Transaction pace slowed dramatically in the dealer, aftermarket and supplier sectors in July.
June's uptick in announcements was not a harbinger of a busy summer — at least not yet.
Ryder System was the first company with activity this month, announcing July 15 a definitive agreement to acquire Pit Stop Fleet Service, based in Venice, Fla., which offers retail mobile commercial fleet maintenance, breakdown assistance and more. “With our complementary retail mobile maintenance fleet services across diverse industries and markets, we now have even greater economies of scale and offer unparalleled flexibility for fleets requiring swift maintenance services,” said Tom Havens, president of Fleet Management Solutions at Ryder.
Kriete Truck Centers was next, announcing on July 16 the acquisition La Crosse Truck Center in La Crosse, Wis., and authorization to sell and service Mack trucks in both La Crosse and Mauston and Isuzu trucks in La Crosse. “We’re thrilled to continue expanding our ability to serve customers across the state and provide our associates with additional opportunities to learn and grow,” said David Kriete, president and CEO. “As stewards of our brands, our community, and our customers, we couldn’t be more excited about this key milestone in achieving our mission.”
The next acquisition announced came from Shyft Group, which on July 25 acquired Independent Truck Upfitters, a leading service body and work truck upfitter based in the Midwest. "We are thrilled to welcome ITU to the Shyft Group family. ITU's unique products and capabilities are a fantastic complement to our existing portfolio, allowing us to offer even greater value to our collective customers," said John Dunn, president and CEO of the Shyft Group. "We look forward to working with ITU's team members, customers, and suppliers as we accelerate our growth and strengthen our market position."
FleetPulse also made news when it secured more funding from NFI Ventures that aims to enhance FleetPulse's development of innovations and expedite product commercialization. “The trailer must be a strategic, digital asset in our rapidly evolving industry,” said Carl-Christoph Reckers, CEO of FleetPulse. “This additional funding is a vote of confidence from forward-looking and highly respected partners in the trucking and venture capital industries, and these relationships will deepen our understanding of customer needs as well as enable us to tap into valuable networks to accelerate commercially.”
The month ended with Lincoln Electric acquiring Vanair Manufacturing, manufacturer of mobile power solutions serving the U.S. service truck market. “We are pleased to welcome the Vanair team to Lincoln Electric. Vanair is renowned for their leading high-quality manufacturing, innovation, and engineering expertise in the fast-growing maintenance and repair service truck market,” said Steven B. Hedlund, Lincoln Electric president and CEO. “By joining together, Lincoln Electric will capitalize on this channel opportunity to accelerate growth and broaden our technology platform for long-term value creation.”
