The rate of acquisitions in trucking's dealer, aftermarket and supplier sectors ticked up slightly in October, possibly the sign of companies showing an increased willingness to invest after the Fed cut interest rates earlier this fall.
The first announcement of the month was a big one for International's dealer network, when it was announced on Oct. 14 that Holt Truck Centers has acquired Kyrish Truck Centers. The move adds 20 locations to Holt's International dealer network. "As a family owned company, this acquisition marks an important milestone in our growth and allows us to expand while staying true to our roots," said Bert Fulgium, senior vice president of Holt. "We're proud to welcome Kyrish Truck Centers into our family. Together, we will continue to provide the same level of service and dedication that define us."
The month's next move came in the trailer space where Thermo King West announced the acquisition of Thermo King Central Carolinas and its affiliated operations. The buyer also announced its intent to rebrand as Force TK. "As we have diversified through the years, we needed a single brand that unifies our teams and makes it easier for our customers to understand our business model and benefits," said Thermo King West President Jeff Riley. "This rebrand reflects the expertise and innovation of everyone here, aligning our identity with the diverse talents that power our company."
Finally a supplier entered the action on Oct. 21, when Acacia Research announced its purchase of Deflecto. Deflecto is a leading specialty manufacturer of products for commercial transportation, HVAC and office markets. "We are pleased to add Deflecto to Acacia's growing portfolio of strategic assets," said Martin D. McNulty Jr., Acacia's CEO. "This acquisition is consistent with the types of opportunities we look for. Deflecto fits in our target size range, sells diversified and necessary goods and has an excellent management team."
