DETROIT, MI (October 24, 2024) – Edgewater Strategy Group (“Edgewater”), a boutique advisory firm specializing in M&A, capital raises and Office of the CFO services, today announced that it supported H.I.G. Capital’s (“H.I.G.”) deal team on the acquisition of Tri-State Expedited Service, Inc. (“Tri-State”) by Load One, LLC (“Load One”), an H.I.G. portfolio company and a provider of expedited transportation and logistics services.
Tri-State was founded in 1978 and is based in Millbury, Ohio, just outside Toledo. The company moves time-critical freight by road across the 48 contiguous states, Canada and Mexico, and also offers truckload, air freight, logistics and cross-border services. Load One, founded in 2003 and headquartered in Taylor, Michigan, near Detroit, handles urgent and high-value shipments throughout North America by ground and air, drawing on owner-operators, carrier partners and its own company drivers.
The combination brings Tri-State’s drivers and carrier relationships into Load One’s North American network, extending the platform’s reach for shippers with time-critical and high-value loads. H.I.G. made a growth investment in Load One in June 2022 to support the company’s organic growth and its acquisition strategy.
Edgewater worked alongside H.I.G.’s deal team during buy-side diligence, updating its diligence data pack covering Tri-State’s customer base, revenue, costs, margins and load-volume trends, and helping prepare deal update materials for the firm’s investment team.
“In expedited freight, shippers remember the one load that arrived late, so a carrier’s worth is measured by how reliably it performs, lane after lane and year after year. Working alongside the H.I.G. deal team, we organized Tri-State’s operating data into a diligence view of how revenue, costs and load volumes moved together over time, and kept the team’s deal updates current as the work progressed. Bringing an established Ohio carrier into Load One is a logical next step for the platform H.I.G. backed in 2022.”
Hawken LordManaging Partner, Edgewater Strategy Group
Terms of the transaction were not disclosed.
Load One’s full announcement is available here.
About H.I.G. Capital
H.I.G. Capital is a global alternative investment firm focused on the middle market. Founded in 1993 and headquartered in Miami, H.I.G. invests across private equity, growth equity, direct lending, real estate, infrastructure and other strategies through a global network of offices. For more information, visit hig.com.
About Load One
Load One, LLC is a North American provider of expedited transportation and logistics services. Founded in 2003 and based in Taylor, Michigan, the company offers ground expedite, truckload, specialized and flatbed, air charter and logistics services through its network of owner-operators, carrier partners and company drivers. For more information, visit load1.com.
About Tri-State Expedited Service
Tri-State Expedited Service, Inc., founded in 1978 and based in Millbury, Ohio, provides expedited ground transportation, along with truckload, air freight, logistics and cross-border services, to customers across the 48 contiguous states, Canada and Mexico. Tri-State became part of Load One in October 2024.
About Edgewater Strategy Group
Edgewater Strategy Group is a boutique advisory firm specializing in Mergers and Acquisitions, Capital Raises, and Office of the CFO services. Edgewater works as an extension of its clients’ deal and finance teams, from sourcing and diligence through close and post-close integration. For more information, visit edgewaterstrategygroup.com.
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