Kenan Advantage Group Acquires Beneto
June 3, 2003 Continuing its strategic growth plan of assimilating the petroleum transport segment’s top companies, The Kenan Advantage Group (KAG) announces the purchase of Beneto Bulk Transport of W. Sacramento, California. Recognized as the premier bulk carrier on the West Coast, Beneto provides KAG with significant market presence in the nation’s largest gasoline market, and further strengthens KAG’s position as the nation’s leading provider of transportation and logistics services to the petroleum industry. Sterling Investment Partners and RFE Investment Partners, both aligned with KAG since 1998, also assisted in the process. The transaction represents the further execution of KAG’s ongoing plan to create the country’s largest and most technologically advanced bulk carrier specializing in petroleum and niche’ chemicals transportation.
“We are extremely excited about the expanded capabilities and synergies Beneto will provide to our customers and employees,” said Dennis Nash, CEO of The Kenan Advantage Group. Lee Shaffer, KAG Chairman added, “Beneto is truly one the industry’s most outstanding organizations and represents a valuable addition to our family of companies.” Beneto operates 237 power units and 252 trailers from 18 terminals located in California, Nevada, and Arizona. Revenue for the firm in 2002 was approximately $72,000,000. With the Beneto merger, KAG now operates 1,703 power units and 2,175 trailers from operations in thirty-six states. KAG revenue for 2002 was $269,228,000, which ranks first among petroleum carriers, and third among all North American bulk carriers.
The Kenan Advantage Group was formed in March of 2001 as a result of Advantage Management Groups purchase of Kenan Transport and Petro-Chemical Transport (PCT). The company currently operates seven subsidiary carriers including Advantage Tank Lines, Beneto, Kenan Transport, GENI Transport, North Canton Transfer, McDaniel Transportation, and PCT.