H.I.G. Capital announced that one of its affiliates has completed the acquisition of CargoTuff, a manufacturer and distributor of load securement products used to prevent load shifting and reduce freight damage across rail, ocean, truck, and intermodal shipping.
CargoTuff’s management team will remain in place following the transaction, led by Co-CEOs Helmut Elze and Selim Akdogan. Founded in 2014 and headquartered in Virginia, the company produces dunnage airbags, lashing, strapping, and related solutions and sells into transportation, logistics, consumer goods, and industrial end markets through vertically integrated manufacturing and a global distribution network.
H.I.G. said it plans to support CargoTuff’s continued investment in growth. CargoTuff’s leadership said the company expects to expand product capabilities and its global manufacturing footprint, while continuing to invest in operations to meet demand from a growing international customer base.
Houlihan Lokey served as exclusive financial advisor to CargoTuff, and William Blair served as exclusive financial advisor to H.I.G. Capital.
KEY QUOTES
“CargoTuff’s consumable and recyclable products provide critical protection for in-transit shipping within their customers’ supply chains. We look forward to supporting CargoTuff as it continues to invest in growth while maintaining its industry leading quality and service levels.”
Matt Kever, Managing Director, H.I.G.
“Since founding CargoTuff, we’ve aligned on the vision of being the leading provider and innovator of load securement solutions in North America and Europe. We are excited to partner with H.I.G. to further this vision by expanding our product capabilities and global manufacturing footprint.”
Helmut Elze, Co-CEO, CargoTuff
“We are grateful to our employees, whose commitment and expertise have built CargoTuff into the business it is today. With H.I.G.’s support, we plan to continue to invest in our operational footprint and scale efficiently to meet demand across our growing global customer base.”
Selim Akdogan, Co-CEO, CargoTuff
