FOR INFORMATION CONTACT:
T. Michael Riggs, President & COO
Phone: (262) 564-5440
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Troha family retains 25 percent ownership; company and management to remain in Kenosha
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Dennis Troha retires from company’s day-to-day operations to concentrate on family, church and Menominee entertainment center project to better Kenosha
KENOSHA, Wis. – Dennis Troha, chairman and CEO of JHT Holdings, Inc., today announced that an affiliate of San Francisco and New York-based private equity firm American Industrial Partners has become majority stockholder of the company. The Troha family retains approximately 25 percent ownership in the company. Troha has retired from day-to-day operations of JHT Holdings and will remain on the Board of Directors. Four Troha children continue to work at the company or subsidiaries and will retain an equity interest in the company. The transaction was effective Feb. 18. JHT Holdings and its management team will remain headquartered in Kenosha.
“With the backing of American Industrial Partners, JHT’s highly capable management team and more than 4,500 employees, fleet owners and agents are well-positioned to move forward to a bigger and brighter future in an ever-changing and increasingly competitive industry,” Troha said. “I have been honored to be a part of JHT Holdings and its affiliated companies for 30 years. While the time is right for me to focus on other aspects of my business and personal life, I am pleased that the Troha family will retain a significant equity interest in the company. With that, and my involvement on the board of directors, I will continue to be committed to the well-being of JHT Holdings and its very talented group of people.”
“We are very fortunate to have found a partner that not only has the strengths and the experience of American Industrial Partners, but truly shares our zeal for our business and our customers,” said T. Michael Riggs, who was recently named president and chief operating officer of JHT and will lead the organization, along with JHT’s existing management team. “American Industrial Partners has a reputation for the outstanding support it gives to its portfolio companies, and we look forward to a successful and rewarding relationship with AIP.”
Kirk Ferguson, the managing director with American Industrial Partners who led the investment, commented, “With more than 15 years of experience investing in and growing manufacturing and industrial and service companies, we understand full well that the true strength of a company lies in its people. We eagerly anticipate our partnership with the quality team Dennis Troha has built in Kenosha and across the United States, Canada and Mexico.” Ferguson added, “JHT is precisely the type of company in which we seek to invest and build: an outstanding niche industrial services business in an industry known to us, where the expertise of our firm’s operating executives makes us an attractive, growth oriented partner for the company and its management.”
In addition to his continued role as a director and shareholder in JHT, Troha also will spend more time working to bring the Menominee Indian Tribe’s proposed casino and entertainment center at Dairyland Greyhound Park to Kenosha. Troha, through his company Kenesah Gaming Development LLC and in conjunction with The Mohegan Tribe of Indians of Connecticut, is the developer for the Dairyland project. Kenosha voters overwhelmingly endorsed the project in a countywide referendum in November 2004.
“The Menominee casino and entertainment center is an outstanding opportunity for the greater Kenosha area – it means thousands of jobs with health care and other benefits in a new industry for Kenosha; hundreds of millions of dollars to our Kenosha schools, local and state governments; economic support for tourism development; and more,” Troha said. “This transition allows me to spend more time to be a value-added developer for this proposed project.”
Troha said he also plans to spend more time with his wife, five children and eight grandchildren, as well as increase his involvement with Our Lady of the Holy Rosary of Pompeii Parish.
“I have lived in Kenosha all my life and through my business, my family, my church and my civic involvement, I have worked hard to give back to my God and this community for the betterment of all,” he said. “As I begin this new chapter in my life, I look forward to spending more time with my family and working to help strengthen my parish and the Kenosha community.”
About JHT Holdings, Inc.
JHT Holdings, Inc. and its affiliated companies are national leaders in over-the-road transportation of motor vehicles, metals, machine tools, construction materials and containers. Its revenue in 2004 was approximately $600 million. Since its founding in Kenosha in 1933, JHT, through its affiliated business units, has become the leader in the delivery of new and used medium and heavy duty trucks throughout North America for customers including GM, Ford, Freightliner Corp., International Truck and Engine, PACCAR (Kenworth and Peterbilt) and Mack Trucks. In addition, Dallas & Mavis provides flatbed, lowboy, stepdeck, and container hauling service to customers such as Caterpillar, Lykes Lines, GM, Defense Department and Logan Aluminum. JHT business units also deliver new and used automobiles for manufacturers such as Ford, DaimlerChrysler, Subaru, Lexus, and Nissan.
JHT’s subsidiary companies include Active Carhaul LLC, Active Truck Transport LLC; ATC Leasing Co. LLC; Automotive Carrier Services Company LLC; Unimark LLC; Dallas & Mavis Specialized Carrier Co. LLC; and Mexicana Logistics.
About American Industrial Partners
American Industrial Partners manages private equity funds that have been investing in private and public companies since 1989. With over $1 billion in invested and committed capital in the funds that it manages, AIP is actively investing its third fund in middle market manufacturing and business services companies, where it works collaboratively with management teams to enhance operating performance and company prospects. American Industrial Partners distinguishes itself from other private equity funds through the deep operating expertise of its leadership team made up of approximately twenty former Presidents and CEOs of Fortune 200 companies. American Industrial Partners’ affiliations with truck and automotive related companies include Oshkosh Truck, Mack Trucks, Donnelly Corporation, Goodyear Tire and Rubber, Tenneco Automotive, Williams Controls, Stanadyne Automotive Corp., Neway Anchorlock and SANLUIS Corporation. For more information, you can find American Industrial Partners on the Internet at www.aipartners.com.