Ascent Global Logistics acquired by investment firm
24 / 08 / 2023
Time-critical logistics firm Ascent Global Logistics has been acquired by an investment firm hoping to capitalise on increasingly complex supply chains.
The Michigan-headquartered firm has been bought by an affiliate of investment firm HIG Capital from Elliott Investment Management.
Ascent’s management team will remain shareholders in the company and Elliott has also agreed to retain a minority stake.
Explaining the rationale behind the investment, HIG said that it had been attracted by Ascent’s technology investments and its ability to cater for complex supply chains.
The company also offers an online marketplace for carrier capacity and pricing.
The company “provides solutions to customers’ most complex, time-critical logistics requirements” through its on-demand ground and air expedited logistics solutions, truck brokerage, freight forwarding, and other transportation services.
Its customer base includes multinational firms in mobility, manufacturing, aerospace, technology, consumer and healthcare markets.
HIG managing director Rob Jang 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.”