November was another slower month for acquisitions in the dealer, aftermarket and supplier sectors. Yet though only a few deals were announced, all were substantial.
The dealer market was the most active sector last month and suppliers were especially quiet after generating the most activity over the summer and fall months.
The first announcement of the month, however, came in the aftermarket. Blaine Brothers announced on Nov. 6 it has acquired Wheel Service Brake & Equipment, commonly known as Mike Dunning Axle Repair. “We are excited to bring Hippie (Mike) and his well-respected services under the Blaine Brothers umbrella,” said Spencer Dally, Blaine Brothers' CEO. “His reputation for quality service aligns perfectly with our mission to provide exceptional solutions to our customers. With his expertise and the addition of mobile axle repair, we are even better equipped to support our customers’ success on the road.”
Next was ProKeep, which announced the securement of $25 million in financing led by San Francisco-based Dahlia Equity Partners to enable Prokeep to accelerate its growth and expand its demand generation capabilities designed for distributors. "Our Series A funding marks a significant milestone for Prokeep," said Jack Carrere, CEO and co-founder of Prokeep. "We have heard loud and clear from our customers that driving demand in a way that builds upon the relationships ... and we're energized to use this new capital to accelerate this reality for them with a clear mission."
In the dealer space, it was announced Nov. 19 that Stonepeak acquired Fleet Companies, a leading regional trailer dealership and leasing company. Fleet will serve as the seed asset for a national trailer platform Stonepeak plans to build across the U.S. "We view trailer leasing as an attractive sector and a strong fit for our investment strategy, given its essentiality to the transport supply chain, durable industry growth, and history of delivering solid returns on assets throughout economic cycles," says James Wyper, senior managing director and head of transportation and logistics at Stonepeak.
The month's last move was in the truck dealer sector. Nextran Truck Centers acquired Quincy Mack, Decatur Mack, and H&L Mack, with five locations across Illinois, Missouri, and Iowa. "We are not only expanding our geographic footprint but also reinforcing our commitment to growth, service and support for our customers across the U.S.," said Jon W. Pritchett, Nextran president and CEO. "Their strong family-oriented culture and dedication to superior service align perfectly with Nextran's values. We are thrilled to welcome them into the Nextran family and look forward to a bright future together."
