Daseke, Inc. Becomes a Public Company, Trading on Nasdaq Under Ticker “DSKE” to Commence on February 28, 2017
ADDISON AND HOUSTON, TEXAS – Feb. 27, 2017 – Daseke, Inc. (“Daseke”) and Hennessy Capital Acquisition Corp. II (NASDAQ: HCAC, HCACU, HCACW) (“HCAC” or the “Company”) today announced the closing of their previously announced business combination. The merger was approved at HCAC’s special meeting of stockholders held earlier today. As part of the transaction, HCAC changed its name to Daseke, Inc. As a result, the Company expects that, effective Feb. 28, 2017, the Company’s common stock and warrants will begin trading under the ticker symbols “DSKE” and “DSKEW,” respectively, on the Nasdaq Capital Market.
Daseke is a leading consolidator of the highly fragmented $133 billion open deck freight market in North America. Since its first year of operations in 2009, Daseke has grown revenue both organically and through acquisitions from $30 million to more than $650 million estimated in 2016, representing a compound annual growth rate of approximately 55 percent. Daseke believes it is the largest owner of open deck equipment and the second largest provider of open deck transportation and logistics solutions by revenue in North America.
Don Daseke, Chairman and CEO of Daseke, Inc., stated, “Our vision from the start was to become a public company so we could have access to the capital markets in order to continue our focused consolidation strategy. We believe we have an acquisition pipeline that could enable us to double Daseke’s adjusted earnings before interest, tax, depreciation and amortization over the next three years, and we believe this business combination positions us to meet our 2017 consolidation objectives. Daseke has less than a 1 percent share of this highly fragmented open deck freight market, and we believe we have a tremendous opportunity for future growth and continued market penetration.
“From the beginning, our plan was to have a stock program for all of our employees, including an industry-first public stock plan for our company drivers,” Daseke said. “They have a very tough job, and we respect them greatly. Giving our people the opportunity to be owners in Daseke is a great day for me on a very personal level. We are just now making it to first base in our strategy to build the premier specialized, open deck transportation company in North America. We could not have chosen a better partner than the team at HCAC and are excited to become a Nasdaq-listed public company.”
“We are extremely proud to join forces with Daseke, the first trucking company to go public since 2010,” said Dan Hennessy, Chairman and CEO of Hennessy Capital Acquisition Corp II. “We have made a powerful combination: HCAC’s industrial focus and capital market expertise is now coupled with Daseke’s experienced management team and their consistent track record of successfully consolidating the open deck specialized transportation market. We look forward to assisting in Daseke’s continued growth as directors of the combined company.”
With the closing of the business combination, HCAC Chairman and CEO Daniel J. Hennessy and President, COO and director Kevin Charlton have joined the board of directors of the combined company. The board now consists of eight members, including Daseke Chairman and CEO Don Daseke and Executive Vice President and CFO Scott Wheeler, as well as four additional independent directors.
Hennessy Capital Acquisition Corp. II was advised on the transaction by Stifel, UBS Investment Bank, Cantor Fitzgerald & Co., BMO Capital Markets and XMS Capital Partners, LLC, with Sidley Austin LLP and Ellenoff Grossman & Schole LLP as legal counsel. Daseke was advised by Cowen and Company with Vinson & Elkins LLP as legal counsel.
