H.I.G. Capital News
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H.I.G. Capital Completes Investment in Progressive Logistics Services
MIAMI - January 13, 2011 - H.I.G. Capital, L.L.C. (“H.I.G.”), a leading global private equity investment firm, has announced that an affiliate has completed a successful recapitalization of Progressive Logistics Services, L.L.C. (“PLS”). PLS is the leading national provider of outsourced, productivity-driven workforce solutions for supply chains in the grocery, foodservice, retail and specialty automotive industries.
Founded in 1996 and headquartered in Atlanta, GA, PLS is a value-added partner to its corporate clients by providing managed on-site workforce solutions at 100+ distribution centers nationwide. Through its innovative, data-driven approach to workforce management and relentless focus on training and safety, PLS is recognized in the industry for its winning combination of operational excellence and overall cost-effectiveness. PLS’ commitment to enhancing productivity has resulted in clients enjoying measurable improvements in unloading times, throughput rates and service accuracy, which ultimately translate into tangible cost savings.
The existing management team, led by CEO Tom Caudell and COO Mike Adams, will continue to manage and operate the business. “We are thrilled to join forces with H.I.G.,” said Tom Caudell, Chief Executive Officer of PLS. “They have been a successful investor in the logistics space, and we believe that they bring valuable insight, highly relevant experience and considerable resources that will be critical in helping to take PLS to the next level. As we strive to continue as valuable, long-term partners to our clients, we will also evaluate and pursue new avenues for growth, both organic and strategic,” Caudell added.
Jeff Zanarini, a Managing Director at H.I.G. commented, “Tom and the entire management team at PLS have demonstrated a phenomenal track record of consistent and impressive growth over the past ten years. We expect they will continue to do so as they capitalize on growth opportunities with new and existing clients, as well as within under-penetrated verticals. More broadly, PLS provides the ideal platform for us to continue investing in the growing 3PL services sector. We look forward to working with the PLS management team to explore these exciting opportunities that will further cement PLS’ industry-leading stature.”
About Progressive Logistics Services
Based in Atlanta, PLS is the national leader in outsourced, productivity-driven workforce solutions for enhancing supply chain efficiency at client distribution centers. With presence at 100+ sites in nearly every state nationwide, PLS provides a broad array of value-added services to some of the largest corporate names in the automotive, grocery/foodservice and retail sectors. With ~3,500 well-trained employees, PLS has distinguished itself through its ability to provide flexible solutions in critical situations. Its large and growing client base benefits from lower throughput costs and the PLS commitment to safety and risk management.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $8.5 billion of equity capital under management. Based in Miami, and with offices in San Francisco, Atlanta, Boston, and New York in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well-managed service or manufacturing businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.