The last few months have seen a series of significant events in the history of our company.
Back in November ‘23 we announced that Palladium Equity Partners would assume a majority stake in the business. Then over the last few months we’ve been working with Geoffrey Baird, our chairman, and the team there on fleshing out our strategic plan to capitalize on the opportunity that gives us to take Source forward into a significant new phase better able to support our customers, old and new.
If you’ve been tracking our business closely, more recently you might have spotted us bolster our leadership team, with Emily Robertson joining as CFO, Bart Bullard appointed as VP Information Technology, and Carl Fowler as SVP of Sales. You may also be aware that we have taken on new roles with Raul assuming the position of CEO and Marcelo in a new position of President of Corporate Development.
Why now?
Source started almost 25 years ago out of a plan drawn on a napkin. With the incredible collaboration, support and hard work of every single person that is or has been part of the organization over the years, together we transformed a plan on a piece of paper into a very successful company. In a world of logistics companies, offering generic services to the mass market, we chose to specialize. Over the years we have built an infrastructure and service portfolio that makes us the go-to logistics company for brands from across Latin America to import and distribute their goods across North America. And our further focus on key segments like Food & Beverage, CPG and Health and Beauty has made us trusted partners for brands like CAB USA, Novamex and many more, both big and small.
But the market for those brands in the US is growing rapidly – and not just in the Hispanic community but more broadly across all demographics. For us to continue to best serve our existing customers, as well as be best placed to serve new ones, we must grow in both breadth and reach. The growth plan we are now executing will enable us to do just that.
A focus on culture, a focus on execution
The Source mission is to “Be the Best Logistics Partner for You: An employee, A Customer and A Vendor”. These aren’t just words. These are the values that our Source family lives by, the result of which is a business with one of the best customer retention levels in the industry and lowest churn of employees. We believe our culture is the “Source DNA” that binds us and in this phase of growth must be maintained. It’s one of the reasons we have been investing so heavily in growing our leadership teams, carefully selecting new executives that will help us maintain these values.
What will growth look like?
Our plan reflects the market opportunity and customer demands that we are experiencing. Over the coming months and years you should expect to see us launch new service offerings from which both new and existing can benefit, as well as see us open new facilities enhancing our reach across the country to service this growing demand. This will be Marcelo’s primary focus – my primary focus achieving this via a combination of Mergers & Acquisitions, Third Party Facilities, Strategic Alliances, Special Projects and Real Estate, supported by the strong partnership and investment of Palladium. We are also increasingly being sought out by brands from around the world, like Deoleo, keen to work with us for our expertise in bringing goods into the US market, and expect this opportunity to also contribute to our growth.
You will also see us be much more proactive in our sales and marketing outreach – this blog, in fact, being one such example. We will be “the industry’s best kept secret” no more!
We are both incredibly excited by what the future holds for the Source Family, our customers and vendors and invite you to join us on this journey. Please do reach out to us if you would like to discuss any of the points we’ve raised here in this post.
We look forward to talking with you.