Private Equity's New Playbook: Hudson Hill's InXpress Deal Rewrites the Exit Strategy

NEW YORK, NY – September 08, 2026 – In a move that highlights a significant strategic shift within private equity, Hudson Hill Capital has sidestepped a traditional sale of its high-performing logistics asset, InXpress. Instead, the firm has opted to retain its star player by closing a single-asset Continuation Vehicle (CV), securing fresh capital and a longer runway to fuel the company's explosive growth. The transaction, co-led by major secondary investors Barings and Ardlussa Capital, is more than just a financial maneuver; it's a testament to a powerful new playbook where patient capital and proven performance are rewriting the rules of the exit game.

For Hudson Hill, which acquired a controlling stake in InXpress in 2020, the decision was driven by staggering success. “Since we acquired a controlling stake in InXpress in 2020, system revenue has risen by nearly 200%,” noted Eric Rosen, Managing Partner and Founder of Hudson Hill Capital. This new vehicle allows the firm to continue its partnership with a winning management team while offering original investors a choice: cash out on a highly successful investment or roll their stakes into the new structure to capture future upside. Hudson Hill and InXpress management are signaling their own confidence by rolling the entirety of their proceeds into the new deal.

The Strategic Rise of the Continuation Vehicle

This transaction is a textbook example of the private equity industry's growing embrace of Continuation Vehicles. Traditionally, a PE fund's 10-year lifecycle would necessitate the sale of a company like InXpress. However, CVs allow a General Partner (GP) like Hudson Hill to transfer a prized asset from an older fund into a new, purpose-built vehicle. This solves a classic dilemma: what to do with a “trophy asset” that is still delivering exceptional growth but is constrained by an aging fund's timeline.

The structure offers a win-win-win scenario. The GP retains control of a company it knows intimately, avoiding the risk of premature sale. Existing Limited Partners (LPs) receive the option for liquidity, a crucial feature in a market where traditional M&A and IPO exits have been muted. Meanwhile, new investors, such as Barings and Ardlussa, gain access to a de-risked, high-quality asset with a proven management team and a clear growth trajectory. As one secondary market expert notes, these deals allow new money to back a specific, well-understood asset rather than investing in a blind pool fund.

This trend is rapidly reshaping the secondary market, with single-asset CVs now accounting for a substantial portion of all GP-led transactions. While not without complexity—particularly around valuation and potential conflicts of interest—the InXpress deal demonstrates their power when interests are aligned. The influx of capital from sophisticated co-leads like Barings, Ardlussa, and significant investor Quilvest Capital Partners validates the asset's quality and the GP's strategy, providing a strong endorsement of the road ahead.

Inside InXpress: A Tech-Enabled Franchise Powering SME Logistics

At the heart of this deal is InXpress, a global logistics specialist that has carved out a lucrative niche serving the complex shipping needs of small and mid-sized businesses (SMEs). Founded in the UK in 1999, the company operates a capital-light, tech-forward franchise model. Through its network of over 450 franchises across 14 countries, InXpress provides more than 46,000 SME customers with access to the global shipping power of carriers like DHL, UPS, and FedEx.

The company’s strategic advantage lies in its proprietary WebShip platform. This technology acts as a central nervous system, allowing franchisees and customers to compare rates, manage shipments, and integrate with e-commerce platforms seamlessly. By aggregating the shipping volume of thousands of small businesses, InXpress secures bulk-rate discounts from major carriers, passing those savings on to customers who would otherwise lack such leverage. The model combines the global reach and competitive pricing of a large enterprise with the personalized, consultative service of a local franchisee.

This unique positioning has enabled InXpress to thrive, particularly as the e-commerce boom accelerated the need for sophisticated, cost-effective shipping solutions for smaller businesses. The nearly 200% revenue growth since 2020 is a direct reflection of this market tailwind, amplified by Hudson Hill's strategic guidance. “Hudson Hill has provided the operational and strategic support needed to expand our carrier relationships, launch new proprietary technologies, [and] deepen the impact of our global training and sales enablement programs,” said Clinton Squadroni, Chief Executive Officer of InXpress. The investment has clearly paid dividends, positioning InXpress as what one investor calls the “last independent, globally operated, franchise-led company in the space.”

Patient Capital and a Partnership Extended

The InXpress story is also a case study in Hudson Hill’s core investment philosophy: a commitment to “patient, long-term capital.” Departing from the short-term, high-leverage model often associated with private equity, Hudson Hill focuses on building scalable foundations for sustainable growth. The firm's decision to not only hold InXpress but to reinvest its own proceeds speaks volumes about its conviction in the company’s future.

This sentiment is echoed by the new investors. “InXpress has built a differentiated, high-quality platform,” said Jonathan Hammill, Senior Director at Barings, underscoring the confidence in the company’s existing infrastructure. This is not a turnaround project; it's an acceleration play. The new capital will be used to enhance what is already working—investing further in technology, expanding carrier relationships, and supporting franchisee growth on a global scale.

Jeff Aebischer, Managing Partner of Ardlussa, reinforced this view: “We have followed this business as it has continued to grow, and the investment over the last five years is clearly reflected in the results. InXpress’ next phase is about continuing to scale what already works.” For a company that has already demonstrated immense growth, the backing of a syndicate of experienced investors through the CV structure provides both the capital and the strategic runway to pursue its long-term strategy, ensuring its next chapter is as successful as its last.