Saddle Creek Corp, a Lakeland, Fla.-based logistics company has acquired Buena Park-based ServiceCraft Logistics. ServiceCraft Logistics, a well known name in the trucking and warehousing company is all set to become a part of Saddle Creek Corp without even revealing the terms and conditions of the acquisition.

ServiceCraft offer their services to almost 25 companies. Their list of customers incorporates the maker of consumer, paper, cleaning, health and beauty as well as food products. Along with two warehouses occupying a space of 830,000 square feet in Buena Park, the company has expansions in Ontario, Chino Hills, Northern California and Texas. Altogether the company has more than 4 million square feet of warehouse space.

Based on reports, ServiceCraft had annual sales of about $80 million and was being paid $15 million by Japan’s Sumitomo Group in the year 2005. Later, Bayside Capital, which is a Miami-based private equity firm also made an investment in the company but there was no information about the cash and stakes involved in the process.

Saddle Creek has acquired ServiceCraft with an aim to meet their purpose of expansion in California. There are about 250 people hired by ServiceCraft. Based on the reports of trade publication Logistics Management most of them are looking forward to join Saddle Creek. John Monson and his family were the brains behind the formation of ServiceCraft until it was sold to May Logistics Services Inc in the year 1998.

This entry was posted on Friday, December 4th, 2009 at 3:01 pm and is filed under Venture Capital News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.