Sorrow leads supply chain acquisition startup
Ron Sorrow, former founder and chief executive officer of Roadlink, will partner with Texas-based Austin Ventures to start a new supply chain acquisition and development firm.
Sorrow, a 30-year veteran of the transportation industry, will serve as president and CEO of the newly formed AVRON Partners, to which Austin has committed $75 million in equity capital.
AVRON, based out of Atlanta, will focus on 'acquiring and strategically expanding companies within the supply chain services, transportation logistics and distribution sectors.'
Sorrow, who co-founded Roadlink USA in 2000 and served as CEO until its sale in late 2006, previously served as president and CEO of CSX Intermodal, the intermodal rail, truck logistics and ocean cargo inland transport subsidiary of CSX Corp. He also serves as CEO-in-residence for Austin's growth/private equity practice.
The deal comes a week after Austin formed a new Houston-based transportation services firm called Port Logistics Group by acquiring two California firms and another based in New Jersey.
Austin has a war chest of nearly $900 million ready for investment, with $300 million earmarked for early stage technology firms and about $300 million destined for growth equity deals.
AVRON and PLG are both part of Austin's growth equity strategy, which firm officials said would not be slowed by the recent economic turmoil.
AVRON's senior management team also includes: former Boston Consulting Group vice president Phil Siegel; Jaime Aquirre, former vice president in the technology, media, and telecom investment banking group at Goldman Sachs; and David Lack, who also served with Boston Consulting Group.