Kane Is Able Inc., a warehousing and distribution commercial enterprise in operation due to the fact 1930, introduced that Harkness Capital Partners agreed to make an unspecified equity funding in the company as a part of an approach to make more significant the enterprise’s offerings and national presence. The transaction represents the primary outdoor investment within the family-owned business, consistent with Alex Stark, senior director of advertising and marketing for Kane Is Able in Scranton, Pa. “We see a real want for our emblem of the excessive-contact provider [and] we see possibilities each within the United States and Canada,” Stark stated. “This is an automobile to spur that funding.” The terms of the deal have been now not disclosed.
“The Kane circle of relatives is thrilled to welcome Harkness Capital Partners as fellow proprietors of the enterprise,” said Dick Kane, a former CEO and a member of the organization’s board of administrators. “Their investment allows us to hold the circle of relatives’ way of life at Kane Is Able. As we approach our ninetieth yr in the enterprise, we’re excited to have Harkness as our associate.” It turned into Dick Kane’s grandfather, Edward, who started what might end up Kane Freight Lines via presenting nearby hauling for groups within the mountainous valleys of northeast Pennsylvania.
Edward’s son Gene took over in 1955 and multiplied the enterprise to consist of warehousing, fulfillment, and packaging services. The name Kane Is Able was formally followed in 1960. Under Dick Kane’s leadership, the employer delivered warehousing and distribution operations in major freight markets across you. S. A. And brought in former Walmart executive Lee Stucky to serve as the first non-family member and chairman of the board of administrators. In 2011, the organization hired Pete Westermann as the first non-family CEO. Westermann became succeeded in 2015 with the aid of the modern-day CEO, Michael Gardner.
In an announcement, Gardner said the organization had a “remarkable year” in 2018. “We doubled our network presence in Atlanta, Allentown, Pa., and southern California, opened new locations, booked file income, and extended our transportation capabilities by means of 30%. “All this takes resources and understanding,” Gardner defined. “The Harkness funding will permit Kane to keep growing its offerings and marketplace presence.” Acquisitions are a possibility for the corporation, in line with Stark. In 2017, Kane Is Able agreed to accumulate Vintners Logistics, a corporation primarily based in Kennewick, Wash., that offers warehousing and transportation for wineries and food processing flora in the Pacific Northwest, but the deal turned into never consummated.