Third-party logistics provider Kane Is Able, Inc. announced today that affiliates of 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.
"Operationally, 2018 was an outstanding year," said Michael Gardner, President and CEO of Kane Is Able. "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."
"The Kane family is delighted to welcome Harkness Capital Partners 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."
"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 Ted Dardani, Partner at Harkness Capital.
The transaction closed on March 13, 2019. Michael Gardner will continue as the President and CEO and the company's name will remain as Kane Is Able. The team of 1,100 associates will remain dedicated to outstanding customer service.
The terms of the transaction are confidential.
Republic Partners served as advisors to Kane Is Able on this transaction.
About Kane Is Able
Kane Is Able is a third-party logistics provider that helps manufacturers and their retail partners efficiently and effectively distribute goods throughout the United States. KANE's value-added logistics services include nationwide warehousing and distribution, fulfillment, cross docking, and transportation solutions. Our belief in YOUgisticsTM means you have a logistics partner that keeps its promises.
About Harkness Capital Partners
Harkness Capital Partners is a private equity investment firm focused on supporting the growth of service-oriented companies. Third-party logistics is one of its priority areas for investment. Founded in 2014, Harkness Capital invests its capital and resources to support the growth of high-quality, lower middle market companies. Harkness Capital is dedicated to long-term value creation and working in partnership with talented managers seeking to grow their businesses. Harkness Capital utilizes its team of experienced operators and investors to help management teams build their operations and market presence. For more information, please visit http://www.harknesscapital.com or contact Ian Handsman, Vice President, Harkness Capital Partners, at (212) 514-0023.