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Hite Rigging latest example of a local firm acquired by out-of-state company

Is it just us, but is there a run on out-of-area companies buying out local firms?  Seems to be an active trend.

The latest: Barnhart Crane & Rigging has acquired longtime Spokane company Hite Crane and Rigging. Terms of the deal were not announced.

The deal gives Barnhart, based in Memphis, its first operations in the area. Until now its nearest offices were in the Tri-Cities.

Hite has provided rigging and heavy transportation services in the region going back to 1969.

All of Hite’s employees are being retained as Barnhart takes over the company’s Spokane Valley location, said Chris Teague, director of marketing for Barnhart. None of the original Hite family members were in the company when the deal closed, Teague said..

The deal will expand the range of services from what Hite previously provided, said Alan Barnhart, CEO of Barnhart

The Spokesman-Review business team follows economic development in Spokane and the Inland Northwest.