February 2, 2017
Cascadia Capital is pleased to announce that its client, Progistics Distribution, Inc., the leading “last mile” delivery service provider, has partnered with San Diego-based HCAP Partners private equity firm to support the company’s recapitalization and growth initiatives which includes the creation of more than 35 new jobs in Henderson, NV.
Founded 30 years ago by CEO, Joel Ritch, and CFO James Liguori, Progistics provides customized delivery solutions for the B2B, B2C and omni-channel markets using a proprietary technology solution for scalable service offerings. Progistics has had a successful track record of growth with established key partnerships and strong blue chip customer accounts. The Company employs over 750 full time drivers alongside contracted drivers and plans to double its office staff in Henderson, NV.
Joel Ritch, co-founder and CEO of Progistics Distribution, 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. 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 are very excited to partner with the team to continue to grow the Company and maximize its potential.”
Cascadia Capital, based in Seattle, Washington played an integral role in managing the successful outcome beneficial to both Progistics Distribution, Inc. and HCAP Partners, and was pleased to reinforce their ongoing commitment to helping middle-market businesses achieve their expansion goals.
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