Market moves: Transaction activity rises in busy month

Mergers & Acquisitions Roundup

An uptick in investment-related transactions that started in May continued in the dealer, aftermarket and supplier sectors in June.

The month also saw an uptick in acquisitions as businesses across the space announced growth plans.

The first announcement came from Hendrickson, which acquired Reyco Granning's suspension business at the beginning of the month, the companies announced June 3. "We are excited about this acquisition, as it provides a platform for Hendrickson to expand our reach and manufacturing footprint," said Matt Joy, president and CEO of Hendrickson. "Reyco Granning will enhance our overall product portfolio and ultimately better serve our customers in the commercial vehicle industry; we look forward to promoting the Reyco Granning brand as part of our ride solutions portfolio." 

Cleveland's Lincoln Electric was next, acquiring Danish technology firm Inrotech on June 4. "We are pleased to welcome the Inrotech team to Lincoln Electric and are excited to expand the reach of their automated welding systems and incorporate their proprietary vision-based adaptive intelligence technology across a broader range of Lincoln systems, enabling the next generation of welding solutions," said Mike Whitehead, Lincoln Electric's senior vice president, president of global automation, cutting and additive solutions. 

Also announced on June were the closing of two joint ventures regarding future vehicle technologies. 

Accelera, Daimler and Paccar announced the official creation of Amplify Cell Technologies, which will localize battery cell production and the commercial vehicle battery supply chain in the United States. Cummins' brand Accelera, Daimler Truck and Paccar each own 30% of Amplify. EVE Energy serves as the technology partner with 10% ownership and contributes its industry-leading battery cell design and manufacturing expertise to the venture. "This is a significant step forward as we continue leading our industry into the next era of smarter, cleaner power," said Cummins CEO Jennifer Rumsey.

Volvo and Westport Fuel Systems also announced the closing of the transaction and launch of their joint venture. "The successful closing of the joint venture represents an important milestone for Westport and a true endorsement of our HPDI (high-pressure direct injection) technology and fuel system," said Dan Sceli, CEO of Westport. "Together, we will accelerate the commercial adoption of HPDI for OEMs globally by leveraging the HPDI fuel system to its fullest potential."

Another supplier transaction announced on June 4 was Tiger Lily Holdings making a significant investment into DuraBrake. "We are excited to partner with Tiger Lily. We believe its investment philosophy aligns well with DuraBrake's long-term strategy, and will allow us to accelerate our growth plans, continue to invest in new products and markets and improve our value proposition to customers and partners," said Neil Shroff, a member of DuraBrake's ownership group. 

In the dealer space, Premier Truck Group on June 11 announced its purchase of River States Truck and Trailer, adding five locations. "Premier Truck Group continues to grow our footprint to 48 locations throughout the United States and Canada. Our culture at PTG is to work as one network executing to deliver the best customer experience in North America, achieve operational excellence and maintain an exceptional place for our employees to work" said Ron Long, president and CEO of Premier Truck Group. 

Also on June 11, The Service Company acquired Brake Spring Alignment (BSA) of Ohio, expanding its independent parts and service operation. “Known for its loyal customer base and comprehensive parts and service offerings, BSA of Ohio aligns with The Service Company commitment to serving the trucking industry of Ohio,” said Luke Todd, president of The Service Company. “The acquisition bolsters our capacity, with 40 bays now available to deliver unparalleled service to the market.”

Back in the supplier space on June 12, Transtex acquired electric APU maker DClimate. "We firmly believe that DClimate's APUs have the potential to become the industry standard," said Mathieu Boivin, CEO of Transtex. "Their team's advanced engineering expertise aligns with ours, enhancing our product line with innovative solutions to further optimize our customers' operations. This acquisition reinforces our position in an industry we know well, propelling growth in our business." 

TruckPro closed the month's activity on June 25, adding five locations in Canada with the purchase of Transaxle. "Transaxle's extensive experience, outstanding reputation in the industry, and strong foundation make it an ideal partner and we are very excited about our future together," said Chuck Broadus, president and CEO of TruckPro. "This acquisition expands our footprint and capabilities in Canada and the combined expertise of both companies will greatly enhance our offerings and provide significant benefit for our customers."

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