Applied Equity announces its participation in the recapitalization of Navegate Logistics.
MENDOTA HEIGHTS, Minn.–Navegate Logistics, Inc., a tech-forward third-party logistics (3PL) provider, is announcing that it has been recapitalized by Chicago-based Saltspring Capital LLC. Nathan Dey, Saltspring’s Managing Partner, will be joining the Navegate team as CEO and Chairman.
“Navegate presents an amazing opportunity to grow and build on a rich 50 years of logistics history,” said Dey. “This industry is going through a tremendous digitization, and the steps Navegate has proactively taken to position themselves to succeed in the future made the investment very compelling.” The remainder of the company’s existing leadership team, including Joe Pelletier, President, will continue with the company. Chad Bickett, formerly VP of Strategic Initiatives, will also become COO with the transition.
The investment validates and supports Navegate’s plans to build on its existing success as a leader in delivering clients unprecedented supply chain visibility, flexibility and vendor integration. Furthermore, it will continue to grow the company’s business network on both the International and Domestic fronts.
Already a leader in modernizing the logistics industry—consistently making Inbound Logistic’s Top 100 List of IT Providers—Navegate’s long-term vision is to become a one-stop, global trade portal where customers can quote, book and track shipments worldwide.
As a strategic and operationally focused investor, Saltspring brings a strong foundational knowledge in global logistics and a deep bench of partners to accelerate Navegate’s growth. Next Coast Ventures, Relay Investments and the Operand Group also participated in the financing round.
“We are thrilled to be backing an innovative company in Minneapolis—freight forwarding is a massive industry that is ripe for disruption, and Navegate’s product is a prime example of how a full-stack business model can fundamentally change the way a fragmented industry like freight logistics operates,” said Michael Smerklo, co-founder and managing director of Next Coast Ventures. “We have no doubt that Nathan and Navegate leadership’s deep domain expertise will be the team to scale this incredible platform, and we are so excited to be a part of the next phase of Navegate’s journey alongside a strong group of syndicate partners.”
Navegate offers traditional services such as freight forwarding, customs brokerage and domestic transportation along with innovative, cloud-based software and a best-in-class vendor portal platform.
As part of the investment, Navegate’s asset-based trucking division has been spun off and will be operated as a separate business based in Sioux Falls, South Dakota. Navegate will keep its headquarters in Mendota Heights, Minnesota, and also maintain its offices in Chicago, Los Angeles, Shanghai and Hong Kong.