After a suddenly busy November, the pace of mergers and acquisitions remained elevated in December. Possibly the result of businesses wanted to close and announce deals before the end of the calendar year.
Aftermarket transactions picked up notably after several slow months, while vendors and dealers were not as active, comparably.
The month started with Vander Haag’s acquiring Texas Trucks Direct. The company stated the strategic purchase expanded Vander Haag’s support for customers throughout the central Texas region. “We are excited to welcome the Texas Trucks Direct team into the Vander Haag’s family,” said Reuben Vander Haag, fourth-generation owner. “Their reputation for quality workmanship and dependable service aligns perfectly with our commitment to providing industry-leading support to truck owners, fleets and operators.”
Next was Stellar, which announced on Dec. 1, it has entered into a definitive agreement to acquire Elliott Equipment Company, a leading U.S. manufacturer of truck-mounted aerial work platforms, digger derricks and cranes. “Stellar has always pursued growth opportunities that align with our culture, vision and commitment to excellence,” said Dave Zrostlik, president of Stellar. “The addition of Elliott Equipment Company represents an exciting step forward as we continue to build upon our shared values of quality, innovation and customer service.”
On Dec. 4, Epika Fleet Services announced its most recent expansion, acquiring Accelerated Fleet Services in Dallas-Fort Worth and Houston and its in-shop and mobile service businesses. “Accelerated Fleet Services represents the best of what Epika looks for in a partner,” said Todd Browning, COO of Epika. “Their team’s technical expertise, operational discipline and customer-first mindset align perfectly with our mission to deliver reliable, technician-driven maintenance nationwide. We're thrilled to welcome AFS to the Epika Network.”
Following that, it was announced Dec. 8, that Enterprise Mobility acquired Hogan Transports, a more than 100-year old carrier with 10,000 pieces of equipment and a large leasing and rental operation. The Hogan brand will continue operating within Enterprise, expanding its heavy-duty lease and rental capabilities. “Recognizing the complementary networks, talented workforces and respective industry expertise, this marks an exciting next chapter for two leading providers of transportation solutions,” said Chrissy Taylor, president and CEO of Enterprise Mobility.
Also announced in December was the finalizing of the Workhorse Group and Motiv Trucks merger that had previously been announced. The move provides th company to $50 million in new debt financing capacity and gives it scalable manufacturing capacity, proven and market-ready products and a strong go-to-market strategy. “Looking ahead, we are going to build on our 20-plus year combined legacy in electrification and the thousand-plus electric trucks and buses we have delivered to meet the needs of our growing customer base,” said Scott Griffith, new CEO.
The next announcement came on Dec. 16, when it was reported Equity Group Investments had purchased a share in CIT Trucks. CIT Trucks’ management team will continue to pilot the company, though longtime CEO Erick Miner will retire and President Carl Herzog will elevate into the CEO role. “CIT Trucks has established itself as a trusted partner to customers, OEMs and employees alike, and we’re proud to support its mission and momentum as it continues to grow,” said Mark Sotir, president and Chief Investment Officer of EGI.
The month closed with news BP will sell a controlling interest of Castrol to Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets. “Lubricants are a mission-critical product, which are essential to the safe and efficient functioning of virtually every vehicle, machine, and industrial process in the world,” said Anthony Borreca, senior managing director and co-head of Energy at Stonepeak.
