New York-based firm Warburg Pincus recently pledged a $255 million investment of growth capital with Florida’s BlueGrace Logistics, a third-party logistics (3PL) provider located in Riverview, including funding for strategic acquisitions, expansion and new hires.
BlueGrace has been operating from its current headquarters while building out the final stages of its 55,000-square-foot space and surveying possible additional real estate in the Tampa Bay area. BlueGrace intends to hire between 500 and 700 new employees, bringing many new jobs to its Tampa market as well as to its offices in Chicago and Boston while increasing the pace of its national expansion.
"This investment will give a major shot of adrenaline to our already fast-growing operations," 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."
The logistics company provides a branded software platform for shipping and logistics enterprises, acting as a broker for trucking and shipping clients and saving them hefty costs by applying its industry analysis tools and resources. As of summer 2015 BlueGrace employed approximately 170 staffers and has added more than 100 new employees since then, Harris said. The firm will most likely employ over 1,000 individuals in the next few years between expansion and acquisitions.
"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 for Warburg Pincus, said. "We see meaningful opportunities for continued growth for the company and we look forward to supporting the BlueGrace team."