Haney Truck Line LLC, a provider of truckload transportation in the Pacific Northwest, has acquired the operating assets of Washington-based Puget Sound Truck Lines Inc. and Oregon-based Nickel Plate Express Inc. No pricing terms were disclosed for the acquisition, which was financed by Haney Truck management and existing equity sponsor Evergreen Pacific Partners.
Haney Truck Line, LLC (Haney), a leading provider of truckload transportation in the Pacific Northwest, today announced the purchase of the operating assets of Washington-based Puget Sound Truck Lines, Inc. (PSTL) and Oregon-based Nickel Plate Express, Inc. (NPE). The combined entities, which will operate under the Haney brand, create one of the largest West Coast truckload transportation fleets. The transaction was facilitated by Haney’s senior management team as well as through its equity partner, Seattle-based Evergreen Pacific Partners, which manages $700 million of equity and invests in private, traditional industry, middle-market companies in Western North America.
In addition to the operating assets, Haney Truck Line will assume leased property in Eugene and Portland, Ore., Commerce and Woodland, Calif., and in Everett, Bellingham and Tacoma, Wash., adding to the five terminals and various other parking yards Haney already maintains throughout the Northwest.
“This transaction will allow us to better serve existing customers, offer compelling expanded service offerings to new customers, and provide greater capacity to the broader West Coast truckload market,” said Mike Richardson, president of Haney Truck Line.
With 165 tractors and 466 trailers, and 65 contractors PSTL and NPE are among the oldest and most recognized truckload carriers in the Pacific Northwest and California. With more than 500 employees, 400 tractors and 1,000 trailers, Haney is one of the largest truckload carriers in the greater Pacific Northwest.
The companies carry products including beverages, paper, glass, aluminum, food and other general commodities throughout eight Western states. They offer a variety of services, including common and contract carriage, dedicated resources, logistics services and single source transportation programs utilizing 53’ dry vans, 53’ heavy-haul vans, and flatbeds. Haney will add inter-modal services to its service portfolio as a result of the transaction. The companies all maintain among the finest safety records in the trucking industry.
This is the eighth transaction for Evergreen Pacific Partners and the fourth in the state of Washington. Collectively, there are more than 2,000 employees working for the Washington state companies in which Evergreen Pacific Partners has invested. The company focuses on traditional buyouts, management led buyouts and growth equity investments in middle-market companies operating in traditional industries.
“This transaction fits the strategic opportunity we saw to grow Haney’s market share in the West,” said T. J. McGill, co-founding partner of Evergreen. “Haney operates one of the largest, and most respected, fleets in the region and we look forward to continuing to help them grow.”
About Haney Truck Line
Haney Truck Line, LLC provides customized, mission critical truckload transportation solutions to quality driven customers shipping in and between Washington, Oregon, Idaho, California, Montana, Wyoming, Utah, Nevada as well as British Columbia and Alberta, Canada. Providing a complimentary palette of services, Haney leverages extensive experience, integrated technological systems, and a honed proprietary approach to deliver industry leading performance. More information is available on the web at www.gohaney.com.
About Evergreen Pacific Partners
Based in Seattle, Wash., Evergreen Pacific Partners (www.eppcapital.com) currently manages two private equity funds totaling $700 million, with a focus on investing in traditional, middle-market companies in Western North America. Evergreen Pacific was co-founded by Timothy Bernardez, T. J. McGill, and Michael Nibarger. Evergreen Pacific’s acquisitions and investments include Western Broadband (Phoenix, Ariz.), Finest City Broadcasting (San Diego, Calif.), Gene Juarez Salons & Spas (Seattle, Wash.), Haney Truck Line (Yakima, Wash.), Nuprecon (Snoqualmie, Wash.) and CST Environmental (Brea, Calif.).