Harkness Capital has made an investment in Kane Is Able, a third-party logistics provider.
Kane Is Able’s services include nationwide warehousing and distribution, fulfillment, cross-docking, and transportation. The company’s customers – including Gallo, Sam’s Club, AGFA, Dow, and Hain Celestial – are typically consumer goods manufacturers selling through retailers and grocery chains, as well as e-commerce channels.
The company began in 1930 as Kane Freight Lines when Edward Kane provided local hauling in Northeast Pennsylvania. Today, the company manages a truckload fleet of 150 power units and 500 trailers and operates 6 million square feet of warehousing space across 25 distribution centers.
Kane Is Able has more than 1,100 employees and is led by CEO Michael Gardner with a headquarters in Scranton, PA (www.kaneisable.com).
“Operationally, 2018 was an outstanding year,” said Mr. Gardner. “We doubled our network presence in Atlanta, Allentown, PA, and southern California, opened new locations, booked record sales in 2018, and increased our transportation capabilities by 30%. All of this takes resources and expertise. The Harkness investment will enable Kane to continue to grow its services and market presence. Harkness Capital is the perfect fit to assist us in achieving our goals of exceptional logistics delivered by our dependable and dedicated associates. Besides providing the capital we need to accelerate our growth, they bring decades of operating experience and proven investment success in the logistics industry.”
Harkness Capital invests in lower middle market service-oriented and niche-manufacturing companies with a specific interest in the third-party logistics sector. The New York-based firm was founded in 2014 and is led by partners Ted Dardani, Harris Newman and Zuher Ladak (www.harknesscapital.com).
“Harkness Capital is honored and excited to team with the Kane family and the Kane Is Able team to support the next chapter of growth in this leading logistics company,” said Mr. Dardani.
“The Kane family is delighted to welcome Harkness Capital as fellow owners of the business,” said Dick Kane, former CEO and returning board member. “Their investment allows us to preserve the family culture at Kane Is Able and expand our best-in-the-industry service levels. As we approach our 90th year in business, we’re excited to have Harkness as our partner.”
Chicago-based investment bank Republic Partners (www.republicpartners.com) was the financial advisor to Kane Is Able.
© 2019 Private Equity Professional | March 15, 2019