Seattle Shop Adds To Pacific Northwest Trucking Co.

Evergreen Pacific Partners has completed its first two add-on acquisitions for Haney Truck Line LLC in its effort to create a regional platform out of the Yakima, Wash.-based trucking and warehousing company.

The Seattle firm announced on Oct. 21 that Haney Truck Line had bought Tacoma, Wash.-based Puget Sound Truck Lines Inc. and Eugene, Ore.-based Nickel Plate Express Inc., to create one of the largest regional truck transportation fleets on the West Coast. The two companies combined own 165 tractors and 466 trailers. Haney Truck Line, for its part, has more than 500 employees, 400 tractors and 1,000 trailers. Managing Partner T.J. McGill told Buyouts the company is in the market for more add-on acquisitions.

The two acquired companies carry products including beverages, paper, glass, aluminum, food and other general commodities throughout eight Western states. In addition to their assets, Haney Truck Line assumed control of their leased properties in Eugene and Portland, Ore.; Everett and Tacoma, Wash.; and in Commerce and Woodland, Calif.

Evergreen Pacific Partners, which typically writes equity checks of at least $15 million to buy companies generating revenues of $50 million to $500 million, bought Haney Truck Line in October 2007 for an undisclosed amount. Counted as one, the add-ons mark the eighth overall transaction for Evergreen Pacific Partners since its founding, and its fourth in the state of Washington.

Altogether the firm manages $700 million, competing for deals in the Pacific Northwest with such firms as Cleveland-based Blue Point Capital Partners, Northwest Capital Appreciation, a Seattle-based lower mid-market firm; and Wincove Capital, a New York-based lower mid-market shop. “We do think geographically that we have a competitive advantage given our base in Seattle and our office in Los Angeles,” McGill said.

Evergreen Pacific targets deals in manufacturing, distribution, packaging and consumer products, among others. The firm’s three managing partners—Timothy Bernardez, McGill and Michael Nibarger—founded the firm in January 2003, having worked together previously at Northwest Capital Appreciation.

The firm closed its second fund in July 2008 with commitments from Credit Suisse, Guardian Life Insurance Company of America, the Pennsylvania Public School Employees’ Retirement System, the School Employees Retirement System of Ohio and the Washington State Investment Board.