Firmament, a leading provider of structured equity solutions to small- and medium-sized enterprises, announced an investment in Forest Incentives, Ltd. (“Forest” or the “Company”), a provider of third-party logistics (“3PL”) and procurement and support services, including product sourcing, warehousing, fulfillment, and customer support, for companies and not-for-profit organizations (“NPOs”). Proceeds from the investment will be used to fund strategic investments in EnterMarket Corp. (“EnterMarket”) and SMG Direct, Inc. (“Wolff”), creating a flexible and geographically diverse 3PL provider with the diverse capabilities to service NPOs, membership and event-based organizations, and e-commerce and retail/wholesale customers.
Forest is led by CEO Greg DuMont, an industry veteran with over 20 years of leadership experience, who shared his thoughts on the investment: “We sought a capital partner who would support the Forest team’s vision in creating a truly scaled and differentiated third-party logistics business. We found an ideal fit in Firmament, with their flexibility and expertise in scaling integrated supply chain and business services companies, and moreover the understanding of the many needs of our valued customer base and the market as a whole.”
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Forest is tandemly investing in EnterMarket, a specialized 3PL provider to both established and emerging e-commerce and retail/wholesale consumer goods brands. EnterMarket was founded by Andrew Serby, an industry veteran with over 25 years of experience in the 3PL space, who will join Forest as the Head of Sales and Business Development. Mr. Serby also shared his thoughts on the transaction: “The EnterMarket team believes the combination with Forest will bolster the Company’s already established position in the 3PL market. We are looking forward to accelerating the scale of our growth through working with Forest and Firmament, as they believe in our thesis and share our core values.” In addition, Forest will also simultaneously invest in Wolff, which further expands Forest’s market share and service offering within the NPO and membership-based media verticals.
Ted Wong, Principal at Firmament, added, “We are thrilled to partner with the Forest team and execute on their vision to create a national 3PL leader. Forest has a sterling reputation within the NPO vertical for quality service and reliability, which positions the Company well as a complementary home for the EnterMarket and Wolff businesses. We are committed to providing the capital solutions necessary to help Forest benefit from the long-term industry tailwinds in the third-party logistics industry.”
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