Alternative investment firm H.I.G. Capital announced that an affiliate company has entered into an agreement to acquire Capstone Logistics from an affiliate company of private equity firm The Jordan Co.
Based in Peachtree Corners, Georgia, Capstone was formed by H.I.G. Capital in 2011, when it merged portfolio company Progressive Logistics Services with LMS Intellibound. H.I.G. sold Capstone to The Jordan Company in 2014.
Financial terms were not disclosed. The deal is expected to close in November subject to closing conditions and an antitrust review. The Jordan Co. will retain a minority equity stake following the transaction.
“Over the past several years, we have grown our national footprint and expanded our service offerings from predominantly inbound logistics to include other inside-the-warehouse services, plus integrated freight brokerage, last-mile and payments services,” said Capstone CEO Steve Taylor.
Capstone’s current management team will remain in their current roles and as shareholders in the business.
“The Capstone management team is excited to partner again with H.I.G. as we continue to provide our associates with a great place to work and further enhance our integrated supply chain solutions to serve our Partners’ evolving needs,” continued Taylor.
Capstone is a third‐party logistics provider (3PL) of outsourced supply chain solutions covering origin to destination. Capstone’s non-asset-based offering includes warehouse management, freight brokerage, last‐mile delivery, reverse logistics and payment processing, primarily to the grocery, food service, retail and consumer packaged goods industries. The company has more than 14,000 employees operating out of more than 560 locations in 49 states.
“We are delighted to partner again with Steve and the Capstone team. We believe there is immense opportunity ahead for Capstone. The Company provides critical, first-rate services to its partners and is well positioned to continue on an accelerated growth trajectory both organically and through acquisitions” said H.I.G. Managing Director Matt Hankins.
Harris Williams and Credit Suisse served as financial advisers to Capstone. J.P. Morgan acted as financial adviser to H.I.G.
“Steve and the rest of the Capstone team have done a phenomenal job executing and growing the business. We are excited to continue investing alongside the Capstone team and look forward to working with the Company and H.I.G. throughout this next stage of growth,” stated Brian Higgins, partner at The Jordan Co.
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