Dart Transit's 90-Year Family Legacy Ends with Private Equity Acquisition

EAGAN, MN – February 09, 2026 – In a landmark transaction that marks the end of an era for one of America’s legacy trucking companies, Dart Transit Group has been acquired by AVKHA Equity Holdings, a San Francisco-based private investment firm. The deal, effective January 1, 2026, concludes more than 90 years of continuous ownership by the Oren family, who grew the company from a single-truck operation in 1934 into a national logistics powerhouse.

The acquisition, facilitated by financial advisor E.F. Hutton & Co., transfers ownership of Dart Transit, Dart Express, and its affiliated subsidiaries to AVKHA, with strategic capital provided by the family office Two Texas Presidents. While the transition signifies a major generational and structural shift, all parties involved have emphasized a commitment to operational continuity, preserving the brand, leadership, and workforce that defined the company's long-standing success.

A Legacy Passes the Torch

Founded by Earl Oren during the Great Depression, Dart Transit Group became a quintessential American success story. Headquartered in Eagan, Minnesota, the company expanded over nine decades to command a fleet of nearly 1,000 power units and a workforce of hundreds, providing truckload, dedicated, and logistics services across North America. Its deep-rooted history and reputation for reliability made it a respected name in the industry.

The sale marks the retirement of Don Oren, son of the founder, officially passing the torch from the family that built the institution. However, the new owners have structured the deal to maintain deep operational ties to its past. David Oren will continue to serve as President of Dart Express, and Mike DelBovo remains President of Dart Transit Group, ensuring leadership stability. Tom Witt, an executive with deep industry experience, has been brought on as the new Chief Executive Officer to guide the company into its next chapter.

“Dart is more than a transportation company — it is a legacy brand that has earned trust across America for over 90 years,” said Dominic Foster, President of AVKHA Equity Holdings, in a statement. “We view our role as long-term stewards of companies such as Dart.”

This sentiment was echoed by the firm's capital partner. “There are few brand names, in any business in America, as respected and recognizable as the Dart name,” noted Dallas C. Salazar, Managing Member of Two Texas Presidents. “Dart could not have chosen a better steward of its legacy than Avkha.”

Private Equity's 'Continuity' Play

The acquisition fits into a broader trend of consolidation within the transportation and logistics sector, where private equity firms are increasingly active. In 2024, logistics and trucking deals accounted for over half the value of all M&A activity in the sector, with private equity-backed transactions representing a significant portion. Many firms employ a “buy-and-build” strategy, acquiring a stable platform company like Dart to serve as a foundation for future growth.

AVKHA Equity Holdings, a relatively new firm established in 2022, is pursuing this exact strategy. The firm has stated its goal is to build a scaled trucking and logistics platform through disciplined investment. However, unlike traditional PE takeovers that often involve aggressive restructuring, AVKHA has publicly committed to a strategy of “operational continuity.” The new ownership has assured that Dart’s name, facilities, service offerings, and customer relationships will remain unchanged, and no layoffs are expected among its drivers or staff.

This approach aims to blend the financial power and strategic oversight of private equity with the operational stability and cultural integrity of a legacy company. AVKHA's investment philosophy targets established companies with strong management and brand loyalty, seeking to enhance, rather than disrupt, their core business. The acquisition of Dart is the first major step in executing this vision within the logistics space.

The Architects of a Complex Deal

The transaction’s structure reveals the intricate nature of modern corporate finance, involving multiple layers of capital and advisory. While AVKHA is the acquirer, the deal was made possible by strategic capital from Two Texas Presidents, an Austin-based family office managed by Dallas C. Salazar. Salazar, whose background is primarily in venture capital and private credit for natural resource companies, has called the Dart investment a “flagship asset,” signaling a strategic diversification into the stable, essential industry of logistics.

Navigating the interests of the selling family, the acquiring firm, and the capital partner was E.F. Hutton & Co. The investment banking firm advised Two Texas Presidents throughout the process, handling deal structuring, financial analysis, and diligence. Joseph T. Rallo, CEO of E.F. Hutton, emphasized the firm's role in creating a stable transition.

“E.F. Hutton’s role was to help ensure this transaction delivered certainty, alignment, and long-term strategic value for all parties involved,” Rallo stated. He added that the deal sends a clear message that AVKHA’s strategy “prioritizes continuity, partnership, and long-term value creation.” For E.F. Hutton, which relaunched with a new vision in 2025, successfully advising on such a high-profile, multi-party deal reinforces its position as a key player in complex M&A.

Charting the Course for a New Era

With new ownership and fresh capital, Dart Transit Group is positioned to navigate a rapidly evolving logistics landscape. The industry is facing significant transformations driven by technology, sustainability mandates, and shifting supply chain dynamics. AVKHA's backing provides Dart with the resources to invest in these areas while continuing its core mission.

The new leadership, a blend of long-time Dart executives and a new CEO, will be tasked with integrating the strategic goals of its new owners while preserving the culture that made the company a success for 90 years. The promise of continuity will be tested as AVKHA pursues its platform-building ambitions, which will likely involve further investments and potential add-on acquisitions under the Dart umbrella.

As the Oren family steps back, the industry will be watching closely to see if this new model of stewardship—one that pairs private equity ambition with a deep respect for legacy—can successfully guide a ninety-year-old institution into the next century of American commerce.