Huron Capital Buys Landes Trucking

Cardinal Agri-Logistics, an acquisition platform sponsored by Huron Capital Partners, has acquired Landes Trucking Inc., a Jacksonville, Ill.-based provider of transportation and logistics services to agricultural processing companies and food manufacturers. Huron committed $20 million to the deal.

Huron Capital Partners announced today that, through its new platform company, Cardinal Agri-Logistics, Inc., it has acquired Landes Trucking, Inc. in partnership with the existing management team. The transaction closed in December 2009, with Huron committing $20 million to close the transaction. Terms of the transaction were not disclosed. The investment was made through Huron’s most recent private equity fund, The Huron Fund III, L.P., which has $350 million in committed capital.

The transaction marks Huron’s 46th investment overall and its second successful investment platform to close in the fourth quarter of 2009 alone. The acquisition caps an active year for Huron, which closed five transactions in a difficult market.

Based in Jacksonville, Illinois, Landes is a leading provider of transportation and logistics services to agricultural processing companies and food manufacturers. The company transports a variety of bulk vegetable oils, tropical oils, and syrups to food manufacturing plants throughout the Midwest, and operates two kosher-certified tank wash facilities in Illinois.

Peter Mogk, a Partner at Huron, stated, “We were attracted by the highly recurring nature of the company’s revenues and management’s ability to consistently drive growth and profitability in a very difficult economic environment. The company’s track record is a testament to management’s focus on providing superior quality service to its customers as well as the strong economic fundamentals in the bulk, food-grade liquid transport market. We are excited to partner with management in this transaction and the opportunities to continue to grow this business.”

About Huron Capital Partners LLC

Huron Capital is a leading private equity firm investing in lower middle-market companies. The firm typically invests between $10 million and $70 million in equity to sponsor buyouts, growth initiatives, corporate spin-offs and recapitalizations of growth-oriented niche manufacturing, specialty service, and value-added distribution companies having revenues up to $200 million. Huron’s strategy is to combine its operational approach, capital and transaction experience with proven management teams who have the vision, experience and commitment to grow their businesses.

Since its founding in 1999, Huron has acquired or invested in 46 companies with aggregate revenues approaching $1 billion. Investments have been made in the U.S. and Canada in a variety of areas, including print solutions & document management, education, healthcare products & services, specialty chemicals, specialty packaging, consumer products, home décor, passenger transportation services, building products, office furniture components and laboratory testing. Huron Capital currently manages over $600 million in committed equity through three private equity funds and has offices based in Detroit, Pittsburgh and Toronto. The firm has consistently generated top-quartile returns for its limited partners. For more information, please visit us at