Kenan Advantage Group acquires Beneto
Jun 3, 2003 12:00 PM
In a major development for the petroleum hauling sector, Kenan Advantage Group (KAG) announced June 3 that it had purchased Beneto Bulk Transport of West Sacramento CA. The significance of the Beneto acquisition can’t be overstated. Beneto is a premium petroleum hauler on the West Coast. This acquisition gives KAG significant presence in the nation’s largest gasoline market and further strengthens KAG’s position as the leading US petroleum hauler.
"We are extremely excited about the expanded capabilities and synergies Beneto will provide to our customers and employees," said Dennis Nash, KAG chief executive officer. Lee Shaffer, KAG chairman, added: "Beneto is truly one of the industry’s most outstanding organizations and represents a valuable addition to our family of companies."
Beneto operates 237 power units and 252 tank trailers from 18 terminals in California, Nevada, and Arizona. Revenue for the firm in 2002 was approximately $72 million. With the Beneto merger, the Kenan Advantage Group now operates 1,703 power units and 2,175 trailers from locations in 36 states. KAG revenue for 2002 was $269.2 million, making it the largest petroleum carrier in the United States. It is the third largest tank truck carrier overall.