Afognak Commercial Group has acquired a majority interest in the parent company of Weaver Bros., Doyle Fuel Service and Doyle Transport, according to a Sept. 11 announcement.
Anchorage, Alaska-based Weaver Bros. is a family-owned trucking, fuel and logistics company serving the state of Alaska, according to Afognak Commercial, a subsidiary of Afognak Native Corp. The new parent company will operate as Afognak-Weaver Logistics. Terms of the deal were not disclosed.
Afognak Commercial said the investment expands the company’s presence in Alaska’s energy, infrastructure and logistics sectors, per the release. It also advances the company’s strategy to grow its commercial business alongside its government services portfolio.
Weaver Bros. and its affiliated businesses will continue operating under their current names, per the release.
Dan Corbett, CEO of Afognak Native Corp., said in the release that Weaver Bros. has spent more than 70 years “earning its reputation as one of the most trusted names Alaska freight.”
“We’re investing in a proven Alaska business, not changing it,” Corbett said. “This is [a] long-term investment that strengthens our commercial portfolio and our foundation for Afognak Shareholders for generations to come.”
Merger and acquisition activity in the U.S. transportation and logistics appeared to stabilize in Q2, according to a quarterly market recap from PMCF Investment Banking. The report noted 28 transactions closed during the period, the same amont when compared to a year ago.
The PMCF report noted that strategic buyers were the most active in Q2, compared to financial buyers. The consultancy said in cases where owners choose to remain after a deal closes, it allowed them to roll equity into a scaled platform and participate in the next stage of growth.
This kind of relationship, retaining a selling company’s leadership, is what’s happening with Weaver Brothers and Afognak. James Doyle, whose family has owned Weaver Bros. since 1978, will remain with the company as president as well as all of the firm’s employees, the press release said. Weaver Bros. had a fleet of 143 power units and employed 114 drivers as of late April, according to a federal database.
Weaver Bros. was founded in 1946. The company’s services include heavy haul, fuel and refined product transport, drayage, dry bulk, reefer, the press release said. Additional services include specialized freight services to construction, energy, mining, retail and government customers throughout Alaska.
Doyle said partnering with Afognak ensures the company remains rooted in Alaska and focused on growth.
“Afognak shares our commitment to safety, to our employees, and to the customers who count on us every day,” he said.
