The pace of mergers and acquisitions in the dealer, aftermarket and supplier sectors was mostly consistent in June from May, but the transactions that were announced were substantial.
Several big names in their respective spaces announced expansions and purchases to bolster their market presence.
The month began with the news Diesel Laptops has been acquired by Snap-on. Snap-on says the acquisition strengthens the company’s capabilities and its library of proprietary experience-based data. Diesel Laptops will be part of the company’s Repair Systems and Information Group. Diesel Laptops recently launched a new series of diagnostic solutions, the Master Series. It features Truck Master, Equipment Master and Truck & Equipment Master. All are designed to connect diagnostics with repair information, parts lookup, technical support and training.
The next big move came from Eaton and Dana Incorporated as it was announced the latter would merge with Eaton’s Mobility Group. The new company will integrate Dana’s global powertrain, thermal and sealing technologies with Eaton Mobility’s commercial vehicle transmissions, engine and emissions products and advanced electrification capabilities.“This transaction marks an important milestone in our transformation and positions Dana as a leading, scaled provider of powertrain solutions,” said Byron Foster, Dana's incoming CEO.
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Rush followed on June 16, announcing its Canadian operation had acquired Carrier Truck Centers and its five locations in Ontario. The company said the acquisition reinforces its commitment to delivering industry-leading sales, service, parts, leasing and maintenance solutions to customers across North America. “Today marks an exciting new chapter for our organization as we announce the completion of our largest acquisition to date in Canada,” said Kevin G. Tallman, CEO of Rush Truck Centres of Canada.
The month’s next move was Inland Truck Parts & Service, which acquired Northern Colorado Drive Line Service, a Greeley, Colo.-based provider of driveline products and services. The move combines the Northern Colorado operations with Inland’s new location, also in Greeley. “Inland has known and respected the Northern Colorado Drive Line Service team for many years,” said Greg Klein, Inland president and CEO. “Dan [Daily] built a strong business with a lasting reputation in this market, and we are honored to help carry that legacy forward.”
June continued with another First Brands sell off, as Press-Seal Corporation is eager to buy the collapsing company’s Jasper Rubber business for $8 million in cash. The purchase is subject to bankruptcy court approval. “It is critical that the debtors (First Brands) obtain approval of the sale transaction as soon as possible,” the filing stated. “As this court is aware, the debtors’ liquidity is limited and the buyer and the debtors’ key stakeholders have made clear their expectation that the sale transaction be consummated on an expedited basis.”
Also announced in June was the National Institute for Automotive Service Excellence’s (ASE) acquisition of WrenchWay. ASE stated the purchase will help it fully realize its charter to support the transportation industry by strengthening connections between schools, employers and industry partners. “Modernizing ASE has always meant more than updating our tests. It means rethinking how we serve technicians, shops, educators and the next generation entering the industry,” said Dave Johnson, president and CEO of ASE.
The month ended back with Rush Truck Centers, which announced its second purchase in two weeks on June 30 with its acquisition of Peterbilt of Louisiana. “This acquisition strengthens our presence along the Gulf Coast, expands our service capabilities and positions us to better serve customers operating throughout one of the country’s most important freight corridors. We look forward to building on the strong customer relationships the Peterbilt of Louisiana team has established over many years,” said Rush Chairman, CEO and President Rusty Rush.
