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Warburg Pincus, a $35 billion global private equity firm, plans to invest $255 million in Riverview-based BlueGrace Logistics, one of the region's leading third-party transportation and logistics firms.
Warburg Pincus will become a minority owner of BlueGrace in the deal, according to a release. The funds, the release adds, will go toward “the rapid growth of the business, including hiring 500-700 new employees, accelerating its national expansion plans and pursuing strategic acquisitions.”
BlueGrace, with 370 employees nationwide, is currently building out the remainder of its 55,000 square feet of headquarters space in Hillsborough County and seeks more space in the Tampa area. The company expects to significantly increase employment in Tampa, Chicago, Boston and other markets with the capital infusion.
“This investment will give a major shot of adrenalin to our already fast-growing operations,” BlueGrace President and CEO Bobby Harris says in the release. “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.”
Harris founded BlueGrace in 2009. The company developed a proprietary software platform that provides customers who need to ship goods with multiple offers from trucking companies. It works with more than 10,000 companies nationwide that make everything from auto parts and beauty products to pharmaceuticals and sporting goods.
Tampa-based Hyde Park Capital was as adviser to BlueGrace in the Warburg Pincus transaction.
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