Direct Connect Logistix, which is backed by Huron Capital Partners, has acquired Draper, Utah-based Performance Logistics LLC, a third-party logistics company. No financial terms were disclosed.
DETROIT, Mich. (February 21, 2022) — 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.”
About Huron Capital
Founded in Detroit in 1999, Huron Capital is an operationally focused private equity platform with a long history of growing lower middle-market companies through our proprietary ExecFactor® buy-and-build investment model. We prefer complex situations where we can help companies reach their full potential by combining our operational approach, substantial capital base, and transaction experience with seasoned operating executives. An early pioneer of the buy-and-build approach, Huron Capital has successfully established six private equity funds aggregating nearly $2.0 billion in committed capital and invested in over 240 companies, and our portfolio companies have employed over 11,000 people throughout North America. The Huron Capital buy-and-build investment model includes equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million. Huron Capital invests control equity in fundamentally-sound companies that can benefit from the firm’s operational approach to creating value. Huron Capital focuses on niche segments within commercial & industrial services, professional services and the consumer services sectors. For more information, please visit: www.huroncapital.com.