The assets of private-equity owned Twin Express of Rogers, Minnesota, are slated to be auctioned off on Tuesday. Photo: Jim Allen/FreightWaves
An online auction is slated for Tuesday to sell the assets of Minnesota-based Twin Express Inc., which had a reported 72 power units and 73 drivers, after the trucking company defaulted on a $19 million loan.
The move comes nearly three months after Judge Jamie L. Anderson in Hennepin County District Court in Minnesota granted Twin Express’ lender, Chicago-based CIBC Bank USA’s motion to name Novo Advisors, also headquartered in Chicago, as the receiver.
Anderson granted CIBC’s request for receivership in August after the 35-year-old general freight and refrigerated trucking company defaulted on its loan of nearly $19 million after recently purchasing around 26 new 2023 Kenworth tractors.
According to court filings, Dan K. Eberhart, managing director of Eberhart Capital LLC, a private investment firm headquartered in Scottsdale, Arizona, acquired Twin Express in October 2012. He is also the CEO of Canary LLC.
The Federal Motor Carrier Safety Administration’s SAFER website states that Twin Express’ contract and common carrier authorities were voluntarily revoked on Oct. 19. At the time of its closure, Twin Express listed 72 power units and 73 drivers, the FMCSA database states.
Over the past 24 months, Twin Express’ trucks had been inspected 77 times, and 28 had been placed out of service for a 36.4% out-of-service rate. That is much higher than the industry’s national average of around 23%, according to FMCSA data.
The company’s drivers had been inspected 181 times and three were placed out of service, resulting in a 1.7% out-of-service rate. The national average for drivers is about 6.7%.
The firm’s trucks have been involved in two injury crashes and six towaways over the past 24 months.
The court-ordered liquidation auction is being handled by Jeff Martin Auctioneers Inc. of Glencoe, Minnesota.
The online auction of more than 206 pieces of equipment owned by Twin Express includes 26 Kenworth 2023 T680 semi trucks and another 37 Kenworth trucks from 2020-2022.
As of publication, Eberhart had not responded to FreightWaves’ request seeking comment.
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