A major Texas flatbed and specialized carrier will become a publicly-traded company as the result of a planned merger.
Daseke has entered into a deal with investment firm Hennessy Capital and will be listed on the Nasdaq exchange, both companies announced recently.
The Addison, Texas-based Daseke will receive $626 million in newly issued Hennessy shares. Hennessy, already a publicly traded company, will change its name to Daseke, Inc., and will begin trading on the Nasdaq under the symbol DSKE and DSKEW. The companies expect an initial enterprise value of $702 million.
Daseke management will retain control of 50 percent of the company’s stock. The merger is expected to be completed this quarter.
In a statement on the company’s website, Don Daseke says there are three main reasons for becoming a public company:
- Add more outstanding companies to the Daseke family, as we continue to build the premier open-deck trucking company in North America
- Provide stock ownership plans for all our employees
- Invest in our world-class operating companies to support growth and ensure one of the most modern, efficient and safest fleets in the industry.
Daseke was formed in 2009 and has grown, mostly via mergers, from $30 million in revenue that quarter to $679 million in 2015. Daseke owns several major motor carriers, such as Boyd Bros., E.W. Wylie, Bulldog Hiway Expresss, Hornady Transportation and others.