H.I.G. Capital Signs Definitive Agreement to Acquire Ascent Global Logistics
NEW YORK – August 22, 2023 – H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $58 billion of capital under management, is pleased to announce that one of its affiliates has signed a definitive agreement to acquire Ascent Global Logistics (“Ascent” or the “Company”), a leading provider of technology-enabled, expedited logistics and supply chain solution services from affiliates controlled by Elliott Investment Management L.P. (“Elliott”). Ascent’s management team will remain shareholders in the Company. Elliott has also agreed to retain a minority stake in the Company.
Headquartered in Belleville, Michigan, Ascent provides solutions to customers’ most complex, time-critical logistics requirements with industry leading service and on-time delivery levels. The Company is a global industry leader in on-demand ground and air expedited logistics solutions, truck brokerage, freight forwarding, and other value-added transportation services. Through its proprietary, digital PEAK marketplace, the Company efficiently connects its blue-chip customer base to a robust network of partner carriers. Its customer base includes multinational leaders in mobility, manufacturing, aerospace, technology, consumer, and healthcare markets.
“Ascent is the preeminent provider of time-critical logistics services and is uniquely positioned to meet the increasing complexity within global supply chains,” said Rob Jang, Managing Director at H.I.G. “We are excited to support Ascent’s growth strategy of investing in technology, broadening its unique capabilities, expanding its global reach, and enhancing its strategic carrier network through organic initiatives and acquisitions.”
“The investment by H.I.G. is a recognition of Ascent’s accomplishments and its significant market opportunity. The past few years demonstrate what happens when significant investments in technology, operational capabilities and fleet are paired with a team of effective operators,” said Cody Kittle, Portfolio Manager at Elliott Management. “We thank Chris Jamroz, Executive Chairman of Ascent, and his team at LyonIX Holdings, for their leadership in this transformational period. We are pleased to remain invested alongside H.I.G. for Ascent’s next chapter.”
H.I.G. was advised by Latham & Watkins LLP, acting as legal counsel and Wofford Advisors LLC, acting as strategic advisor. Ascent was advised by Debevoise & Plimpton LLP, acting as legal counsel. Closing of the transaction is subject to completion of customary closing conditions, including regulatory review.
About Ascent Global Logistics
Ascent, headquartered in Belleville, Michigan, is a leading global provider of expedited, time-critical logistics solutions and other direct transportation services. The Company connects customers to its extensive carrier network, internal ground fleet and airline via its proprietary, digital PEAK freight marketplace, which provides robust carrier capacity and transparent pricing, backed by 24/7/365 logistics experts. Ascent’s offerings include air charter and ground expedited solutions as well as truckload, less-than-truckload, global forwarding, brokerage, and managed transportation services. The experienced Ascent team solves customers’ most challenging logistics needs by providing industry-leading service and top-tier satisfaction. To learn more, visit https://ascentlogistics.com/.
About Elliott Investment Management L.P.
Elliott Investment Management L.P. manages approximately $55.2 billion of assets as of December 31, 2022. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. For more information, please refer to the Elliott website at www.elliottmgmt.com.
About H.I.G. Capital
H.I.G. Capital is a leading global alternative investment firm with $58 billion of capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
- H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.
Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $52 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.