The True family of Caspar, Wyo., has announced that Hank and Dave True will buy out their brother, Diemer True, and his sons’ remaining shares of the family’s expansive business holdings, which include Black Hills Trucking.
The sale, which is effective Jan. 1, 2006, is a friendly purchase, prompted by a desire to keep the businesses in the family, the Trues said in a press release Wednesday, Nov. 30. Terms were not announced.
The True companies, founded by Hank, Dave and Diemer True’s father, H.A. “Dave” True Jr. in 1948, include several oil and trucking businesses, as well as Hilltop National Bank. Collectively, the Casper-based companies employ about 1,200 people in the Rocky Mountain region, Texas, Oklahoma, Louisiana and Mississippi.
Diemer True currently serves as president of Toolpushers Supply Co. and Black Hills Trucking. His sons, Diemer “Kip” True Jr. and Kyle True, are executive vice president of Hilltop National Bank and assistant manager of True Oil, respectively.
All three will remain in their positions temporarily to aid in the transition period, the family said. Diemer True and his sons expect to start pursuing other business ventures together in late 2006.