CVF Invests in OffSpec Solutions
CVF Capital Partners (“CVF”), a Sacramento, CA based private equity firm, announced on September 21, 2018 that it has made a $6 million investment in Off Spec Solutions, LLC (“Off Spec Solutions” or “the Company”), a leading over-the-road trucking company servicing customers throughout the on Pacific Northwest and the Intermountain West. Daniel and Chris Salvador, co-founders and CEO and COO respectively, elected to partner with CVF to help finance Off Spec’s growth initiatives and will continue in their roles as day-to-day management of the Company.
Founded in 2009 and based in Nampa, Idaho, Off Spec Solutions is a leading over-the-road trucking company with tech-enabled enterprise transportation and freight brokerage solutions. The Company currently helps provide the transportation needs of leading food manufacturers and Ag producers throughout the western U.S. Off Spec Solutions’ proprietary technology platform, Dispatch Assistant®, enables the company to optimize their transportation deliveries, reduce transportation costs, ensure on-time deliveries, and effectively manage the complex supply chains of their customers.
The American Trucking Association summarized the role of trucking best, calling it the “literal lifeblood of the U.S. economy”. Trucking is the physical backbone of the food and Ag industries, together with e-commerce and person-to-person shipments accounting for over 70% of total freight tonnage. In the US alone, spending on overland logistics reached over $700 billion in 2017.
Daniel Salvador, Off Spec’s CEO and co-founder, commented, “The Off Spec Solutions’ team is very excited to partner with CVF as we enter the next stage of the Company’s growth. We believe there is a significant market opportunity available and are positioned to capture it with CVF’s support. We look forward to building our business both organically and through acquisitions, while continuing to deliver best-in-class solutions to our regional and national customers.”
Chris Salvador, Off Spec’s COO and co-founder, mentioned, “We continue to develop deep relationships with our growing customer base. We look forward to growing with them and providing their over-the-road trucking needs long into the future.” He continued, “The Company is well-positioned to benefit from the region’s continued economic expansion, which has fueled the sector’s growth and created increasingly complex supply chains.”
CVF Managing Partner, José Blanco, added, “CVF is the ideal financial partner for the Salvadors and Off Spec given our longstanding interest in the sector and deep expertise in industrials, transportation, and logistics.” He continued, “Our investment in Off Spec Solutions aligns well with our mission to partner with companies that benefit from strong macroeconomic tailwinds and have clear opportunities to achieve above-market growth. We are excited to partner with such a high-quality company led by an exceptional, purpose-driven management team.”