The investment firm H.I.G. Capital has agreed to acquire Ascent Global Logistics, the freight forwarder and transportation service provider that was created in 2020 through the breakup of troubled trucking carrier Roadrunner Transportation Systems Inc.
H.I.G. today said that it has signed a definitive agreement to acquire Belleville, Michigan-based Ascent from another financial firm, Elliott Investment Management L.P. Terms of the deal were not disclosed, but after it closes, Ascent’s management team will remain shareholders in the company, with Elliott also retaining a minority stake.
The company was born following Roadrunner’s 2018 accounting scandal, when its parent corporation soon split into two parts, a national less than truckload (LTL) carrier called Roadrunner Freight and a diversified global logistics provider called Ascent.
Ascent today defines itself as a provider of expedited logistics and supply chain solutions, specializing in on-demand ground and air expedited logistics, truck brokerage, freight forwarding, and other value-added transportation services, with customers in the mobility, manufacturing, aerospace, technology, consumer, and healthcare markets.
“Ascent is the preeminent provider of time-critical logistics services and is uniquely positioned to meet the increasing complexity within global supply chains,” Rob Jang, managing director at H.I.G., said in a release. “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.”
Gartner, Inc.