Ascent Global Logistics in Belleville, which offers on-demand ground and air expedited logistics solutions, truck brokerage, freight forwarding, and other transportation services, has been acquired by an affiliate of New York-based H.I.G. Capital. Terms of the deal were not disclosed.
H.I.G. Capital is a global alternative investment firm with $58 billion of capital under management. Ascent was sold by affiliates controlled by Elliott Investment Management. Ascent’s management team will remain shareholders in the company, while Elliott also has agreed to retain a minority stake.
Ascent reported $2.5 billion in revenue in 2022 and has more than 4,000 customers.
Through its proprietary, digital PEAK marketplace, Ascent connects its customer base to a network of partner carriers. Its customer base includes multinational leaders in mobility, manufacturing, aerospace, technology, consumer, and health care markets.
“Ascent is the preeminent provider of time-critical logistics services and is uniquely positioned to meet the increasing complexity within global supply chains,” says 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.”
As part of the transaction, H.I.G. was advised by Latham & Watkins, acting as legal counsel and Wofford Advisors, acting as strategic advisor. Ascent was advised by Debevoise & Plimpton, acting as legal counsel.
“The investment by H.I.G. is a recognition of Ascent’s accomplishments and its significant market opportunity,” says Cody Kittle, portfolio manager at Elliott Management. “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.”
Closing of the transaction is subject to completion of customary closing conditions, including regulatory review.
For more information, visit www.ascentlogistics.com.
