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Investment allows Boa Logistics and Flow Cold Storage to expand

WEST PALM BEACH, Fla., Sept. 8, 2022 /PRNewswire/ — Cambridge Capital, a leading investment firm focused on the supply chain sector, today announced a majority investment in Boa Logistics and Flow Cold Storage which are innovative, high-growth, third-party logistics companies specializing in refrigerated less-than-truckload (“LTL”) freight consolidation, led by industry veterans.

The investment, in partnership with management, will enable Boa to continue to expand its dedicated cold-chain freight consolidation platform and capitalize on its large market opportunity, building on 50% revenue growth and 130% EBITDA growth over the last 12 months.

In conjunction with the investment, Cambridge Capital’s Benjamin Gordon and Matt Smalley have joined Boa’s Board of Directors. Boa’s founders, Matt Mugar and Walter Lopes, will continue to lead the business full-time, retain significant ownership, and serve on the Board.

Through Boa’s proprietary consolidation model, enhanced by technology, small and medium-sized shippers can enjoy white-glove service, 24×7 responsiveness, operational excellence and access to a differentiated base of carriers for temperature-controlled LTL transportation needs across the United States.

Given Boa’s cold-chain expertise, its focus on the perishable food & beverage industry, and major consignees including Costco, Trader Joe’s, Kroger and Publix, Boa’s customers can have a logistics partner that is able to scale, without sacrificing quality, responsiveness or service levels. Boa has specifically unmatched capabilities for freight originating from the West Coast, which is a large, fragmented, and underserved market.

“Walter and I have spent 10 years bootstrapping Boa to what it has become today, supported by a world-class team. We are thrilled to have the opportunity to partner with Cambridge Capital. We truly value the deep supply chain expertise that Cambridge Capital has, as well as their experience in working with similar entrepreneur-led companies. Our focus for Boa 2.0 is to work with Cambridge Capital to further develop our platform, enhance our offerings, expand our leadership team, and continue to service our customers at the highest level,” said Matt Mugar, Co-Founder and CEO of Boa.

Walter Lopes, Co-Founder and President of Boa, added, “As we embark on the next phase of Boa with Cambridge Capital, our goals will be to invest heavily into technology and automation, as well as expand geographically, which will add significant value to both customers and consignees. Over the next few years, we believe Boa will become a nationwide household name when it comes to cold-chain LTL freight services”.

Boa’s customers include well-known brands as well as some of the fastest-growing innovators in the perishable food and beverage staple category that require a scalable partner, best-in-class temperature control technology, delivery precision and operational excellence.

Benjamin Gordon, Managing Partner of Cambridge Capital, said, “Cambridge is excited to have the opportunity to partner with Matt and Walter as Boa’s first outside investor. Cambridge’s thesis is to partner with outstanding leaders, with a niche focus, and operational excellence, who are ready to take their business to new heights. Matt, Walter, and the rest of the Boa embody the best attributes in the industry, and we are fortunate to have the opportunity to join with them in this exciting next stage of growth.”

Matt Smalley, Principal of Cambridge Capital, added, “Boa has shown impressive growth with existing and new customers over the past several years, and services them at the highest standards in the industry. Boa’s customers are quoted as saying that Boa treats their freight as if it is Boa’s own and that they can rely on Boa to manage complexity and hyper-growth with care. Our team looks forward to our partnership with Boa over the next several years, as we seek to support them with significant expansion goals.”

McDermott Will & Emery LLP served as legal advisor to Cambridge Capital, while East West Bank and Capital Dynamics Private Credit acted as Joint Lead Arrangers for a Senior Secured Term Loan Facility to support Cambridge’s investment in Everest. Gulfstar Group served as exclusive financial advisor to Boa and Procopio, Cory, Hargreaves & Savitch LLP served legal advisor to Boa.

About Cambridge Capital:
Cambridge Capital is an investment firm focused on the supply chain sector. The firm provides private equity to finance the expansion, recapitalization, or acquisition of growth companies in transportation, logistics and supply chain technology. Our philosophy is to invest in companies where our operating expertise and in-depth supply chain knowledge can help our portfolio companies achieve outstanding value.

For more information, please visit

About Boa Logistics, LLC:
Established in 2010, Boa Logistics is a service-focused freight management company, utilizing technology to stay ahead of the competition. Boa specializes in refrigerated LTL freight movements and consolidation nationwide. Additionally, Boa also operates a cold-storage facility to serve its customers (Flow Cold Storage). Boa focuses on mission-critical movements of perishable temperature-controlled freight for medium-sized companies, with destinations including big-box retail, grocery, and restaurant distribution. Additionally, Boa handles dry freight and drayage-related movements and consolidations for customers.

For more information, please visit