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Huron Capital, the private equity firm targeted at the lower middle-market company, is expanding its logistics platform after agreeing to acquire Utah-based food & beverage-focused 3PL Performance Logistics.
Huron entered the supply chain sector with the 2018 acquisition of Indianapolis-headquartered Direct Connect Logistix.
PRESS RELEASE:
Leading lower-middle-market private equity firm Huron Capital Partners (“Huron Capital”) announced today that its third-party transportation and logistics services platform, Direct Connect Logistix (“DCL”), has acquired Performance Logistics, LLC (“Performance Logistics”). The combination of Performance Logistics’ refrigerated and frozen food transportation services and large customers in the Mountain West strengthens DCL’s capabilities, customer base and geographic reach.
Founded in 2015 and headquartered in Draper, Utah, Performance Logistics is a third-party logistics company that specializes in providing temperature controlled food and beverage transportation services.
Performance Logistics’ existing management team will remain with the combined company to help lead an expansion plan for regional operations. Terms of the deal were not disclosed.
“From the start of our discussions with Performance Logistics, we have been impressed by the company’s dedication to its customers, its growth capabilities, and its roster of blue-chip food and beverage customers,” said Richard Piontek, CEO of DCL. “This acquisition provides us with a presence in the Mountain West for the first time and strengthens our refrigerated and frozen food capabilities. We also expect it will help us expand our customer base and increase market share with existing customers.”
Huron Capital invested in Indianapolis, Indiana-based DCL in 2018 to create a new platform in the fragmented third-party logistics industry. DCL primarily serves the food, beverage, and related industries in the South, Midwest, and East Coast and is poised for continued expansion in a growing and dynamic industry.
“DCL has a unique corporate culture built on hustle, outstanding customer service and efficiency. DCL has continued to experience growth and has established itself as a leader in the sector,” said Huron Capital Partner Matt Lacki. “The addition of Performance Logistics is a significant next step for DCL and its strategic plan. The acquisition will boost DCL’s core services into more national markets with a focus on nondiscretionary, consumer staple, recession resistant customer segments.”
ENDS
Full release can be found here
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