SALT LAKE CITY, Feb. 27, 2024 — Red Door Capital Partners, LLC, an independent private equity firm founded in 2019, alongside its investing partner, Fomento Associated Singapore Holdings Pte. Ltd. (FASH) is proud to announce an add-on investment in Adapt Ideations. Also participating in the round is one of Adapt’s key strategic partners. Adapt Ideations specializes in providing innovative supply chain and logistics solutions to the Cold Chain and a variety of other industry sectors. They offer a wide range of IoT (“Internet of Things”) enabled asset tracking and monitoring solutions to enhance supply chain visibility and ensure adherence to compliance and regulations. (http://www.adaptideations.com).
Red Door and FASH, both investors in Adapt’s Pre-Series round in late 2021 and Convertible Notes in 3rd QTR 2022 and 2023, have partnered together for this investment round being termed as the Restructure Round. The Restructure Round supports a bridge loan, conversion of the existing Convertible Notes and the corporate reorganization of the company into a U.S. based holding company. The investment also provides the Restructure Round investors with control of the Board of Directors and other governance controls. Upon the completion of the Restructure Round the bridge loan will be converted into a newly created Senior Preferred Stock in the new holding company.
“We have learned a lot since our initial investment” says Richard Wolpow, Managing Partner. “We invested in a best of class technology with Adapt’s Internet of Things (IoT) offerings, combining its hardware devices and SaaS model software. However, as with all start-ups, Adapt has had their share of challenges and growing pains which only further exasperated managing operations in four countries. The positive to it all has been the unwavering support of Adapt’s strategic partners and clients such as; DHL, PwC, Onset, Cold Chain Technologies, etc., the list goes on.
With this investment round we now have the control needed to bring in additional resources in support of the company’s growth strategy. This started with the appointment of Red Door’s Managing Director on the deal, Don Warriner, as interim President & CEO who will be supported by Co-founders Anirban Gupta and Sai Kiran, COO Cheryl Vance, CFO Sandeep Jain and CRO Jody Radoff. In addition, we have engaged best-in-class consultants to help Adapt evolve. This includes DBI Network US Inc., a global consulting network specializing in strategy, product and service innovation, and supply chain transformation, as well as Rakesh Bhatia of RubikSolutions LLC.
Rakesh, a former Big-4 senior partner (PwC and KPMG) brings deep leadership experience in scaling operations, building emerging technology solutions and global talent in 12+ countries. Rakesh previously led PwC’s US Global Business Services along with many other titles including; Global Relationship Partner and Board Member of the PwC Acceleration Center. All this is just a long-winded way to say; we are more excited than ever about the future for Adapt and we are building a first-class team for the mission”. Wolpow concluded.
Don Warriner, Interim President and CO commented, “With the recent completed Restructure Round, Adapt is well positioned to become the Global Leader in Cold Chain Supply Intelligence for global pharma, food companies and other cold chain companies. With a robust, scalable technical platform, our future product/service roadmap will enable our clients to track and trace temperature sensitive cargo on a real-time basis coupled with fingertip access to compliance, audit and Ai driven decision support information. Companies are striving every day to make more informed decisions, be more efficient, eliminate waste and focus on corporate sustainability initiatives.”
Rakesh Bhatia commented “I am excited to work closely with Richard, Don and management team to help strategically transform Adapt to capture its true market potential. I truly believe that with new focus on maturing and scaling Adapt operations, leveraging emerging technologies and a thoughtful go to market strategy will position Adapt as a formidable player in the supply chain asset tracking field”.
“FASH sees a high trajectory for Adapt’s excellent suite of Iot products and services” says Flavian Santhiapillai, Chief Operating Officer of FASH. “With this Restructure Round and strategic re-organization of Adapt we are setting in place the core personnel, infrastructure and support network to enable Adapt to focus on key geographies & product lines to become a truly global player in supply chain and logistics. We look forward to a continued partnership with Red Door, Onset and all out consultants to achieve this goal”.
“The Restructure Round demonstrates our ability to quickly respond and adapt to market changes without losing momentum”, asserts Co-Founder, Director Anirban Gupta. “The increased investment in ADAPT Ideations by RDCP & FASH bears testimony to their trust and confidence in the team and the venture as global enterprises move towards increased supply chain digitisation and adoption of our smart platforms. We, as founders, are excited to welcome and support Don Warriner and Rakesh Bhatia, who are highly experienced & decorated industry professionals, as they prepare to lead ADAPT’s transformation journey.”
About Red Door Capital Partners LLC:
The Red Door team is a group of seasoned entrepreneurial experts from private equity operations, investments & wealth management, and legal services, that have joined together to identify, invest in, and manage private equity transactions. Red Door invests side-by-side along with its network of High-Net-Worth Individuals, Family Offices and Registered Investment Advisors (RIA’s). Red Door partners with founders and entrepreneurs that seek real capital partners to create collaborative relationships, deploy strategic oversight, implement governance, and professionalize operations – all to ensure our family of investors are protected and prepared for a successful exit transaction.
For more information on Red Door and its latest transactions visit www.reddoorcp.com
or contact Don Warriner, Managing Director, Adapt Ideations, [email protected]
About Adapt Ideations:
Adapt Ideations was founded based on the concept that there is a greater need for information digitization to unlock the power of asset intelligence for timely and proactive business decisions. This led the company to implement the most advanced and innovative technology in asset tracking and monitoring solutions to allow companies to remain competitive and achieve greater operational efficiency. Adapt Ideations specializes in providing innovative supply chain and logistics solutions to a variety of industry sectors. They offer a wide range of IoT (“Internet of Things”) enabled asset tracking and monitoring solutions to enhance supply chain visibility and ensure adherence to compliance and regulations.
For more information on Adapt Ideation visit http://www.adaptideations.com,
Or contact Jody Radoff, Chief Revenue Officer @ [email protected]
SOURCE Red Door Capital Partners, LLC
