Private equity firm Warburg Pincus agreed to buy a minority stake in BlueGrace Logistics for $255 million.

The transportation logistics company, founded in 2009, plans to use the funding to hire as many as 700 new employees, expand in the U.S. and pursue acquisitions, according to a statement Tuesday from the Riverview, Florida-based company. It employs about 370 people now.

“This investment will give a major shot of adrenaline to our already fast-growing operations,” Bobby Harris, BlueGrace’s founder and chief executive officers, said in the statement. “We’re helping customers transform their shipping across the country.”

Warburg Pincus manages about $40 billion in assets. The private equity firm last week led a $220 million investment in Mosaic, a company that provides financing for homeowners to buy rooftop solar panels.

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