Pennsylvania-headquartered 3PL has grown operations from Atlanta to Southern California and wants to accelerate growth.
The Scranton, Pa.-headquartered third-party logistics company Kane Is Able Inc. said that affiliates of the private equity company Harkness Capital Partners have agreed to make an investment in the company to support its “growth strategy of expanding its services and national presence.”
Mike Gardner, the president and chief executive officer of Kane, said the investment comes at a time when the company has great momentum and wants to accelerate growth.
“Operationally, 2018 was an outstanding year. We doubled our network presence in Atlanta, Allentown, Pa., and Southern California, opened new locations, booked record sales and increased our transportation capabilities by 30 percent,” he said.
“To continue along this path takes resources and expertise. The Harkness investment will enable Kane 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 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 Kane Is Able board member, added, “The Kane family is delighted to welcome Harkness Capital Partners 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.”
Terms of the transaction, which closed on Wednesday, were not disclosed. Gardner will continue as KANE’s president and CEO, and the company’s name will remain Kane Is Able.
The website PE Hub Network, which tracks the private equity industry, said last month that Harkness Capital Management had “raised $109 million for its inaugural fund,” citing this filing with the Securities and Exchange Commission.