Cambridge Capital, an investment firm focused on the supply chain sector, has made a majority investment in Boa Logistics and Flow Cold Storage (collectively, “Boa”), two logistics companies specializing in refrigerated less-than-truckload (LTL) freight consolidation.

Through Boa’s consolidation model, small and medium-sized shippers are provided with access to a base of carriers for temperature-controlled LTL transportation needs across the U.S. The investment will enable Boa to continue expanding their cold-chain freight consolidation platform. 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, retain significant ownership, and serve on the board.

“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,” says Smalley, principal of Cambridge Capital. “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 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 as legal advisor to Boa.