The supplier channel generated most of the acquisition news in the sales and service sector of trucking in July.
Dealers and distributors were surprisingly quiet, though a few commonly active organizations did announce their next growth moves.
The market's first acquisition was July 5, when Gold Eagle Co., acquired Lubrication Specialties Inc. (LSI), producer of the Hot Shot’s Secret brand line. “LSI has always been dedicated to creating high-quality products, and it begins with how they approach research and development,” says Gold Eagle CEO Marc Blackman. “They have an established record of identifying engine, transmission and fuel system related problems, and then developing cutting edge chemistry to develop best of class solutions.”
The next day Clarience Technologies announced its newest expansion, adding Pressure Systems International (PSI). "As electric vehicle fleets seek to maximize range and minimize downtime, tire rolling resistance plays an increasingly important role in determining EV range," says Brian Kupchella, Clarience Technologies CEO. "PSI is an industry innovator that expands our technology capabilities, making the company a strong, strategic fit with Clarience Technologies."
Another busy supplier in July was Green Power Motor Company, which acquired Lion Truck Body to add robust potential for GreenPower's EV Star truck customers. "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."
The only aftermarket move in July came from FleetPride, which acquired Keystone Spring and its two locations in Pennsylvania. "It is a pleasure to welcome the Keystone Spring Service team to FleetPride," said Mike Harris, FleetPride senior vice president of sales and operations. "The Valant family has built and developed a first-class team that is focused on customer service and a strong culture for employees which makes this a great fit. I'm proud to say the Valant family chose FleetPride in this process."
In the dealer segment, Velocity Truck Centers grew once again, acquiring Kentucky Freightliner Trucks. “We are pleased to add Lexington to what is now the most comprehensive sales, service and support network in the Mid-South and South-East. It has been a pleasure to work with owners Todd and Ed Bray through this process,” said VTC Co-Presidents Brad Fauvre and Conan Barker. “We are very pleased to welcome the strong team of dedicated employees into Velocity.”
Interstate Companies also announced its purchase of Lodi Truck & Equipment in Sacramento, Calif., in July. “Lodi’s business is a great fit for us, and we are very happy to be adding their leader, Spencer Hinson, to our management team as part of this deal. When added to our existing operations at Southwest Products (SWP) in Phoenix, the combination will be an incredible resource for our customers with operations in the Southwest and Western United States,” saidTravis Penrod, Interstate CEO.
Back in the supplier sector, Cox Automotive acquired Trudell Trailers and Northeast Great Dane on July 21. “We’re evolving our business with an eye on future-facing advancements to support our best-in-class, technology-enabled technicians. The acquisition of Trudell represents our continued commitment to leading the fleet services future and safely servicing trucks and trailers nationwide,” said Ted Coltrain, vice president of Cox Automotive Mobility Fleet Services.
Another busy supplier was Randon Companies. The Brazilian-based global manufacturer purchased North American trailer manufacturer Hercules, with the intent to enter the U.S. trailer sector. “Entering the American market is a historic milestone for Randon Implementos, with growth potential due to competitiveness and the characteristics of that country’s transport and logistics model,” said Sandro Trentin, superintendent director of the trailers vertical of Randon Companies.
The month continued with Epika Fleet Services announcing a partnership with CS Truck & Trailer Repair of Lithonia, Ga. “This is an exciting union for Epika,” said Glenn Sherburne, executive chairman, Epika Fleet Services. “Not only are we thrilled to welcome the entire CS Truck & Trailer team to our company, but this helps us expand our mobile maintenance and repair network throughout Atlanta. Additionally, we’re expanding the capacity of our existing in-shop repair network while adding new services in paint and body repair.”
Not long after, M&D announced it had expanded its aftermarket diesel engine components capabilities with the acquisitions of Thompson Diesel and Memo Corporation on July 28. "M&D is excited about our focus to acquire businesses that have a rich culture that are focused on their employees," says Grant Garret, CEO at M&D. "This will allow M&D to continue to be a first-choice employer and leader in the industry, as we continue our national expansion."
July ended with the announcement private equity firm Genstar Capital had completed the sale of BBB Industries to Clearlake Capital Group, a move first announced in May. Genstar will remain a minority owner in the business. "Genstar has been a great partner over these past several years and we are pleased to continue with them given their ongoing investment in the company,” said BBB CEO Duncan Gillis.