Balmoral Funds announces AgileX Supply Chain LLC
Los Angeles, CA – March 9, 2017 – Balmoral Funds LLC (“Balmoral”), a leading lower-middle-market private equity firm, announced that its newly formed portfolio company, AgileX Supply Chain LLC (”AgileX,” or the “Company”), has acquired substantially all of the assets of Argo Turboserve Corporation’s (“ATC”) Industrial Division in partnership with management, led by Steve Kinnard. Headquartered in Lyndhurst, New Jersey with operations in Houston, Dubai and Rotterdam, AgileX provides global integrated procurement and supply-chain services to Fortune 500 customers seeking to improve service levels, total landed cost, quality and efficiency. Such customers outsource procurement, quality assurance and supply chain functions to AgileX and experience dramatic improvements in quality, on time delivery, service levels and ROIC.
CEO Steve Kinnard and a seasoned team of professionals will lead the transition from ATC to a standalone company and implement the go forward strategies to grow the Company while continuing to provide quality service to customers. “The process of becoming independent will enhance our Company’s focus, resources, cost structure and growth in both new and existing markets,” said Kinnard.
“The management team and our service providers worked in seamless partnership in this swift-moving transaction. Together, we went from a first meeting to a signed purchase agreement in 30 days and a closing within another two-weeks,” said Robin Nourmand, Managing Director at Balmoral. “We are delighted to be working with Steve and the team at AgileX and further delighted that they chose us as their financial partner. We were impressed by the talent and results of the sourcing, procurement and quality teams at Agilex. It became clear to us why customer satisfaction with this team is high.”
In addition to organic growth, the AgileX team and Balmoral intend to pursue add-on acquisitions of similar and complementary companies which provide integrated supply chain services.
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