Detroit’s Huron Capital, a lower-middle-market private equity firm, has announced it has acquired Tipton Holding Group, the parent company of Indianapolis’ Hoosier Logistics.
The acquisition will allow Huron Capital to merge Tipton with its third-party transportation and logistics services platform, Direct Connect Logistix (DCL). Terms of the transaction were not disclosed.
“We will immediately gain substantial scale and resources from this transaction and will benefit from Hoosier’s roster of blue-chip food and beverage customers,” says Richard Piontek, CEO of DCL, who will lead the combined company. “We look forward to integrating Hoosier’s experienced management team into our operations and expect the combination will strengthen our service offerings, enlarge our customer base and foster additional national growth.”
The acquisition of Hoosier Logistics further supports DCL’s strategy to expand its North American transportation management platform and become one of the top third-party logistics platforms in the U.S.
Hoosier, founded in 2015 by Rob Likens, CEO, and Nick Likens, COO, is a freight brokerage company with specialization in temperature-controlled transportation services for the food and beverage market. By joining together, Hoosier and DCL will significantly increase their ability to serve customers across North America. Rob Likens and Nick Likens will remain at the combined company, with Nick joining the DCL management team and Rob overseeing the asset-based truckload division.
“As we talked extensively with Rich at DCL about this powerful business combination, we became convinced that DCL shares our corporate values and has a plan that will benefit our employees and our customers as we grow together,” says Rob and Nick Likens. “We have worked hard over the past seven years to build Hoosier into what it is today and believe that joining with DCL will help all of us achieve our collective goals.”
Matt Lacki, partner at Huron Capital, says: “DCL is positioned squarely in the middle of a freight brokerage market that we believe will continue to grow quickly over the coming years. This acquisition, in addition to immediately adding new customers and greater volume, will help the combined company expand into new markets as it pursues additional acquisition targets.”