ARLINGTON — Smokey Point Distributing Inc. was sold for $34 million to its top executive and two Texas investors, the Arlington-based trucking firm reported Thursday.
A local couple who founded the company sold it to Dan Wirkkala, president and chief executive officer of the firm, Dallas investor Don Daseke and Main Street Capital of Houston.
Wirkkala declined to comment on Thursday.
The transaction is expected to help the company expand operations this year, opening a new transportation terminal in Southern California this year. The firm operates out of its primary terminal north of Seattle and from a second location in Wichita, Kan.
The sale attracted several potential investors despite a tight credit market, said Jason Hiebert, vice president of Allegiance Capital, an investment banking firm.
The trucking industry has been suffering as the recession slows down the flow of goods. Hogland Transfer Co. Inc. of Everett started seeing a decrease in business last summer, according to Steve Holtgeerts, the company’s owner.
The company was operating about 60 percent of its fleet with 54 trucks and 150 trailers in late 2008. It laid off several workers and cut hours for other employees, according to Holtgeerts.
Smokey Point Distributing has carved out a niche serving diverse customers in the aerospace industry and handling difficult shipments, Daseke said.
“I believe Smokey Point is primed for continued growth,” he said in a statement.
Reporter Yoshiaki Nohara: 425-339-3029 or ynohara@heraldnet.com.
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