A busier April led to a slight slowdown in M&A activity in May in the dealer, aftermarket and supplier sectors.
Dealers were the most active segment during the month. Suppliers made some headlines while the aftermarket remains mostly dormant.
The month started with The Pete Store announcing its acquisition of G.L. Sayre and its two locations. The move gives The Pete Store more coverage up the East Coast with new facilities in Delaware and Pennsylvania, expanding its network to 33 stores. “G.L. Sayre has built something special over nearly a century of serving this region,” said Jeff Arscott, president of The Pete Store. “Our job is to honor what the Sayre family created and continue investing in the service, parts, and support that customers in this market depend on every day.”
Next was Wallwork Truck Center, which announced the acquisition of Motor Power Equipment, the third oldest Kenworth dealer entity in the country. The move was facilitated by Performance Brokerage Services. “The Wallwork and Sunwall families have known each other for decades as fellow Kenworth Dealers and friends. There is a storied history with both companies, and bringing them together is going to create an amazing team for the future,” said Wallwork owners Bill and Alexis Wallwork and Curry Quenette.
In other parts of the heavy duty aftermarket, Amerit Fleet Solutions acquired the Canadian refrigerated trailer maintenance provider Pro Reefer. "Pro Reefer's deep technical expertise in refrigerated equipment, excellent and tenured leadership team, and strong entrepreneurial culture make the company a fantastic fit for Amerit," says Ross Rachey, Amerit CEO. "This acquisition allows us to further support customers while expanding our service capabilities and geographic reach in Canada."
The breakup of First Brands Group continued in May as a judge signed off on a deal to sell Toldeo Molding & Die to an affiliate of JVIS, a Michigan-based supplier, for $79.8 million. It also sold Horizon North America to a subsidiary of Flex-N-Gate for $64 million. Much of those proceeds went to First Brands' creditors. “Based on the record before me, the market has spoken,” U.S. Bankruptcy Judge Christopher Lopez says in approving the sale.
Investment firm Stonepeak acquired BMO Transportation and Vendor Finance, which offers financing solutions for transportation assets and solutions. It has more than 700 employees and operations across North America. "Building on decades of sector expertise, BMO Transportation and Vendor Finance has established itself as one of North America's premier transportation financing platforms," says Will Schleier, senior managing director at Stonepeak. "We are excited to work closely with BMO and the outstanding leadership team in place to invest further in the business, build on its strong performance and grow its commercial customer base while preserving the culture, reputation and relationships that have made the business so successful to date."
