FreightWatch International, a global logistics security provider, announced Wednesday, July 14, that it has closed a $10 million growth equity investment led by Bridge Investments, a Chicago-based private equity firm.
“We are pleased Bridge Investments is making this investment in FreightWatch,” says Barry Conlon, chief executive officer of FreightWatch International. “This new partnership, in combination with our strong cash flow, allows FreightWatch to build upon the significant growth we have experienced in recent years. The additional capital will allow us to focus on new sectors, expand our current client base and invest in new covert asset-agging technologies.”
FreightWatch offers supply chain security solutions designed to prevent cargo theft within the pharmaceutical, electronics and other consumer-focused industries. “Supply chain security is not only an issue of corporate security, but it is also increasingly seen as a consumer safety issue, especially with stolen and counterfeit pharmaceuticals,” says Jeremy Kroll, an investor in FreightWatch and president of K2 Global Partners, a risk consultancy and investigations firm based in New York. “Ultimately, insurance carriers will require more companies to reduce loss from cargo theft.”
Other notable security industry investors joining Bridge and the Krolls include Egis Capital Partners, led by Robert Chefitz, whose advisory board is chaired by the first secretary of the U.S. Department of Homeland Security, Tom Ridge. “FreightWatch is an outstanding company with a unique set of services and proprietary technology, as well as an outstanding track record in delivering value to its clients,” says Steve Jarmel, principal of Bridge Investments. “We are happy to be making an investment in FreightWatch as it continues to meet growing demand for secure transport and trade on a global level.”