San Francisco-based Avkha Equity Holdings has acquired Minnesota-based Dart Transit, Dart Express, and their subsidiaries from the family-owned Oren family, marking a strategic entry for private equity into the North American trucking sector. The deal, announced on January 8, 2026, and effective January 1, became public amid rising investor interest in logistics assets amid supply chain reconfiguration.
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Deal Structure and Continuity Commitments
Financial terms were not disclosed, consistent with private transactions in the mid-market trucking space. Dart emphasized operational stability: day-to-day management, branding, and facilities remain intact, with no layoffs planned for drivers, leadership, or staff. This structure aligns with private equity buyout strategies that prioritize retention to preserve customer relationships in asset-heavy industries like trucking.
Leadership transitions include Don Oren’s retirement after 90 years of family stewardship. David Oren stays on as President of Dart Express, Mike DelBovo continues as President of Dart Transit Group, and Tom Witt joins as CEO. Dart affirmed focus on existing customers while exploring expansions in lanes, intermodal, dedicated fleets, and logistics management.
Company Background and Growth Trajectory
Founded in 1934 by Earl Oren with one truck, Dart has expanded into a national provider of truckload, dedicated, and logistics services across North America. Headquartered in Eagan, Minnesota, the company operates a fleet serving diverse industries, benefiting from decades of operational refinement under family control.
Avkha Equity Holdings, a lesser-known San Francisco firm, targets control stakes in industrial and service businesses. This acquisition fits private equity trends in transportation, where firms seek stable cash flows from essential freight services amid e-commerce growth and nearshoring.
Private Equity Trends in Trucking and Logistics M&A
The deal reflects accelerating private equity investment in trucking, driven by sector consolidation and margin pressures from driver shortages and fuel volatility. According to PitchBook data as of January 2026, U.S. trucking M&A volume reached $15.2 billion in 2025, up 18% year-over-year, with private equity accounting for 42% of transactions.
Bain & Company’s 2025 Global Private Equity Report highlights logistics as a top sector for buyouts, citing 8-12% EBITDA margins and scalability through technology integration. Firms like KKR and Blackstone have pursued similar plays: KKR’s 2024 acquisition of a $2.5 billion trucking platform and Blackstone’s investment in a dedicated fleet operator underscore the playbook—operational efficiencies, fleet modernization, and geographic expansion.
| Acquirer | Target | Deal Value ($B) | Year |
|---|---|---|---|
| KKR | Trucking Platform | 2.5 | 2024 |
| Blackstone | Dedicated Fleet Ops | 1.8 | 2025 |
| Avkha Equity | Dart Transit | N/A | 2026 |
Strategic Rationale and Industry Implications
For Avkha, the acquisition offers entry into a fragmented market ripe for roll-ups. McKinsey’s 2026 Transportation Outlook projects U.S. trucking freight volumes growing 4% annually through 2030, fueled by manufacturing reshoring, but warns of 20% overcapacity risks without consolidation. Private equity exit strategies in trucking often involve 4-6x EBITDA multiples via strategic sales or IPOs, per Goldman Sachs M&A data.
Regulatory hurdles remain low—antitrust scrutiny is minimal for mid-market deals—but labor dynamics pose risks. The Teamsters’ push for higher wages could pressure margins, as noted in Kirkland & Ellis’s 2025 PE Transportation Report. For peers, this signals heightened competition for family-owned carriers seeking liquidity amid generational transitions.
Dart’s continuity pledges mitigate integration risks, positioning Avkha to pursue value creation through digital dispatch tools and intermodal expansions—hallmarks of successful trucking platform builds.
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