$180m funding was provided to LogicSource, a Norwalk-based company providing procurement services and technology solutions.
FTV Capital made the investment. Brad Bernstein, managing partner at FTV Capital, and Alex Malvone, principal, will join LogicSource’s board of directors.
The company plans on using the funds to improve its services, technology, and data offerings, enter into new verticals, as well as further investment in client-centric initiatives.
LogicSource, headed by David Pennino as CEO, is a leader in procurement services and technology. It was purpose-built to improve profit, reduce risk, and ensure supply chains continuity through better buying. The company is solely focused on the sourcing and procuring of indirect goods, services and complex categories such as marketing, packaging and corporate services.
The company has a large client list of blue-chip businesses like Big Lots!, Deluxe and Lululemon, as well as Rite Aid.