STG Logistics Acquires Veeco Holdings
December 6, 2019
Dear Business Partner,
STG Logistics announces the acquisition of North Bergen, New Jersey-based Veeco Holdings, which operates three facilities serving the key markets in and around the New York tri-state area.
Founded in 1968, Veeco operates a container freight station, provides contract logistics, distribution solutions and trucking to a customer base similar to STG’s including, but not limited to, freight forwarders, neutral NVOCC’s, manufacturers, distributors, retailers and 3PL providers.
Veeco’s crown jewel facility in North Bergen is a 612,000 square foot warehouse featuring 117 dock doors, 12,000 pallet locations and over 100,000 pick locations.
Over the coming months, STG intends to move all existing work currently performed in Kearny, NJ, into this facility. Our priority is ensuring we provide superior service and support to our customers during the transition.
“Veeco’s North Bergen facility will be able to handle all existing Container Freight Station (CFS) and Contract Logistics and Distribution (CLD) customers while affording us and our customers the opportunity to grow volumes as well,” offers Dave Sosnowski, Senior Vice President Sales and Marketing for STG Logistics.
“In turn, Veeco’s customers get access to a nationwide network of independent and neutral CFS locations with state of the art technology that will allow them to take advantage of new opportunities in markets outside the northeastern United States,” Sosnowski continued.
With the acquisition of Veeco, STG will approach $450 million in annual revenues.
STG is owned by Wind Point Partners, a Chicago-based private equity investment firm with approximately $3 billion in assets under management.