SOURCE: Velocity Express
Customers Support His Leadership for Velocity
HOUSTON, TX–(Marketwire – October 14, 2010) – Velocity Express today announced that Gerald T. Vento has been named Executive Chairman of the Houston, TX-based national logistics and transportation company.
“Velocity partners with its customers to deliver cost effective solutions. We have a strong balance sheet, better technology, national and regional networks and dedicated employees that strategically position us for success,” said Gerald Vento.
“Vento brings laser focus to the business, and as a Velocity customer, we welcome his addition to the company,” said Gough Grubbs, Senior Vice President, Logistics and Distribution, Stage Stores regarding the announcement.
“Stage Stores relies on Velocity to replenish 786 stores weekly through its national network, and Vento’s involvement this year has contributed to improved quality and consistency across Velocity’s complex network operations,” Grubbs added.
Vento brings years of extensive business growth experience to Velocity Express. Vento founded Telecorp PCS, serving as Chairman and CEO, and grew the wireless start-up venture to become a giant company in the mobile telecom business. Within six years after its launch, Telecorp’s annual revenues grew to more than $1.1 billion, and in 2002, Telecorp was sold to ATT Wireless for $5.7 billion.
“Gerald has an extraordinary talent set to guide Velocity’s strategic direction. We are fortunate to have Vento join Velocity,” said Jose Gordo, Managing Director of ComVest, a majority owner of Velocity Express and a leading private investment firm focused on middle market companies. Since 1988, ComVest has invested more than $2 billion of capital in more than 200 public and private companies.
About ComVest
The ComVest Group is a leading private investment firm focused on providing debt and equity solutions to lower middle-market companies with enterprise values of less than $350 million. With extensive financial resources and a broad network of industry experts, ComVest can offer companies total financial sponsorship, critical strategic support, and business development assistance.
About Stage Stores
Stage Stores, Inc. brings nationally recognized brand name apparel, accessories, cosmetics and footwear for the entire family to small and mid-size towns and communities through 787 stores located in 39 states. The Company operates its stores under the five names of Bealls, Goody’s, Palais Royal, Peebles and Stage. For more information about Stage Stores, visit the Company’s web site at www.stagestoresinc.com.
About Velocity Express
Velocity Express operates more than 80 strategically located warehouses and terminal facilities where customers’ packages are sorted, tracked, routed, and delivered. Velocity Express uses a qualified network of independent, licensed drivers who are aligned with the company’s safety and customer service policies. Privately held, Velocity Express is headquartered in Houston, TX.
Additional information about Velocity Express is available www.velocityexpress.com.
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