Dealers decided it was time to buy (or finalize purchases) in November as transaction activity picked up last month with the close of the year now just weeks away.
None of November’s moves were quite as earth shattering as the merger that closed October, but it was clear in November transaction pace has unquestionably accelerated after a slow summer.
The month started not with a formal purchase but a launch, as Garnett Station Partners, a New York-based principal investment firm, launched True North Fleet Services, a national platform of premier fleet maintenance and repair providers. “We launched True North to address the significant opportunity within the fleet services industry — a sector that plays a vital role in keeping America’s roadway infrastructure moving and safe for drivers everywhere,” said Rafi Haramati, managing director at Garnett Station Partners.
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Next was Douglas Dynamics acquiring Venco Venturo Industries, provider of truck-mounted service cranes and dump hoists. “This acquisition represents a meaningful first step in the execution of our activate strategic pillar,” said Mark Van Genderen, president and CEO of Douglas Dynamics. “The Venco Venturo team has built a tremendous reputation for its commitment to quality and reliability. When combined with Douglas Dynamics’ attachment expertise and experience at scale, we believe there is significant opportunity to drive profitable growth in the years ahead.”
Then the dealers kicked in.
On Nov. 4, Coast Counties Peterbilt acquired the business assets of Golden State Peterbilt. “All of us at Coast Counties are thrilled to welcome the Golden State Peterbilt team and their valued customers to our organization,” said Craig Archer, president of Coast Counties. “This acquisition allows us to bring Coast Counties' standards of quality, consistency and customer care to new markets. Our focus will be on delivering a seamless experience and strengthening customer confidence through the expanded support and stability of Coast Counties.”
Kriete Truck Centers followed on Nov. 5, announcing the purchase of Badger Truck & Auto Group (Badger Truck Center), located in Milwaukee. The move doubles the company’s size in the metro area, adding a nine-acre facility to support Class 3-8 customers. “We are beyond excited to bring this comprehensive truck lineup and greater accessibility to our customers,” said David Kriete, president and CEO of Kriete Truck Centers. “This acquisition represents a significant milestone in our growth strategy.”
The aftermarket got back into the action the next week, when 4 State Trucks announced the purchase of East Coast Truck Parts, located in N.J. and serving the New Jersey and New York City metro markets. “This is an exciting step forward for both our companies and all of our customers,” said Bryan Martin, president of 4 State Trucks. “By combining our inventories, industry knowledge, experience and logistics networks, we’ll be poised to deliver faster shipping, a wider selection of products and services and even stronger customer support across the East Coast.”
Then, back in the dealer space, TLG announced on Nov. 18 it had closed on its acquisition of Performance Peterbilt and its eight locations across the southeastern U.S. “We’re thrilled to welcome the Performance Peterbilt team and their customers into the TLG family,” said Glenn Larson, president CEO at TLG. “Both our companies are built on a foundation of strong relationships and customer support. This acquisition strengthens our ability to serve truck owners and fleets with a broader reach and deeper resources — without losing the values that drive our success.”
In the supplier sector, a big deal also took a step forward as Dana’s sale of its off-highway business to Allison received required regulatory approval. The transaction was first announced in June. “We look forward to welcoming the off-highway drive and motion systems team and integrating their capabilities into the organization,” said David S. Graziosi, chairman and CEO at Allison. “This acquisition aligns with our long-term growth strategy and strengthens our position in the global off-highway market.”
The month closed in the alternative power sector, where Workhorse Group shareholders voted to approve its merger with Motiv Electric Trucks. “We appreciate the support of our shareholders as we reach this important milestone in our pending merger with Motiv to create a leader in the medium-duty EV commercial vehicle market,” said Rick Dauch, CEO of Workhorse. “We are now poised to complete the transaction and officially bring together two innovators in the medium-duty electric vehicle space and better serve our blue-chip customer base.”
