Avkha Equity Holdings, a private investment firm based in San Francisco, California, has acquired family-owned Dart Transit, Dart Express, and their subsidiaries, effective Jan. 1.
Terms of the deal were not disclosed.
After more than 90 years of ownership, the Oren family is transitioning its legacy of leadership at Dart as they pursue family interests, Avkha said in a statement Friday.
Dart is located in Eagan, Minnesota. Dart Transit has 855 drivers, according to the Federal Motor Carrier Safety Administration's SAFER data base. Dart Express has 344.
Don Oren has retired, and David Oren will remain as president at Dart Express, ensuring continuity and operational stability. Mike DelBovo will remain as president of Dart Transit Group and Tom Witt is joining the organization as CEO.
Avkha Equity Holdings maintains a diversified portfolio of businesses throughout the United States. The firm has a long-term interest in the transportation and logistics industry and views Dart as a strong operational platform for continued service and growth.
Avkha said in a statement it looks to expand Dart Transit Group with additional investment. Don Oren, in discussing the sale, stated he could not think of a better outcome.
The acquisition does not alter Dart’s day-to-day operations, according to Avkha. The Dart name and operating entities remain unchanged. Drivers, customers, leadership, and staff remain in place and all facilities and operating locations will continue as normal, the company said.
Avkha's statement said Dart remains fully committed to its customers and business partners. The company looks forward to continuing existing relationships and discussing opportunities to expand service offerings where appropriate, including additional lanes, intermodal solutions, dedicated fleet operations, and logistics management.
