BlueGrace Logistics Gets $225 Million in Minority Investment From Warburg Pincus
Third-party logistics provider BlueGrace Logistics announced private equity firm Warburg Pincus has agreed to a minority investment of $255 million in the firm, including committed capital and direct investment to spur growth and acquisitions.
The Riverview, Florida-based company expects to increase significantly employment in Boston, Chicago, Tampa and other markets, including Los Angeles, and said it would hire 500 to 700 new employees. It said it now employs more than 370 nationally.
“This investment will give a major shot of adrenalin to our already fast-growing operations,” BlueGrace CEO Bobby Harris said in a statement. “We’re helping customers transform their shipping across the country. And for me, it’s especially gratifying to see more and more employees come into the company and find a great career.”
Founded in 2009, BlueGrace said it has developed a proprietary software platform that provides customers who need to ship goods with multiple offers from trucking companies.
New York-based Warburg Pincus “has been a long-term investor in the technology-enabled logistics market and BlueGrace is a rapidly growing innovator in that industry,” Alex Berzofsky, managing director of Warburg Pincus, said in a statement. “We see meaningful opportunities for continued growth for the company and we look forward to supporting the BlueGrace team.”
