Navegate Logistics, Inc., a Mendota Heights, Minn.-based tech-forward third-party logistics (3PL) provider, has been recapitalized.
The amount of the deal was not disclosed. The round was led by Saltspring Capital with participation from Next Coast Ventures, Relay Investments and the Operand Group. In conjunction with the investment, Nathan Dey, Saltspring’s Managing Partner, will be joining the Navegate team as CEO and Chairman.
Navegate offers traditional services such as freight forwarding, customs brokerage and domestic transportation along with innovative, cloud-based software and a vendor portal platform.
The investment supports the company’s plans to continue to grow its business network on both the International and domestic fronts. As part of it, Navegate’s asset-based trucking division has been spun off and will be operated as a separate business based in Sioux Falls, South Dakota.
The company will keep its headquarters in Mendota Heights, Minnesota, and also maintain its offices in Chicago, Los Angeles, Shanghai and Hong Kong.
Joe Pelletier, President, will continue with the company. Chad Bickett, formerly VP of Strategic Initiatives, will also become COO with the transition.