It is with great pleasure that we announce the signing of a definitive agreement by one of our affiliates to acquire Ascent Global Logistics (“Ascent” or the “Company”), a leading provider of technology-enabled, expedited logistics and supply chain solution services from affiliates controlled by Elliott Investment Management L.P. (“Elliott”). H.I.G. Capital (“H.I.G.” is a leading global alternative investment firm with $58 billion in capital under management. The management group of Ascent will continue to hold stock in the business. Additionally, Elliott has agreed to keep a small ownership share in the company.
According to Rob Jang, Managing Director of H.I.G., “Ascent is the industry leader in providing time-sensitive logistics services and is ideally situated to handle the growing complexity of global supply chains.” “We are thrilled to support Ascent’s growth strategy of investing in technology, enhancing its strategic carrier network, extending its global reach, and broadening its unique capabilities.”
Elliott has agreed to keep a small ownership share in the company.
“The investment from H.I.G. is evidence of Ascent’s success and the significant market opportunity it offers. The last few years have shown what can be accomplished when large investments are made in fleet, operational capabilities, and technology, said Cody Kittle, portfolio manager at Elliott Management. We express our gratitude to Chris Jamroz, Executive Chairman of Ascent, and his LyonIX Holdings team for their leadership during this pivotal time. We are happy to continue supporting H.I.G. for Ascent’s upcoming chapter.
The acquisition cannot be completed unless all usual closing requirements, including regulatory scrutiny, have been met.
Latham & Watkins LLP, serving as legal counsel, and Wofford Advisors LLC, serving as a strategic advisor, provided advice to H.I.G. As legal counsel, Debevoise & Plimpton LLP provided advice to Ascent. The acquisition cannot be completed unless all usual closing requirements, including regulatory scrutiny, have been met.
With its headquarters in Belleville, Michigan, Ascent is a top international supplier of direct transportation services as well as expedited, time-sensitive logistical solutions. The company uses its unique, digital PEAK freight marketplace, which offers strong carrier capacity and transparent pricing, backed by 24/7/365 logistics experts, to link consumers to its enormous carrier network, internal ground fleet, and aircraft.
The skilled Ascent team provides industry-leading service and top-tier satisfaction to address the most complex logistical needs of customers.
The services provided by Ascent include truckload, less-than-truckload, international forwarding, brokerage, and managed transportation solutions in addition to air charter and ground expedited solutions. The skilled Ascent team provides industry-leading service and top-tier satisfaction to address the most complex logistical needs of customers.