Warburg Pincus agrees to invest $255m in US firm BlueGrace Logistics
Private equity firm Warburg Pincus has agreed to invest $255m in US-based third-party logistics (3PL) services provider BlueGrace Logistics.
Under the deal, BlueGrace will receive growth capital and additional funds from the funds affiliated with Warburg Pincus.
The funds will be used to expand the company's business, including hiring of 500 to 700 new employees.
The company will also use funds to accelerate its national expansion plans and pursue strategic acquisitions.
Currently, BlueGrace is engaged in developing the remainder of its 55,000ft² of headquarters space in Riverview, Florida. It is also scouting for more space across Tampa Bay.
The company intends to increase employment in Tampa, Chicago, Boston and other markets.
Established in 2009, BlueGrace Logistics provides transportation management services in North America.
As a full service 3PL provider, the firm supports businesses to manage their less-than-truckload and truckload spend through proprietary technology.
The company has developed a proprietary software platform, which provides customers who need to ship goods with multiple offers from trucking companies.
BlueGrace will track the shipments, costs, routes and timing, and then offers customers with detailed data about where they can save money.
BlueGrace president and CEO Bobby Harris said: “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.”
Warburg Pincus managing director Alex Berzofsky said: “Warburg Pincus has been a long-term investor in the technology-enabled logistics market and BlueGrace is a rapidly growing innovator in that industry.”
Image: Warburg Pincus to invest around $255m in third-party logistics services provides BlueGrace Logistics. Photo: courtesy of Blue-Grace Logistics LLC.