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SCRANTON — Third-party logistics provider Kane Is Able Inc. announced Thursday that affiliates of private equity firm Harkness Capital Partners have agreed to make an investment into the company in support of Kane’s growth strategy of expanding its services and national presence.
Terms of the transaction were not disclosed.
According to a release issued Thursday, Michael Gardner will continue as president and CEO, the workforce of 1,100 is expected to remain unchanged and the Scranton-based company will keep its name.
“Operationally, 2018 was an outstanding year,” said Gardner. “We doubled our network presence in Atlanta, Allentown, and southern California, opened new locations, booked record sales in 2018, and increased our transportation capabilities by 30 percent. All of this takes resources and expertise.”
Gardner said the Harkness investment will enable Kane to continue to grow.
“Harkness Capital is the perfect fit to assist us in achieving our goals of exceptional logistics delivered by our dependable and dedicated associates,” Gardner said. “Besides providing the capital we need to accelerate our growth, they bring decades of operating experience and proven investment success in the logistics industry.”
Dick Kane, former CEO and returning board member, said the Kane family is delighted to welcome Harkness as fellow owners of the business.
“Their investment allows us to preserve the family culture at Kane Is Able and expand our best-in-the-industry service levels,” Kane said. “As we approach our 90th year in business, we’re excited to have Harkness as our partner.”
Ted Dardani, partner at Harkness Capital, said it is “honored and excited” to team with the Kane family and the Kane Is Able team.
Republic Partners served as advisers to Kane on the transaction.
