LITTLE ROCK, Ark. — One of Tennessee’s top chauffeured transportation operators has sold his division in Arkansas’ capital city, about a year after opening for business there.
Bill Faeth, owner and CEO of Silver Oak Transportation, sold the operation to David Bratton of Argenta Transportation Specialists of Little Rock on Feb. 1 for an undisclosed amount. The asset acquisition buys relationships with affiliates, Little Rock client base, and extensive training and technology. Faeth and Argenta CEO David Bratton disclosed the deal to LCT at the International LCT Show in Las Vegas last week.
Faeth said his Little Rock operation started losing money because of the recession soon after he started it in December 2008. “It was also too far away, so it made more sense to focus on Nashville,” said Faeth, who often had to commute the 327-mile distance each way between the two capital cities. “We felt that it would be in the best interest of Silver Oak Transportation to refocus on our local clientele in Nashville.”
Argenta, which serves the Little Rock metro area and surrounding central Arkansas, has a five-vehicle fleet that consists of a Cadillac DTS-L, a Lincoln Town Car Executive L, a Cadillac Escalade ESV, an 8-passenger DaBryan Cadillac stretch limousine, and an 18-pack stretch Cadillac Escalade.
Bratton, who is also a sergeant with the Little Rock Police Department, previously owned Paradise Carriages Limousine of Little Rock, which he started in 2007 and ran until being hired as the Silver Oak manager in late 2008. Bratton said Argenta’s client mix will consist of about 60% corporate and 40% retail.
Faeth started Silver Oak Transportation in 2006 and operates a fleet of 21 vehicles.
Source: Martin Romjue, LCT Magazine