An affiliate of global investment firm H.I.G. Capital is acquiring Ascent Global Logistics – the parent of cargo specialist USA Jet Airlines (UJ, Detroit Willow Run) – from affiliates controlled by Elliott Investment Management L.P., the companies announced in a statement.
Neither the value of the ownership swap nor the transaction terms were disclosed. However, Elliott will retain a minority stake, and Ascent’s management team will remain shareholders. The transaction is still subject to the completion of customary closing conditions, including a regulatory review.
Ascent was spun off from Roadrunner Transportation Systems Inc. in August 2020 in a previous ownership change. Ascent specialises in on-demand ground and air expedited logistics solutions, truck brokerage, and freight forwarding. Its customers include major global companies from various industries, such as mobility, manufacturing, aerospace, technology, consumer goods, and healthcare.
“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,” commented H.I.G. Capital Managing Director Rob Jang.