Personal Fairness Agency H.I.G. Buys 3PL Ascent International Logistics
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A unit of H.I.G. Capital is to purchase third-party logistics supplier Ascent International Logistics for an undisclosed sum, the Miami-based personal fairness group stated Aug. 22.
H.I.G., which has $58 billion of capital underneath administration, is shopping for Belleville, Mich.-based Ascent from associates of activist hedge fund Elliott Funding Administration, which took management through the multiyear restructuring of Roadrunner Transportation Programs Inc.
Ascent rose to No. 28 on the Transport Subjects High 100 record of the biggest logistics firms in North America from No. 40 a yr earlier.
H.I.G already controls Cardinal Logistics, which ranks No. 51 on the TT High 100 for-hire firms record and No. 63 on the logistics High 100, in addition to Capstone Logistics, which ranks No. 40 on the logistics High 100.
Ascent focuses on on-demand floor and air expedited logistics options, truck brokerage, freight forwarding and different value-added transportation providers.
“Ascent is the pre-eminent supplier of time-critical logistics providers and is uniquely positioned to fulfill the growing complexity inside world provide chains,” stated Rob Jang, managing director at H.I.G.
“We’re excited to assist Ascent’s progress technique of investing in know-how, broadening its distinctive capabilities, increasing its world attain, and enhancing its strategic service community via natural initiatives and acquisitions,” Jang added.
Ascent’s administration staff will stay shareholders. Elliott has additionally agreed to retain a minority stake.
Ascent was spun off as a privately held enterprise by Roadrunner on Aug. 7, 2020, as a part of a serious restructuring.
Beforehand, Roadrunner offered three truckload models — Wealthy Logistics, Built-in Companies Inc. and Roadrunner Temperature Managed — because the Downers Grove, Ailing.-based firm narrowed its focus to only the less-than-truckload sector.
Earlier than that, C.H Robinson purchased Roadrunner’s Prime Distribution Companies enterprise for $225 million.
Roadrunner revamped two dozen acquisitions between 2010 and 2017 earlier than Elliott took management following the dismissal of a number of executives, considered one of whom was convicted for violating securities legal guidelines in 2021.
Roadrunner Freight ranks No. 88 on the TT High 100 for-hire service record in North America and No. 20 on the LTL record.
