Oakland, California-based Progistics Distribution Inc, a national last mile operator, has secured mezzanine debt funding from HCAP Partners. No financial terms were disclosed.
SAN DIEGO, CA (PRWEB) FEBRUARY 14, 2017
HCAP Partners, a California-based private equity firm and recognized impact investor, today announced that it has completed a mezzanine debt investment in Progistics Distribution, Inc. (“Progistics”) to support the company’s recapitalization and growth initiatives which include the creation of over 35 new jobs in Henderson, Nevada.
Founded 30 years ago by CEO Joel Ritch and CFO James Liguori, Progistics is a leading provider of “last mile” delivery solutions for the B2B, B2C and omni-channel markets using a proprietary technology solution to offer customized service offerings at scale. Progistics has had a successful track record of growth with established key partnerships and strong blue chip customer accounts. Services include high-volume/high-density e-commerce, routed and customized supply chain/distribution, on-call same-day deliveries, appointment deliveries to the home market and dedicated drivers. The Company employs over 750 full-time drivers alongside contracted drivers and plans to double its office staff in Henderson, Nevada.
Joel Ritch, co-founder and CEO of Progistics, commented, “In HCAP Partners, we are excited to find a financing partner that, having spent significant time with our team, fully supports our vision of building out the platform as the premier last mile e-commerce provider in the nation. While we already have a strong core business and bright future, HCAP’s investment provides us with the resources needed to accelerate our growth initiatives.”
Frank Mora, Partner, and Bhairvee Shavdia, Impact Associate, led the transaction for HCAP Partners. Frank Mora commented, “We have been very impressed with what the management team at Progistics has been able to accomplish to date in creating a leading provider of distribution services in the rapidly expanding e-commerce segment. We look forward to partnering with the team to continue to grow the Company and maximize its potential.”
About Progistics Distribution, Inc.
Founded 30 years ago as a courier service, Progistics is now a full scale, national last mile operator. Using a proprietary technology platform along with a workforce comprised of over 750 full time drivers supplemented with contracted drivers, the Company offers customized last mile delivery services for e-commerce clients.
The Company’s headquarters is based in Oakland, California with their Network Operations Center located in Henderson, Nevada. Progistics has a national service footprint covering every zip code in the lower 48 states.
About HCAP Partners
HCAP Partners (formerly Huntington Capital) was founded in 2000 and is a provider of mezzanine debt and private equity for underserved, lower-middle market companies throughout California and the Western United States. The firm seeks to invest $2 million to $9 million in established businesses generating between $10 million and $75 million in revenues in the healthcare, software, services, and manufacturing industries. HCAP Partners has invested in over 50 companies since it was founded and through ongoing, active engagement with portfolio companies the team at HCAP Partners provides value-added resources to help optimize performance and increase enterprise value. The firm has been recognized as an ImpactAssets 50 fund three years running and, through its Gainful Jobs Approach, works to facilitate a positive impact on underserved businesses, their employees, and their communities through active portfolio engagement. Partners Tim Bubnack, Morgan Miller, Frank Mora along with Principals Hope Mago and Nicolas Lopez lead HCAP Partners’ investment team. For more information, please visit http://www.hcapllc.com or call (858) 259-7654.