forms three businesses
Oct 17, 2007 11:10 AM
Hennessey Capital Southeast, a provider of alternative financing, has created from the assets of a former client three new businesses: HenneCold Storage, BenCo Transportation, and HenneCo Logistics. Hennessey formed the businesses after purchasing the assets of Nuco Express, a Tampa FL-based storage and transportation company that had entered Chapter 7 bankruptcy proceedings.
The Hennessey investment will help achieve these benefits for the new companies:
•Updating of the trucking fleet
•Technology upgrades, including GPS and APU systems
•Enhancement of internal operating systems, including electronic payment processing and online inventory and ordering capability
•Reduction in cost of financing
HenneCold Storage is a 440,000-cubic-foot freezer facility built five years ago.
BenCo Transportation, a trucking operation, is operated by Tim Lomelino, a former terminal manager for the previous company. The entire BenCo fleet is less than four years old, and all trailers are 2007 Great Danes. Lomelino has partnered with Hennessey Capital Leasing to purchase and lease tractors and trailers to independent drivers, changing the model to that of owner-operators.
HenneCo Logistics, a freight brokerage company, is directed by Tommy Crosson, senior sales representative for the previous company.
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