Dive Brief:
- Third-party logistics provider BlueGrace Logistics is set to receive a $255 million minority investment from Warburg Pincus to fund the Florida-based logistic management firm's rapid growth.
- BlueGrace will use the funds to hire 500 to 700 employees, pursue strategic acquisitions and accelerate national expansion plans.
- Through BlueGrace's software platform, shippers receive multiple offers from trucking companies. The company also tracks the shipments, costs, routes and timing, and provides customers with detailed data about where they can save money.
Dive Insight:
BlueGrace, a 3PL headquartered in Riverview, FL, has rapidly grown to encompass over 60 corporate and franchise locations nationwide.
"This investment will give a major shot of adrenaline to our already fast-growing operations," said BlueGrace President and CEO Bobby Harris in a press release. The executive told the Tampa Bay Times he hopes to reach $1 billion in sales by 2020 from the company's current $200 million in sales.
Founded in 2009, the company nearly doubled in size over the past year, growing from 170 employees to its current count of 370. Now, the company seeks to expand to Tampa Bay, Chicago and Boston, among other markets.
