Haney Truck Line Set for the Long Haul with Investment by Evergreen Pacific Partners
SEATTLE--(BUSINESS WIRE)--Haney Truck Line, a leading provider of truckload transportation in the Pacific Northwest, today announced an investment by Seattle-based Evergreen Pacific Partners. The existing management team of Mike Richardson, Dave Richardson and Dennis Richardson, Jr. will continue to lead all aspects of the company’s operations and maintain a significant ownership share of Haney as well as full ownership of the terminal properties. As a result of the investment, three Evergreen Pacific Partners executives will become Haney board members. Senior and subordinated debt capital was provided by Prudential Capital Group and Prudential Capital Partners, respectively. This is the third one-stop financing Evergreen has completed with Prudential Capital.
“Haney is run by a world-class management team operating in a highly fragmented market with significant potential for growth”
With over 500 employees, 400 tractors and 1,000 trailers, Haney is one of the largest truckload carriers in the greater Pacific Northwest and has a growing presence in California and Canada. Headquartered in Yakima, Wash., the company carries products including beverages, paper, glass, aluminum, food and other general merchandise throughout the eight Western US states.
Services offered include common and contract carriage, dedicated resources, and single source transportation programs utilizing 53-foot dry vans, 64-foot double vans, flatbeds, and refrigerated vans. The company has a modern fleet and one of the finest safety records in the trucking industry. In addition to the fleet, the company maintains five terminals as well as various other parking yards, throughout the Northwest.
Haney will continue to be run by the Richardson brothers – all of whom are third-generation operators of the company. Mike Richardson will remain as CEO and President while his brothers Dave and Dennis Jr. will remain on as Chief Operating Officer and Vice President of Marketing and Sales, respectively. The company will continue to operate under the same guiding principles with a more aggressive focus on growth.
“We saw this as the right time to bring in additional resources for us to build the business,” said Mike Richardson. “We see tremendous opportunity for growth, and we now have the resources to pursue it. At the same time, Evergreen Pacific Partners brings much more than just capital to the table. They are committed to helping us serve our current customers and expand in the region and nationally.”
This is the third investment in the state of Washington for Evergreen Pacific Partners in the past 14 months; in 2006 they acquired a controlling interest in Nuprecon, a precision demolition and construction recycling company, and Gene Juarez Salons and Spas, the iconic Northwest fashion and beauty brand. Collectively, there are more than 2,000 employees working for the three Washington state companies in which Evergreen Pacific Partners has invested.
“Haney is run by a world-class management team operating in a highly fragmented market with significant potential for growth,” said Tim Bernardez, a co-founder of Evergreen Pacific Partners. “We’re looking forward to helping them capitalize on the opportunities for expansion within the Pacific Northwest and beyond.”
According to Mike Nibarger, an Evergreen partner, the biggest differential for Haney from its competitors is its reliable and timely service at a very cost-efficient level and its ability to move heavier and higher cubic loads than many of its competitors.
“During our diligence, Haney’s customer base gave extremely positive reviews of the company’s performance and expressed a desire to deepen their relationship with the company, which was a key part of the investment for us,” said Nibarger.
This is the fifth acquisition from Evergreen’s private equity fund, and third in the state of Washington since its launch in 2005. The company focuses on traditional buyouts, management led buyouts and growth equity investments in middle market companies operating in traditional industries.
T. J. McGill, co-founding partner of Evergreen, commented that “the firm has been very disciplined in its acquisition processes and we continue to evaluate opportunities in the state and region, and look forward to adding to more companies from the Northwest to our portfolio.”
About Evergreen Pacific Partners
Evergreen Pacific Partners (www.eppcapital.com) is a $275 million private equity fund based in the Pacific Northwest investing in private, traditional, middle-market companies in Western North America. EPP was co-founded by Timothy Bernardez, T. J. McGill, and Michael Nibarger. EPP’s acquisitions include Western Broadband (Phoenix, Ariz.), Finest City Broadcasting (San Diego, Calif.), Gene Juarez Salons & Spas (Seattle, Wash.), Nuprecon (Snoqualmie, Wash.) and Haney Truck Line (Yakima, Wash.).