H.I.G. Capital signs definitive agreement to acquire Ascent Global Logistics

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H.I.G. Capital, a leading global alternative investment firm with $58 billion of capital under management, has announced that one of its affiliates has signed a definitive agreement to acquire Ascent Global Logistics, 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. Headquartered in Belleville, Michigan, Ascent provides solutions to customers’ most complex, time-critical logistics requirements with industry-leading service and on-time delivery levels.

The Company 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.

Rob Jang, Managing Director at H.I.G. said, “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.”

Cody Kittle, Portfolio Manager at Elliott Management said, “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.”

H.I.G. was advised by Latham & Watkins LLP, acting as legal counsel and Wofford Advisors LLC, acting as a strategic advisor. Ascent was advised by Debevoise & Plimpton LLP, acting as legal counsel. Closing of the transaction is subject to completion of customary closing conditions, including regulatory review.

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Devender was born in the year when the Beatles Group was formed. He holds two master’s degrees in English Literature and Public Administration. He also has an Honors degree in English Literature and a post-graduate diploma in Corporate Communications and Public Relations. He was closely associated with the Indian State Transport Undertakings and Ministry of Transport in his role as Corporate Communications and PR specialist for over two decades handling domestic and international organizations. He ventured into business forming his own Media House, Profiles Media Network Private Limited which is now a twenty years old company. Excelling as an editor, Marketing, PR, Anchor, and Advertising specialist, he is now expertly navigating the world of social media. A widely traveled professional internationally, Devender has a deep understanding of the Air Cargo, Cargo Business, Cargo Airports, Freighters and Cargo Industry at large.