H.I.G. Capital – a leading global alternative investment firm with $58 billion of capital under management – recently announced that one of its affiliates has signed a definitive agreement to acquire Ascent Global Logistics, which is a leading provider of technology-enabled, expedited logistics and supply chain solution services from affiliates controlled by Elliott Investment Management L.P. Ascent’s management team will remain shareholders in the Company. Elliott has also agreed to retain a minority stake in the company.
Based in Belleville, Michigan, Ascent provides solutions to customers’ most complex, time-critical logistics requirements with industry-leading service and on-time delivery levels. And Ascent is a global industry leader in on-demand ground and air expedited logistics solutions, truck brokerage, freight forwarding, and other value-added transportation services. Through its proprietary digital PEAK marketplace, the company efficiently connects its blue-chip customer base to a robust network of partner carriers. Its customer base includes multinational leaders in mobility, manufacturing, aerospace, technology, consumer, and healthcare markets.
KEY QUOTES:
“Ascent is the preeminent provider of time-critical logistics services and is uniquely positioned to meet the increasing complexity within global supply chains. 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.”
— Rob Jang, Managing Director at H.I.G.
“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. 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.”
— Cody Kittle, Portfolio Manager at Elliott Management
