Ownership of Veeco Services, a warehousing, transportation and distribution firm based in North Bergen, N.J., has changed hands, according to Ron Lentz, managing director of G2 Capital Advisors in Boston.
Lentz served as a financial adviser to Veeco in connection with the sale to an unidentified strategic buyer. Veeco was previously a portfolio company of Lineage Capital, although it’s not clear how long it has owned the company.
Terms of the transaction were also not disclosed.
Founded in 1968 by Vincent Arciero, Veeco has been headed by Vincent’s son, Michael Arciero, since 1982. The company operates three divisions, Veeco Services, Crest CFS and Sundance Logistics.
“We are pleased to see Veeco find a partner for its next phase of growth,” Lentz said in a statement. “Management has a great opportunity to build upon the company’s strong reputation in the marketplace and unique service offering.”
Veeco provides transportation, deconsolidation, e-commerce fulfillment, distribution, warehousing and freight brokerage, specializing in what the company calls “port-to-door” logistics services.
Lentz said the new owners will make significant investments in automation.
“This will improve Veeco’s efficiency and competitiveness as an omnichannel fulfillment provider with a very strategic location to the New York metro area,” he said.
Additional growth opportunities include drayage and container freight station operations.
Veeco owns a fleet of 29 tractors, four straight trucks and 48 trailers, according to registration data on file with the U.S. Department of Transportation.