Baltimore Potomac Truck Centers on Wednesday announced the acquisition of TMI Truck & Equipment, which consists of two dealerships in Chesapeake and Norfolk, Va. The acquisition was completed on Nov. 13.
Performance Brokerage Services worked as advisors for the Parker Family.
Baltimore Potomac Truck Centers now operates seven full-service commercial truck dealership locations throughout Maryland and Virginia offering franchise locations for Mack, Volvo, and Hino Trucks, and is excited to introduce Isuzu Trucks with this acquisition, as well as trailer lines from Talbert, Fontaine, and Landoll.
The corporation, founded in 1973, is third generation family owned and operated and is celebrating it’s 50th anniversary this year. At its inception it was a single location Mack truck dealership serving the greater Baltimore area. Over the years the footprint has expanded to include locations serving the Washington D.C. area, northern Virginia, western Maryland, and now the tidewater Virginia area. The portfolio has also grown to include franchises for Mack Trucks, Volvo Trucks, Hino Trucks, and Isuzu Trucks, as well as several trailer and body manufacturers. In addition, the company’s leasing and rental division, Potomac Truck Leasing, operates a large and growing fleet of lease and rental trucks and trailers.
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Tidewater Mack Inc., DBA TMI Truck & Equipment, has been in business since 1970. It has locations in Chesapeake and Norfolk, Va. TMI is a dealer for commercial truck brands Volvo, Mack, Isuzu, and Hino. John and Richard Doub are second generation owners of the dealerships.
“My brother Richard and I are pleased to continue with our new owners as leading locations in our market that set standards for all to follow. Tidewater Mack started by our father, Dick Doub, who had a dream and a loan taking the risk to start what TMI Truck and Equipment turned into, a premier dealership operation focused on the needs of our customers and staff,” says John Doub, TMI president.
“It has been an exciting journey during the acquisition process and my father, brother, and I are looking forward to continuing the legacy that John and Richard have built,“ says Mark Parker, president and CEO of Baltimore Potomac Truck Centers. “The Parker and Doub families have known each other for decades and the combination of our two companies will ensure a stronger opportunity to provide top tier service to our customers. The future is bright. We are thankful for the chance to serve and will continue to provide high quality trucks, parts, and service to our new and loyal customers.”
Adds Scott Parker, executive vice president, “It’s an exciting time for our dealership group and we’re proud to grow our presence in Virginia.” Steve Parker, Executive Chariman, stated, “The acquisition of TMI Truck & Equipment is a natural fit for Baltimore Potomac Truck Centers’ expansion to our geographical footprint in Virginia. We welcome the TMI staff and customers to our family of dealerships and look forward to carrying on the legacy of unparalleled customer support and satisfaction.”
Baltimore Potomac Truck Centers has retained all of the TMI employees including the previous owners, John, Richard, and Braden Doub, who will remain at the dealership to continue to lead the new Tidewater division for Baltimore Potomac Truck Centers.
Performance Brokerage Services advised the buyers, Mark and Steve Parker with Baltimore Potomac Truck Centers, on the acquisition. Over the last five years, Performance Brokerage Services has advised on the sale of over 300 dealerships, making it the highest volume dealership brokerage firm in North America. In 2022, the company consummated 92 transactions, marking a record-breaking year. Performance Brokerage Services, Commercial Truck Division, Senior Partners, Dan Argiro and Pat Albero, and Chief Financial Analyst, Alex Argiro, advised the Parker Family on the Transaction.
Argiro says, “We have known Mark and Steve Parker for a number of years and we were truly honored when they reached out to be a part of their acquisitions team. Our team knew that the Doub Family ran a successful dealer group with TMI and the transaction made perfect sense for the Parker’s expansion and growth plans.”
Albero adds, “A transaction in today’s environment is never an easy task. There are no guarantees when it comes to buying and selling in the marketplace.” Argiro finished with, “We look forward to continued growth of Baltimore/Potomac Truck Center and to help them with the next acquisition.”
