Market moves: Industry transaction pace slowed again in November

Mergers and acquisitions roundup

There were just a few transactions in the dealer, aftermarket and supplier sectors this month as the busy pace seen in October did not continue. 

Dealers were the biggest growth segment. The aftermarket saw no announced transactions.

Velocity Truck Centers opened the month, announcing the acquisition of First Truck Centre. The acquisition added 12 locations to the Velocity network. “We are very excited to welcome the First Truck Centre team to what is the most comprehensive commercial vehicle sales, service and support network in North America,” said Brad Fauvre and Conan Barker, co-presidents of Velocity Truck Centers. “We want to personally welcome everyone from First Truck Centre to the Velocity organization, and we look forward to meeting customers throughout Western Canada in the coming months.”

ConMet was the next company to announce an expansion. The company reported Nov. 7, the purchase of TruckLabs, a technology company focused on reducing carbon emissions and improving operational efficiencies for fleets. “TruckLabs’ innovative TruckWings product is an ideal addition to ConMet’s portfolio,” said ConMet President John Waters. “Their technology, which has been proven through 750 million logged highway miles, aligns well with our goal of providing OEMs and fleets with forward-thinking, profitable solutions to improve fuel efficiency and reduce carbon emissions.” 

The third transaction of the month was DATTCO acquiring New England TruckMaster, a successful and proven premium provider of light, medium and heavy-duty tow trucks, and recovery vehicles. “Our decision to acquire New England TruckMaster is rooted in their established market position, and our intention to leverage DATTCO's extensive dealership network, array of brands, services and products. This strategic move aims at broadening our geographical reach, thereby boosting sales across the Northeast," said Donald DeVivo, president of DATTCO.

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