Trucking's supplier population picked up the baton in the transaction race in February, accounting for most of the announcements in the space this month.
The dealer channel was surprisingly subdued after a few busy months. Aftermarket announcements were equally sparse compared to the supplier segment.
The month started with the Volvo Group completing previously announced transaction whereby the group acquired the battery business from Proterra Inc. and Proterra Operating Company Inc. The acquisition was made at a purchase price of $210 million and includes a development center and assembly factory. “These assets and the skills and competence of the Proterra team are a great complement to our current footprint and enables us to accelerate our battery-electric roadmap even further,” said Lars Stenqvist, CTO Volvo Group.
Next was Reading Truck Group, which on Feb. 6 acquired General Body Manufacturing Company, doing business as General Truck Body. General is a well-established south-central manufacturer and upfitter of work truck bodies, equipment and custom engineered trucks with three locations in Texas and one in Kentucky. “We are excited to welcome GTB into the Reading Truck family. They have an exceptional reputation for meeting the diverse needs of their customers while providing a range of services and custom manufacturing capabilities,” said Jason Connell, president of Reading Truck Equipment.
Weller Truck Parts followed the next week, acquiring a a cutting-edge facility dedicated to the remanufacture of automated manual transmissions (AMT), electronic axles, laser-welded differentials, CNC machining, and electronic and mechatronic components. "We believe that our success is a collective effort, and being an employee-owned company reinforces our commitment to our team and our partners," said Terry Stranz, president and COO of Weller Truck Parts. "This expansion ... provides exciting opportunities for skilled professionals to join us in shaping the future of heavy-duty driveline remanufacturing."
Also growing was Clarience Technologies. The company reported on Feb. 15 it acquired Safe Fleet, which offers technology-enabled solutions for fleet video and evidence management, collision prevention, violation detection and other safety solutions. "Clarience Technologies and Safe Fleet share a common mission of making transportation safer and smarter through technology," said Brian Kupchella, Clarience CEO. "The acquisition of Safe Fleet provides our company with critical technologies, deep vocational segment expertise and a portfolio of powerful and complementary safety products."
The aftermarket's only move this month was Galleher Industries acquiring Fleet Parts & Service Inc. Gallaher manufactures and distributes lumber and fabricated metal components to truck body and trailer OEMs. "Providing replacement parts to end customers is a natural extension of our core business," said Brad Bowden, Galleher CEO. "Sourcing and inventory management are key strengths for both companies. We can now service both OEM and aftermarket customers coast to coast from our three locations across the U.S."
The final announcement of the month was in the dealer space, where Thermo King Northeast acquired Mohawk Truck in West Seneca, N.Y. “Mohawk Truck Inc., is a family business founded in 1951 and we are delighted that Thermo King Northeast, also a family-owned business with shared values and a commitment to provide customers with the best experience for sales, service, parts, and warranty work,” says Terry Endres, president of Mohawk Truck/Thermo King.
