owned CEVA Logistics said it has signed an agreement to acquire 96% of Mumbai-based Stellar Value Chain Solutions from an affiliate of private equity firm Warburg Pincus and other shareholders.
Launched in 2016 by Anshuman Singh, Stellar Value Chain Solutions has grown in contract logistics with omni-channel fulfillment services in the e-commerce, automotive, food products, consumer, fashion and retail, healthcare and pharmaceuticals market segments. Singh will continue leading the business following the acquisition.
CEVA will acquire approximately 7,700,000 sq ft of space across more than 70 facilities in 21 cities across India. In addition, CEVA will inherit the Stellar workforce of nearly 8,000 full-time and temporary employees.
The Stellar acquisition will help CEVA diversify its presence in India and Asia Pacific, and strengthen its strategy to provide its customers with end-to-end supply chain solutions.
CEVA Logistics is currently present in 75 locations across 35 cities in India with approximately 2,700,000 sq ft of warehouse space.
In addition to India, the acquisition complements recent growth in CEVA’s contract logistics business elsewhere in the Asia Pacific region. The deal is also expected to benefit CEVA’s freight management and customs business in the region.
CEVA Logistics chief executive Mathieu Friedberg said: “With the addition of Stellar VCS, we will continue our strategic growth with the goal of becoming a Top 5 global logistics player. We are expanding into more key market segments and boosting our presence in this strategic country.
“Stellar has an important network of contract logistics facilities across India and a top roster of customers. Bringing on their expertise and footprint in India is a major step forward for CEVA Logistics.”
Anshuman Singh, founder, Stellar Value Chain Solutions, said: “We have built a strong network across India based on our commitment to serving our customers through long-term partnerships.
“Warburg Pincus has been an extremely valuable and supportive partner in building this company right from its inception and is now passing on the baton to another global giant, CEVA Logistics, to take this company ahead.
“I look forward excitedly to the future with CEVA, further supporting our commitment to our customers and allowing them to benefit from CEVA’s global capabilities with our knowledge of India.
“The shared values of our Stellar associates and those of the CEVA Logistics team will allow for a quick integration and new, global opportunities for our associates.”