Home Services Transport Service Kane Is Able Receives Equity Investment From Harkness Capital Partners
Transport Service - March 20, 2019

Kane Is Able Receives Equity Investment From Harkness Capital Partners

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 bigger 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.” 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 out 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 became formally followed in 1960. Under Dick Kane’s leadership, the employer delivered warehousing and distribution operations in foremost freight markets across u . S. A. And brought in former Walmart executive Lee Stucky to serve as the first nonfamily member and chairman of the board of administrators. In 2011, the organization hired Pete Westermann as the first nonfamily CEO. Westermann became succeeded in 2015 with the aid of the modern-day CEO, Michael Gardner.

In an announcement, Gardner said the organization had an “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.

Stark said the deal proved to be a chunk of a mismatch for Kane Is Able, that is greater closely centered on beverage distribution while Vintners was extra worried in offering vineyards with gadget and resources. Ted Dardani, an associate at Harkness Capital Partners in New York, stated the firm is “venerated and excited” to aid Kane Is Able in its increase. On its website, Harkness describes its investment cognizance as assisting the growth of service-orientated businesses and 0.33-party logistics as “one in all its precedence regions for funding.” Kane Is Able presently has a fleet of one hundred fifty tractors and 500 trailers and operates 6 million square toes of warehousing space in 25 places. The company ranked No. 24 on the 2018 Transport Topics listing of pinnacle dry storage warehousing firms with 8.Three million square feet of space in 26 warehouses. The business enterprise also suggested sales of $a hundred and fifty million in 2017.