KKW Trucking Is 100% Employee-Owned Through an Employee Stock Ownership Plan (ESOP)
KKW Trucking, Inc. and its affiliates completed a transaction to become 100% employee-owned in 2019 through its Employee Stock Ownership Plan (or “ESOP”). The Company was founded in 1962 in Los Angeles, CA and today it operates out of its 91,000 square foot facility on 9 acres in Pomona, CA to provide transportation services, including irregular route truckload services for world-class manufacturers, retailers, and consumer packaged goods companies throughout 11 western states. The Company also provides warehouse, 3PL logistics, drayage, and brokerage services. The Company operates 160 local, 190 sleeper tractors and more than 1,300 trailers.
According to Dennis Firestone, President, “Building this Company from 9 trucks that worked out of a 6,000 sq. ft. cross dock into what we have become over the last 63 years has been very gratifying experience indeed. The reality is that KKW Trucking was built by a team of hard-working committed men and women, and if I was to get any credit for our successful journey then it would only be that I was able to recruit and train most of these amazing individuals. I truly believe that when the notion sinks in that each of our team members are truly owners and they realize that they will directly benefit from their extra efforts, then the sky becomes our only limit. I couldn’t come up with a better way to say ‘thank you’.”
Dennis Firestone remains as President and is also the Chairman of the Board. Steve Benninghoff is CEO and Andy Carey is CFO. Dennis admits “It’s time to let this young yet well-seasoned team take the reins and transport this new company to a whole new level”
After fifty-seven years of significant expansion and growth, all of the ownership of KKW Trucking has transferred to a qualified retirement plan, specifically an ESOP. All eligible employees are credited with shares of Company stock within the ESOP trust each year at no cost, allowing them to earn ownership and accumulate tax-deferred retirement wealth through their service. KKW Trucking joined a group of elite employee-owned transportation companies such as the Paladin Capital companies, TMC Transportation, Big G Express, J&R Schugel, and Wheaton, to name a few.
KKW Trucking, Inc. was advised by Ambrose Advisors, a national investment banking firm specialized in employee-ownership transitions. Ambrose Advisors stated, “Dennis’s goal was to secure a sustainable future for KKW Trucking in a way that would be highly beneficial to the employees, customers, vendors, and the community in addition to himself. Employee ownership, done right, benefits all stakeholders and should be celebrated. It is a true win/win transaction for all parties involved and we were pleased to be a part. We heartily congratulate the KKW Trucking team and thank them for trusting Ambrose Advisors to manage this ownership transition process.”
About: KKW Trucking, Inc. operates a trucking transportation business serving customers in 11 western states. http://www.kkwtrucks.com
About: Ambrose Advisors is a national middle-market investment bank and financial advisory firm focused on guiding and assisting business owners with ownership succession planning, primarily through employee ownership. http://www.AmbroseAdvisors.com
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