An affiliate of H.I.G. Capital, a global private equity investment firm, has invested, through convertible debt, into Modern Logistics, a Brazilian full service logistics firm.
Terms were not disclosed.
Founded by former JetBlue VP and Co-founder of Azul airlines, Gerald Lee, Modern Logistics has its own fully integrated air cargo operation dedicated to long distance, time-sensitive, and warehousing capabilities.
The company, backed by DXA Investments, has 8 distribution centers, more than 14,000 trucks connected to its network and operates its own air cargo operation, with a current fleet of 4 aircrafts.
Including this convertible debt issuance, Modern has raised U$65 million in funding from H.I.G. and other investors. The company expects to raise up to U$150 million, to be used for working capital needs for its expansion.