E.F. Hutton Advises Two Texas Presidents in AVKHA Equity Holdings' Acquisition of Dart Transit Group

The transaction marks the conclusion of more than 90 years of family ownership by the Oren family.

Published on Feb. 9, 2026

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E.F. Hutton & Co., a leading investment banking and financial advisory firm, announced that it served as financial advisor to Two Texas Presidents, the strategic capital partner to AVKHA Equity Holdings and Constellation Equity Holdings, in connection with AVKHA's acquisition of Dart Transit Group, including Dart Transit, Dart Express, and affiliated subsidiaries. The transaction became effective January 1, 2026.

Why it matters

The acquisition of Dart Transit Group, a nationally recognized transportation and logistics provider, by AVKHA Equity Holdings represents a significant shift in the industry, as the company transitions from over 90 years of family ownership to new ownership focused on long-term growth and stability.

The details

Founded in 1934, Dart Transit Group has grown from a single-truck operation into a nationally recognized transportation and logistics provider headquartered in Eagan, Minnesota, offering truckload, dedicated, and logistics services across North America. The company operates nearly 1,000 power units and employs hundreds of drivers nationwide. As part of the ownership transition, Don Oren, son of founder Earl Oren, has retired, while David Oren will continue to serve as President of Dart Express. Mike DelBovo remains President of Dart Transit Group, and Tom Witt has joined the organization as Chief Executive Officer. The Dart name, leadership structure, operating entities, facilities, and day-to-day operations will remain unchanged.

  • The transaction became effective on January 1, 2026.
  • Dart Transit Group was founded in 1934.

The players

E.F. Hutton & Co.

A leading investment banking and financial advisory firm that served as financial advisor to Two Texas Presidents in the acquisition of Dart Transit Group.

Two Texas Presidents

A strategic capital partner to AVKHA Equity Holdings and Constellation Equity Holdings that was involved in the acquisition of Dart Transit Group.

AVKHA Equity Holdings

A San Francisco-based private investment firm that acquired Dart Transit Group and intends to pursue additional investment opportunities within the organization.

Dart Transit Group

A nationally recognized transportation and logistics provider headquartered in Eagan, Minnesota, that was acquired by AVKHA Equity Holdings.

Don Oren

The son of Dart Transit Group founder Earl Oren, who has retired as part of the ownership transition.

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What they’re saying

“Dart is more than a transportation company — it is a legacy brand that has earned trust across America for over 90 years. We view our role as long-term stewards of companies such as Dart. We are pleased to have Two Texas Presidents, who share in those American values and a long-term perspective, as part of this transaction. It honors the Oren family's legacy, one built on honor and trust, while positioning Dart for its next chapter with continuity, faith, respect, and strong leadership at the core.”

— Dominic Foster, President of AVKHA Equity Holdings (businessinsider.com)

“There are few brand names, in any business in America, as respected and recognizable as the Dart name, which has proudly served the country for over 90 years. Dart could not have chosen a better steward of its legacy than Avkha, which has long admired the operations and the culture of this American institution. Two Texas Presidents is proud to be a part of the transaction and holds its ownership in the Dart companies as a flagship asset.”

— Dallas C. Salazar, Managing Member of Two Texas Presidents (businessinsider.com)

“E.F. Hutton's role was to help ensure this transaction delivered certainty, alignment, and long-term strategic value for all parties involved. Dart Transit Group enters its next chapter with strong leadership continuity, operational stability, and a capital partner committed to thoughtful growth rather than disruption.”

— Joseph T. Rallo, Chief Executive Officer of E.F. Hutton & Co. (businessinsider.com)

What’s next

AVKHA Equity Holdings has stated that it views Dart Transit Group as a strong operational platform for growth and intends to pursue additional investment opportunities within the organization.

The takeaway

The acquisition of Dart Transit Group by AVKHA Equity Holdings represents a significant shift in the transportation and logistics industry, as a legacy brand transitions to new ownership focused on long-term growth and stability, while maintaining the company's core values and operations.