Private equity firm H.I.G. Capital announced Tuesday that one of its affiliates has entered into an agreement to acquire Ascent Global Logistics.
Belleville, Michigan-based Ascent primarily provides time-critical air and ground logistics, truck brokerage and freight forwarding services. The company touts more than $2.5 billion in annual revenue with over 4,000 customers and 1,000 employees.
Ascent was most recently held by affiliates of Elliott Investment Management. It was spun off from Roadrunner in 2020.
“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,” said Rob Jang, managing director at H.I.G.
Specific financial terms of the transaction were not provided. However, Ascent’s current management team will continue to be shareholders and Elliott will retain a minority stake in the company.
“The investment by H.I.G. is a recognition of Ascent’s accomplishments and its significant market opportunity,” said Cody Kittle, portfolio manager at Elliott. “The past few years demonstrate what happens when significant investments in technology, operational capabilities and fleet are paired with a team of effective operators.”
H.I.G. owns other transportation and logistics assets, including Capstone Logistics, Cardinal Logistics and Load One.
The transaction is subject to closing conditions and regulatory review.
More FreightWaves articles by Todd Maiden
- Forward Air’s latest deal spooks customers, investors
- Old Dominion ups ante with $1.5B bid on Yellow’s terminals
- Former Yellow Logistics employees open new Radiant office
Brokerage Compliance Symposium
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now