Haney Truck Line, a provider of truckload transportation in the Pacific Northwest, announced today, Oct. 12, 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 — terms of which were not announced — 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.
With more than 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 U.S. 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. 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 chief executive officer and president, while his brothers Dave and Dennis Jr. will remain as chief operating officer and vice president of marketing and sales, respectively.
“We saw this as the right time to bring in additional resources for us to build the business,” says 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.”
Evergreen Pacific Partners is a $275 million private equity fund based in the Pacific Northwest investing in private, traditional, middle-market companies in Western North America. This is the fifth acquisition from Evergreen’s private equity fund, and third in the state of Washington since its launch in 2005; in 2006 they acquired a controlling interest in Nuprecon, a precision demolition and construction recycling company, and Gene Juarez Salons and Spas, a 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,” says 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.”