AMS Fulfillment, a Valencia-based third-party fulfillment company, announced Wednesday it sold a majority stake of the business to Fort Point Capital of Boston.
Fort Point Capital, a private equity firm specializing in logistics, will step in as a resource to help AMS expand in the rapidly growing and competitive sector of e-commerce, warehousing and fulfillment to meet the needs and opportunities of the time, officials said in a news release.
AMS’ previous owners, CEO Ken Wiseman, President Jay Catlin and David Catlin, chairman of the board, will continue to have ownership in the businesses.
“AMS executives have been considering this change for several years, and all are excited to begin a new stage of growth,” the news release read. Wiseman, who has been the CEO for the past 15 years, will step down from some of his responsibilities to pursue volunteerism.
“As I step down from my CEO role, I look forward to having more time for the community ventures I’m involved in including the (Santa Clarita Valley) Sheriff’s Foundation, Search & Rescue, SCV EDC and the Mayor’ Committee for the Employment of Individuals with Disabilities,” said Wiseman in a prepared statement.
“My professional time will be more focused on the myriad of employment hiring and training programs we are doing with the county, state and various agencies to continue to provide employment opportunities to those struggling to enter, or re-enter the workforce.”
Jay Catlin will be stepping as CEO, and Betty-Lou Wiseman, who has been with AMS for 15 years as executive vice president of Client Services, will be promoted to president of AMS.
Catlin said a large number of potential partners showed interest during the selling process but Fort Point stood out as the best fit on many levels, especially the cultural fit which is so vital to our business and our employees. Now is the right time for us to partner with a great firm like Fort Point to provide us the leadership and additional resources we need to build AMS into a powerhouse global fulfillment provider.”