Private equity firm H.I.G. Capital announced Tuesday that one of its affiliates has entered into an agreement to acquire Ascent Global Logistics.

Belleville, Michigan-based Ascent primarily provides time-critical air and ground logistics, truck brokerage and freight forwarding services. The company touts more than $2.5 billion in annual revenue with over 4,000 customers and 1,000 employees.

Ascent was most recently held by affiliates of Elliott Investment Management. It was spun off from Roadrunner in 2020.

“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,” said Rob Jang, managing director at H.I.G.

Specific financial terms of the transaction were not provided. However, Ascent’s current management team will continue to be shareholders and Elliott will retain a minority stake in the company.

“The investment by H.I.G. is a recognition of Ascent’s accomplishments and its significant market opportunity,” said Cody Kittle, portfolio manager at Elliott. “The past few years demonstrate what happens when significant investments in technology, operational capabilities and fleet are paired with a team of effective operators.”

H.I.G. owns other transportation and logistics assets, including Capstone Logistics, Cardinal Logistics and Load One.

The transaction is subject to closing conditions and regulatory review.

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