Private equity firm HCAP Partners has completed an undisclosed mezzanine debt investment in Progistics Distribution Inc., a company specializing in “last mile” delivery.
The Oakland-based company, which operates nationwide, plans to use the money to recapitalize and grow. The company plans to add at least 35 new jobs to bolster its operations center in Henderson, Nev., HCAP Partners said.
Prognostics Distribution employs more than 750 full-time drivers.
“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,” said Joel Ritch, co-founder and CEO of Progistics.
HCAP Partners, founded in 2000, invests $2 million to $9 million in health care, software, services and manufacturing businesses with revenues between $10 million and $75 million. The firm has invested in more than 50 companies since its inception.