Hudson Hill Capital has closed a single-asset continuation vehicle for In Xpress, an international and domestic parcel and freight services provider based in Sandy, Utah. Barings Capital Management and Ardlussa Capital are the anchor investor group in the CV, with participation from Hudson Hill and In Xpress company management, which both rolled the entirety of their proceeds into the transaction. Hudson Hill acquired a controlling stake in In Xpress in 2020 and made a more than 3x return before the CV.

In an exclusive interview, Hudson Hill's founder and managing partner Eric Rosen said every existing investor had a real choice: liquidity now at a price set by a competitive process, or continued participation. Evercore ran the broad, competitive process that brought Ardlussa into the deal. Founded in 1999 in the UK, In Xpress connects small and mid-sized businesses to carriers through a franchise network spanning 14 countries, 450 franchises, and more than 46,000 customers, reselling capacity from DHL, UPS, Fed Ex, and over 100 freight carriers on its proprietary Web Ship platform.

Pandemic-driven e-commerce demand boosted the business, but Rosen said the strongest year came well after COVID-19, driven by management changes, a unified technology platform, and a proprietary freight product. The franchise model creates a compounding effect, and partnerships with major logistics companies have expanded carrier relationships. Rosen sees enormous growth opportunity, noting 3PL penetration increases during downturns as customers seek cost-effective shipping.