A unit of H.I.G. Capital is to acquire third-party logistics provider Ascent Global Logistics for an undisclosed sum, the Miami-based private equity group said Aug. 22.
H.I.G., which has $58 billion of capital under management, is buying Belleville, Mich.-based Ascent from affiliates of activist hedge fund Elliott Investment Management, which took control during the multiyear restructuring of Roadrunner Transportation Systems Inc.
Ascent rose to No. 28 on the Transport Topics Top 100 list of the largest logistics companies in North America from No. 40 a year earlier.
H.I.G already controls Cardinal Logistics, which ranks No. 51 on the TT Top 100 for-hire companies list and No. 63 on the logistics Top 100, as well as Capstone Logistics, which ranks No. 40 on the logistics Top 100.
Jang
Ascent specializes in on-demand ground and air expedited logistics solutions, truck brokerage, freight forwarding and other value-added transportation services.
“Ascent is the pre-eminent provider of time-critical logistics services and is uniquely positioned to meet the increasing complexity within global supply chains,” said Rob Jang, managing director at H.I.G.
“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,” Jang added.
Ascent’s management team will remain shareholders. Elliott has also agreed to retain a minority stake.
Ascent was spun off as a privately held business by Roadrunner on Aug. 7, 2020, as part of a major restructuring.
Previously, Roadrunner sold three truckload units — Rich Logistics, Integrated Services Inc. and Roadrunner Temperature Controlled — as the Downers Grove, Ill.-based company narrowed its focus to just the less-than-truckload sector.
Before that, C.H Robinson bought Roadrunner’s Prime Distribution Services business for $225 million.
Roadrunner made over two dozen acquisitions between 2010 and 2017 before Elliott took control following the dismissal of several executives, one of whom was convicted for violating securities laws in 2021.
Roadrunner Freight ranks No. 88 on the TT Top 100 for-hire carrier list in North America and No. 20 on the LTL list.
