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October 3, 2000 9:20 AM, EDT

A private equity fund partnership has completed $37 million of investment in same-day courier United Shipping & Technology (), the holding company that owns Velocity Express.

TH Lee.Putnam Internet Partners completed the final $7 million of investment in late September, according to a Sept. 25 announcement by United S&T. All of the funds have been invested this year.

THLi’s involvement with the Minneapolis-based company was made known in May. The partnership had purchased 2.81 million shares of Series B convertible preferred stock at $9 each, for a total of $25.2 million (5-29, p. 30). Those shares are convertible into common stock.

The next round of investment came in early September. The New York-based private partnership added $5 million on the first of the month. That, too, was an equity investment rather than debt.

For the full story, see the Oct. 2 print edition of Transport Topics. .