H.I.G. Capital announced the sale of its portfolio company, Capstone Logistics, to The Jordan Company, a private equity firm based in New York.
“H.I.G. and MSouth have been outstanding and committed partners, and a valuable sounding board for the Capstone management team. We have appreciated their guidance in creating Capstone, defining its strategic positioning, and supporting various operational improvement and growth initiatives,” said Steve Taylor, CEO of Capstone.
“We created an industry leading brand in Capstone, and management flawlessly executed on its strategic initiatives to deliver a highly differentiated client value proposition,” commented Camilo Horvilleur, principal of H.I.G. “A transaction providing more than 10x cash-on-cash returns to H.I.G. and its investors speaks volumes for the quality of the Capstone business.”
“We are very proud of what we have accomplished together with the Capstone management team,” commented Jeff Zanarini, a managing director of H.I.G. “The company achieved phenomenal growth during our ownership, including more than doubling the combined ebitda of the original entities. Through its innovative, data-driven approach to workforce management and relentless focus on training and safety, we have every confidence that Capstone will maintain and grow its leadership position in all things logistics.”
Atlanta-based Capstone is a provider of outsourced supply chain solutions at nationwide distribution centers catering to the grocery, foodservice, retail, automotive and 3PL verticals.