M&A

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.

Chicago-based 4PL and logistics platform services provider Redwood Logistics said this week it has acquired Dubuque, IA-based Rockfarm Supply Chain Solutions and Global Distribution and Logistics, a tech-enabled transportation logistics company, focusing on flexible, customer-driven service. A purchase price was not disclosed, but Redwood officials said that with Rockfarm in the fold that Redwood now represents a combined $5.5 billion in total platform freight under management between its 3PL and 4PL services.

Following its March announcement in which Phoenix-based Knight-Swift Transportation, the largest player in the truckload market, with $4.5 billion in 2022 revenue, said it was acquiring Chattanooga, Tenn.-based U.S. Xpress, which ranked ninth in TL revenue last year at $2.2 billion, Knight-Swift said today that the transaction is now a done deal.

A purchase price for the transaction was not disclosed. Southern Companies provides various import and export services, including warehousing and trucking, to ensure customer goods are moving swiftly through the supply chain.

In a move geared towards expanding its global services into last mile and e-commerce fulfillment, San Francisco-based freight forwarding and customs brokerage services provider Flexport announced today it has acquired the assets of Shopify Logistics, a subsidiary of a multi-channel commerce platform, Shopify, including Deliverr, a fulfillment technology services provider, which Shopify acquired for $2.1 billion in 2022.

DSV said that the objective of these acquisitions are three-fold: to augment its position within the semiconductor industry; align with its new Phoenix-Mesa Gateway Airport operations; and support its growing cross-border services into Latin America. It added that these acquisitions are expected to be made official next month.

Phoenix-based Knight-Swift Transportation, already the biggest player in the TL market at $4.5 billion revenue last year, is buying Chattanooga, Tenn.-based U.S. Xpress, which ranked ninth in TL revenue last year at $2.2 billion. The deal is valued at $808 million, including assumption of $484 million of debt.

Waterloo, Ontario-based Descartes, a provider of logistics based on-demand, software-as-a-service offerings, is expanding its final-mile services portfolio, announcing this week it has acquired Minneapolis-based GroundCloud, a cloud-based provider of final-mile carrier solutions and road safety compliance tools. The purchase price was $138 million, according to Descartes.

The purchase price was around $1.99 billion (USD), and it is expected to be made official in the first half of 2023, with Trimble acquiring Transporean from software and services investor and Transporean’s majority shareholder, Hg.

This acquisition adds significant scale to the company’s UPS Healthcare unit, with temperature-controlled facilities in 14 countries, as well as 3,000 new employees throughout Europe and Latin America.

Forward Air Corporation recently announced that it has entered into an agreement to acquire the assets of Chickasaw Container Services, Inc. (“CCS”), a privately held intermodal drayage provider. The transaction will be funded from cash on hand and is expected to close in November 2022.

Established in 1955, Fuchs Trucking initially hauled livestock and forest products, subsequently moving to serving building materials and furniture sectors by offering dedicated capacity with specialized dry van configurations.

Echo officials said that Fastmore’s domestic operations are similar to those of Echo’s, with the real benefit of bringing Fastmore into the fold is that it offers up what it called a unique point of entry into an expansive network of expedited brokerage for the international freight forwarding market through various types of equipment, including: cargo vans, straight trucks, and full truckload.

GEODIS officials said that Need It Now Delivers operates as an expansive domestic road freight network with over 65 company locations and 300 distribution points, providing strong national coverage, particularly in the eastern U.S. The acquisition significantly expands GEODIS’s U.S. presence in the areas of contract logistics and final mile delivery and strengthens its end-to-end freight network domestically and internationally.

Under the terms of the deal, the all-stock transaction, which Prologis said is valued at approximately $23 billion and was approved by Prologis and Duke shareholders, includes the assumption of debt, with the company adding it “expands Prologis’ presence in key U.S. markets.