Monday, October 27, 2008
Austin Ventures Commits $75M Toward Startup
Venture capital and private equity firm Austin Ventures announced this morning that it has partnered with entrepreneur Ronald T. Sorrow to create AVRON Partners Inc., a supply chain services acquisition and strategic business development firm. Austin Ventures said it has committed up to $75 million in venture capital for AVRON's creation. Sorrow, who boasts more than 30 years of management experience, will lead the startup as president and chief executive officer. Austin Ventures said AVRON will concentrate on acquiring and expanding companies within the supply chain services, transportation logistics and distribution sectors. Prior to teaming with Austin Ventures, the firm said, Sorrow co-founded and managed RoadLink USA, a logistics services provider that topped $230 million in revenues prior to its sale in late 2006. The investment in Avron is the second major move by the firm in the supply chain business in as many weeks; just last week, the firm said it had created Port Logistics Group, a transportation logistics rollup headed by former Roadway Express CEO Robert Stull. Austin Ventures is headquartered in Austin, Texas.