Add-on Acquisition • Transportation

DHL Supply Chain Acquires SDS Rx

On September 9, 2025, DHL Supply Chain acquired transportation company SDS Rx from HCI Equity Partners and Patriot Capital

Acquisition Context
  • This is DHL Supply Chain’s 1st transaction in the Transportation sector.
  • This is DHL Supply Chain’s 2nd transaction in the United States.
  • This is DHL Supply Chain’s 1st transaction in Florida.

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M&A Deal Summary

Date September 9, 2025
Target SDS Rx
Sector Transportation
Buyer(s) DHL Supply Chain
Sellers(s) HCI Equity Partners
Patriot Capital
Deal Type Add-on Acquisition

Target Company

SDS Rx

Tampa, Florida, United States
SDS Rx is a supply chain solutions service provider focused on the long-term care pharmacy market, specializing in the movement of pharmaceuticals from wholesale distributors to LTC pharmacies and from LTC pharmacies to LTC facilities. SDS Rx is based in Tampa, Florida.
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Buyer Overview 1

Buyer

DHL Supply Chain

Bonn, Germany

Category Company
Founded 1969
Sector Transportation
DESCRIPTION

DHL Supply Chain is a provider of reverse logistics solutions in North America. DHL Supply Chain was founded in 1969 and is based in Bonn, Germany.


Deal Context for Buyer #
Overall 2 of 2
Sector: Transportation 1 of 1
Type: Add-on Acquisition 1 of 1
State: Florida 1 of 1
Country: United States 2 of 2
Year: 2025 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-01 Inmar Supply Chain Solutions

Winston-Salem, North Carolina, United States

Inmar Supply Chain Solutions offers logistics solutions. Inmar Supply Chain Solutions is based in Winston-Salem, North Carolina.

Buy -

Seller Profiles 2

SELLER

HCI Equity Partners

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

HCI Equity Partners is a private equity group that targets lower middle-market industrial product and service companies throughout North America. HCI is a 'hands on' investor, looking to assist portfolio companies with growth strategies and improving profitability. The Firm seeks opportunities with $20 to $200 million in revenues and strong management in place. Specific areas of interest include aerospace/defense, automotive and commercial vehicle suppliers, industrial distribution, infrastructure, power generation, test/measurement equipment, and transportation. HCI Equity Partners (fka Thayer | Hidden Creek Partners) is based in Washington DC.


Deal Context for Seller #
Overall 30 of 30
Sector: Transportation 9 of 9
Type: Add-on Acquisition 9 of 9
State: Florida 1 of 1
Country: United States 28 of 28
Year: 2025 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-26 MSI Express

Portage, Indiana, United States

MSI Express provides contract packaging services, such as pouching/bagging, stand-up pouching, filling, lidding, bundle wrapping, flow wrapping, blister carding, shrink wrapping, inspections, mixing, kitting, display building, and canister sealing. It also provides a range of contract manufacturing services, including dry and liquid blending of ingredients, heat pasteurization, and batching. MSI Express was founded in 2008 and is based in Portage, Indiana.

Sell -
SELLER

Patriot Capital

Baltimore, Maryland, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Size Large
Type Sector Agnostic
DESCRIPTION

Patriot Capital is a private investment firm that provides equity and junior capital to support acquisitions, growth capital financings, management buyouts, and recapitalizations of middle-market companies. The Firm looks to invest $5 to $25 million in businesses generating revenues of $10 to $200 million. Areas of interest include business and consumer services, consumer products, niche manufacturing and distribution, education, e-commerce, application software, transportation, and telecom services. Patriot focuses its investment activity with the Mid-Atlantic, Midwest, and Southern areas of the US. Patriot Capital is based in Baltimore, Maryland.


Deal Context for Seller #
Overall 55 of 55
Sector: Transportation 2 of 2
Type: Add-on Acquisition 32 of 32
State: Florida 1 of 1
Country: United States 55 of 55
Year: 2025 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-22 Vermana

Orlando, Florida, United States

Vermana offers full-service commercial pool maintenance, renovation, and construction. Vermana is based in Orlando, Florida.

Buy -