Ascent Global Logistics is set to be acquired by H.I.G.Capital

New York-based global alternative investment firm H.I.G. Capital said yesterday that one of its affiliates inked a definitive agreement to acquire Belleville, Michigan-based Ascent Global Logistics, a provider of technology-enabled, expedited logistics and supply chain solution services, from affiliates controlled by Elliott Investment Management L.P.

A purchase price was not disclosed. Ascent's management team will remain shareholders in the company, and Elliott will retain a minor stake in Ascent. 

Ascent’s offerings include: truckload, less-than-truckload, global forwarding, air charter, specialized, brokerage, managed transportation and expedite solutions. The company moves over 250,000 shipments annually through its proprietary digital PEAK freight marketplace, providing carrier capacity and transparent pricing.

“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., in a statement. “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.

And Cody Kittle, Portfolio Manager at Elliott Management, said in the same statement that 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,” he said. “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.”

An Ascent spokesperson told LM that the investment by H.I.G. underscores Ascent’s recent accomplishments and its significant market opportunity, adding that it will support the ambitious growth strategy that has led to Ascent’s impressive results over the past few years with continued investments in technology, operational capabilities and geographic breadth and also that H.I.G. Capital's approach is to collaborate with management to identify growth priorities and provide financial, strategic and functional resources to help accelerate growth initiatives. 

“The investment offers significant advantages for Ascent's existing and new customers,” said the spokesperson. “With H.I.G. as a future financial partner, Ascent embarks on its next phase of expansion with plans to enhance its core expedited and 3PL solutions, technology platform, carrier network, and geographic reach both organically and via strategic acquisitions. The focus on these areas will continue to position the company as the logistics partner of choice to meet its customers’ supply chain requirements.”

As for what this deal means from a competitive perspective for Ascent, the spokesperson explained that H.I.G. specializes in strategic growth investments, empowering mid-market companies like Ascent to expand.

“In partnership with H.I.G., Ascent will invest in people, technology and capabilities to add services, grow in new adjacent verticals, and expand geographic reach domestically, in Mexico, and at other strategic locations around the globe,” said the spokesperson.