Capital investor Seacoast Capital has announced a $10 million investment in last-mile logistics company Deliver-It.
“Our investment in DI represents Seacoast’s commitment to partnering with an exceptional management team that possesses deep industry experience and proven leadership capabilities — a team that has successfully positioned the company for substantial growth,” Seacoast partner Jeff Holland said in an Oct. 23 press release.
The $10 million investment came in the way of unsponsored preferred equity and subordinated debt. It will be used to recapitalize DI’s balance sheet and fund growth opportunities.
DI, based in Cerritos, Calif., specializes in overnight, same-day and scheduled delivery services, and partners with sectors including legal, payroll and pharmaceutical.
Seacoast Capital was founded in 1994 and operates offices in Boston and San Francisco. The investor is industry agnostic and typically invests $5 million to $25 million in companies with $10 million or more in revenue and $2 million or more of earnings before interest, taxes, depreciation and amortization.
