Burris Logistics, a leading third party logistics firm, retained members of the banking team at WR Securities, LLC, the broker–dealer affiliate of Wolfe Trahan & Co., to evaluate strategic alternatives with respect to select non–core operations. As Burris’ other business lines have continued to grow and generate attractive returns, the firm could no longer justify the ongoing investment in these business units.
Burris evaluated both strategic and financial buyers with respect to a potential transaction and ultimately approached a limited number of industry participants who were determined to have the highest strategic interest in its non–core assets. Cloverleaf Cold Storage Co. of Sioux City, IA was selected as the favored bidder for the operations in North Carolina, South Carolina and Virginia based, in part, on cultural compatibility, the deep industry background of its principals and Cloverleaf's commitment to future growth in the region.
A notable aspect of this transaction is that it took only 10 weeks to reach agreement on terms and close after the initial meeting between Burris and Cloverleaf.
Donnie Burris, the President of Burris, commented, “While it was difficult to lose the many high quality Associates at these locations, a number of whom have worked shoulder to shoulder with members of my family for many years, we know that we found the right buyer in Cloverleaf. Cloverleaf has a solid track record and is committed to expanding these businesses. In addition, this transaction further positions Burris for continued strong growth.”
Headquartered in Milford, DE, Burris is a diversified third–party logistics provider with 1,650 employees and annual revenue of about $2.5 billion. Burris is a leader in four business segments: contract logistics, custom distribution, foodservice re–distribution and public refrigerated warehousing. Burris was established in 1925 and continues to be owned and managed by the Burris family.
The firm currently operates 15 warehouse facilities representing over 75 million cubic feet of ambient and refrigerated storage space. These facilities are located along the Eastern Seaboard of the U.S. and a number of the warehouses are within close proximity to major East Coast ports. Burris also operates a fleet of 225 tractors and 430 refrigerated vans.