GreenPower Motor Company has acquired Lion Truck Body. Leveraging upon Lion Truck Body's years of expertise, the deal will provide robust potential for GreenPower's EV Star truck customers.
Headquartered in Torrance, Calif., Lion Truck Body designs and installs a range of resilient state-of-the-art truck bodies for industries such as goods movement, construction, catering, landscaping, utility and service sectors. Lion Truck Body offers a complete line of truck bodies including dry-freight aluminum, refrigerated box, aluminum beds, stake bed, flatbed and service body. In its most recently completed fiscal year Lion Truck Body generated revenue of approximately $3.5 million.
"Our customers seek energy-efficient solutions that maximizes cargo capacity and delivery range. Lion Truck Body's expertise in bodybuilding with our EV Star CC addresses these requirements directly," says Brendan Riley, president, GreenPower. "This acquisition provides our EV Star truck customers with many options for any number of body types required to meet their business needs with greater speed to market - completed in a few weeks versus taking months.
"We have been working with Lion Truck Body for some time to make lightweight and efficient truck bodies for our EV Star as well as other models of electric trucks. We are pleased to add the Lion Truck Body franchise into our business."
GreenPower and Lion Truck Body entered into an asset purchase agreement under which GreenPower has purchased the assets of the business through a wholly owned subsidiary. GreenPower's purchase of Lion Truck Body is comprised of upfront cash payments totaling $215,000, the assumption of certain liabilities totaling approximately $1.45 million, and remaining cash payments of up to $25,000, which remain subject to customary adjustments and other post-closing conditions, the companies say.