With the sale of Hi-Way 9 Express to the Mullen Company last Tuesday, the family at the head of the local company is greeting a new era in a storied chapter of a business which was built from the ground up.
Throughout the years the company slowly began to grow, and with the support of John and Irene’s children, John Jr, Heather, Darrell and Dean who assisted after school and on weekends, the company slogan and influence began to grow. In 1979 John Jr joined the company full time, Heather Colberg in 1980, Darrell in 1981 and Dean in 1984. At this time all four children were working within different parts of the company.
In those years the company continued to grow and then in 1996 with some financial complications the four children decided to take charge of their destinies, says Heather Colberg (Kohut).
“In the past there was always someone in the corner office looking after the finances of the company, as (the children) were not educated in this area,” says Colberg. “They saw an opportunity to take the company to another level and that they did... This was a very significant turning point and the company grew into what it is today.”
On May 3, 2011 it was announced Mullen Group to acquire Hi-Way 9 Group of Companies on June 1, 2011.
“We are so proud that we are able to operate the company under the same name, same color, and same team and continue to provide the highest quality of service to our customers that they are accustomed to receiving,” says Colberg “ We will continue to be involved in the community as we take pride in supporting the communities that support us.”
“We were able to protect the lives of 477 team members and their families, and this was the most important part of this transaction,” remarked Colberg.
Although the financial terms of the deal won’t be disclosed until the end of May, the deal was a cash and share transaction which Mullen Company said will bring in consolidated revenues of $50 million.
“We are extremely pleased to add Hi-Way 9 to our growing business and are very confident,” said Stephen Lockwood, President and Co-Chief Executive Officer of Mullen Group Ltd.
Dean Kohut and Heather Colberg were present at the Annual General Meeting when the announcement of this transaction was made and when Lockwood praised Hi-Way 9 for their best in class company with an established history.
“It was nice to hear this made so publicly and it would have been nice for all our family to hear this but we felt it was more important to split up and tell our team leaders at the same time it was publicly announced, we felt out of respect we owed them this,” said Colberg.
John and Irene Kohut will now retire, John Kohut Jr. will not be involved in the company on a day to day basis, but will be available for subcontracting or consulting projects. Dean, Darrell and Heather will continue with the company and manage as they are doing today, therefore the team and customers can feel confident that it will be business as usual.